TMCnet News
Toronto down on bank results(Baystreet Stock Market Update (Canada) Via Acquire Media NewsEdge) Ukraine fears factor in Equity markets in Toronto declined on Thursday as shares of Toronto Dominion Bank and Canadian Imperial Bank of Commerce fell after the two lenders reported quarterly results. The S&P/TSX composite index was down 44.48 points to close at 15,558.17 The Canadian dollar was up 0.16 cents at 92.20 cents U.S. Base metals stocks weighed most heavily on the markets Thursday as Lundin Mining took a header of 27 cents, or 4.5%, to $5.80. Bank shares had a strong run-up before their earnings and portfolio managers said that expectations may have gotten ahead of themselves. Financials, the index's most heavily weighted sector, dwindled as TD shares lost 0.8%, to $57.38, after the country's second-biggest bank reported a stronger-than-expected quarterly profit, boosted by gains at its core Canadian retail business. CIBC's stock shed 2.2% to $103.23 after the lender reported a higher third-quarter profit, helped by strong gains at its wealth management and investment dealer divisions. Shares of energy producers were down, though Suncor Energy made its way upward by two cents to $44.21. Canadian Natural Resources declined 0.1% to $46.72. Gold stocks led the parade of winners, as Barrick Gold added nine cents to $19.75. ON BAYSTREET The TSX Venture Exchange gained 3.03 points to 1,022.37. Nine of the 14 Toronto subgroups were lower, as metals and mining hurtled earthward 2.2%, while global base metals fell 1.9%, and information technology lost 1.1%. The five gainers were led by gold, up 0.8%, utilities, up 0.7%, and consumer staples, up 0.6%. ON WALLSTREET U.S. stocks stepped back Thursday, with the S&P 500 retreating from 2,000 and halting its three-day winning streak. Many market watchers blamed the decline on fresh Russian aggression toward Ukraine. The Dow Jones Industrials slumped 42.44 points to 17,079.57. The S&P 500 retreated 3.38 points to 1,996.74. The NASDAQ shed 11.92 points to 4,557.70. Abercrombie & Fitch Co. and Williams-Sonoma Inc. finished down 4.8% and 12%, respectively, after their quarterly earnings reports, while Signet Jewelers Ltd. rose 7.7% in the wake of its results. Visa Inc. fared worst among Dow components, falling 1.2% after Raymond James analysts downgraded the credit-card giant to market perform, citing a lack of positive catalysts. TripAdvisor Inc. was the S&P 500's biggest decliner, closing down 2.4%. The government in Kiev said Russian troops have entered the eastern part of Ukraine and a NATO military official told Dow Jones Newswires that Russia's army has taken a "more overt" position in the country. On the economic beat, the second estimate for second-quarter U.S. gross domestic product indicated expansion of 4.2%. Economists polled by MarketWatch had predicted 3.9% growth in GDP, down from an initial read of 4%. Weekly jobless claims came in at 298,000, a slightly more encouraging result than what was expected by economists surveyed by MarketWatch, who forecast 300,000. Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.33% from Wednesday's 2.36%. Treasury prices and yields move in opposite directions. Oil prices were up 68 cents to $94.56 U.S. a barrel. Gold prices surged $7.70 to $1,291.10 U.S. an ounce. © 1998 - 2014 Baystreet.ca Media Corp. All rights reserved. |