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TSX climbs(Baystreet Stock Market Update (Canada) Via Acquire Media NewsEdge) BlackBerry, Empire in focus Positive corporate earnings and deal-making in the tech sector helped give the Toronto stock market a strong advance on Thursday. The S&P/TSX composite index climbed 62.43 points to close at 15,534.32 The Canadian dollar removed 0.91 cents to 90.52 cents U.S. The benchmark index is up more than 13% since the start of 2014. The tech sector was the major driver, with BlackBerry ahead 68 cents or 6.1%, to $11.91 after the smartphone company said that it has acquired Movirtu, which has developed a system that allows multiple numbers be active on a single smartphone. Financial terms weren't disclosed. Meanwhile, quarterly net earnings from Empire Co, parent of grocer Sobeys, were $123.1 million, or $1.33 per share, up from $65 million or 95 cents a share a year earlier, before its acquisition of Safeway Canada. Adjusted net earnings were $131.7 million or $1.43 per share, well ahead of analyst expectations of $1.35 per share and its shares gained $1.14 to $75.56. Tour package operator Transat said quarterly net earnings came in at $25.8 million, or 66 cents per share, compared with $41.1 million, or $1.07 per share, a year ago, largely because of the impact of fuel-hedging accounting during 2013. Revenues were up at $941.7 million, compared with $927 million year-over-year but shares shed early gains and declined 33 cents to $8.51. In other corporate developments, a tentative agreement has been reached in an eight-week strike at a Bombardier rail plant in Thunder Bay, Ont. Union members are to hold a ratification vote Friday and Bombardier shares were up two cents to $3.69. On the economic slate, Statistics Canada's new housing price index for July came in unchanged, following a 0.2% increase in June. The agency says monthly price increases in eight metropolitan areas offset decreases in seven areas, resulting in no change to the Canada level index. ON BAYSTREET The TSX Venture Exchange fell 1.72 points to 982.28. All but one of the 14 Toronto subgroups were positive on the day, with metals and mining stronger by 1.9%, gold up 1.8%, and information technology up 1.6% The lone laggard was in telecoms, down 0.1%. ON WALLSTREET The main benchmarks on Wall Street were mixed on Thursday, as an unexpected increase in weekly jobless claims and falling commodities prices encouraged investors to remain cautious. The Dow Jones Industrials gave back 19.71 points – though off its lows of the afternoon -- to 17,049. The S&P 500 forged ahead 1.76 points to 1,997.45. The NASDAQ recovered 5.29 points to 4,591.81 RadioShack shares rallied 9.6% as the electronics retailer said it's in advanced talks with a number of parties overits strategic options. Actions may include debt restructuring and store consolidations. LuluIemon shares jumped following stronger-than-expected earnings from the yoga-gear maker. Shares of Lululemon jumped 15% after the yoga-gear maker raised its outlook following second-quarter results beat expectations. Pandora Media Inc. shares rose 4% after the music streaming company said it reached a multiyear licensing agreement with BMG for BMI and ASCAP's catalog of musical works. Jobless claims rose by 11,000 in the latest week, rising to 315,000. Analysts were expecting a drop of 2,000. The data follows the August payroll report, released last week, which was also weaker than expected. Prices for 10-year U.S. Treasuries were flat, keeping yields at Wednesday's 2.53%. Oil prices turned around and gained $1.71 to $93.38 U.S. a barrel. Gold prices slipped three dollars to $1,242.30 U.S. an ounce. © 1998 - 2014 Baystreet.ca Media Corp. All rights reserved. |