Market closes for Monday, Aug. 25, 2008:

 

        Close   Change  YTD    
Dow Jones       11,386.25       -241.81 or -2.08%       -14.16%
S&P 500 1,266.84        -25.36or -1.96% -12.00%
NASDAQ  2,365.59        -49.12 or -2.03%        -10.81%
TSX COMP        13,288.96       -158.33 or -1.18%       -3.93% 
TSX VENT     1940.01     -11.62
BoC Close       Today   Previous       
Canadian $      0.9516  0.9537 
US $    1.0509  1.0486 

Euro Spot Rate  Today   Previous       
Cdn     0.6450  0.6455 
Euro    1.5505  1.5491 

Gold    AM      PM     
London Gold Fix (US)    $830.00 $824.00

Spot Crude Oil Future(US$)      $115.17 +$0.58 or +0.51%       
Silver                  13.46            +0.09
Copper                  3.46            EVEN
Nat Gas                7.91            +0.09

News Summary:

Worries about the financial sector helped send North American stock markets sharply lower Monday. Toronto's S&P/TSX composite index dropped 158.33 points to 13,288.96 as the TSX financial sector was down 1.77% ahead of quarterly earnings coming out this week from the big Canadian banks.

New York's Dow Jones industrial average fell 241.81 points to 11,386.25. The Nasdaq composite index moved down 49.12 points to 2,365.59 while the S&P 500 index gave back 25.36 points to 1,266.84.

"I think the key here of course is that the retail banking operations of these banks at least remain stable because that, to me, is the backbone of these banks," said Gareth Watson, associate director and Canadian equity adviser at Scotia Capital. "A lot of the problems that have occurred have been more on the investment banking side and so retail banking is going to be something which should be focused on."

Bank of Montreal fell 88 cents to $44.06 while Scotiabank gave back 96 cents to $47.64. Both banks report earnings Tuesday.

The TSX Venture Exchange slipped 11.62 points to 1,940.01 while the Canadian dollar drifted 0.21 of a cent lower to 95.16 cents US.

In New York, AIG was the steepest decliner among the 30 stocks that make up the Dow industrials after a Credit Suisse analyst cut his price target on the huge insurer. Also, Fitch Ratings warned last week that it might cut its ratings on the company. AIG shares were down $1.09 to US$18.78.

Falling oil stocks also kept a lid on the TSX as oil prices steadied after tumbling almost US$7 on Friday.
The energy sector receded 0.6% as the October crude contract on the New York Mercantile Exchange gained 52 cents to US$115.11 a barrel with Petro-Canada down 60 cents to $46.15 while Suncor Energy fell $1.04 to $59.32.

Precision Drilling Trust units fell 99 cents to $21.24 after the company said it has reached a deal to buy Houston-based gas driller Grey Wolf, Inc. in exchange for the equivalent of C$2.1 billion in cash and equity.

The deal gives Precision land drilling operations in virtually every oil and gas basin in the lower 48 United States and Canada, and an emerging presence in Mexico.

The TSX industrial sector stepped back 1.2% with Canadian National Railway off 40 cents to $52.78. The railway said Monday it has addressed the local concerns of one of the communities along the Elgin, Joliet & Eastern Railway line that it wants to buy in order to improve its operations in the Chicago area.

CN says that its deal with Joliet will include a significant investment in track improvements and roadway features along the route through the city -- so long as the deal goes through.

On the TSX, declines beat advances 867 to 616 with 222 unchanged as 226.6 million shares traded worth $3.9 billion. (The Canadian Press)

TSX
Most Active

                                               
Q       Q9 Networks Inc 16.73   +3.71   +28.49%         5,957,615      
ELR     Eastern Platinum Ltd    1.58    0.00    0.00%   4,430,929      
BBD.B   Bombardier Inc  7.36    -0.29   -3.79%  4,201,624      
CJB     ConjuChem Biotechnologies Inc   0.12    +0.02   +21.05%         4,127,500      
YRI     Yamana Gold Inc 11.40   +0.03   +0.26%  3,635,505      
GEA     Gold Eagle Mines Ltd    11.84   +0.08   +0.68%  2,996,169      
CSM     Central Sun Mining Inc  0.67    +0.07   +11.67%         2,990,126      
G       Goldcorp Inc    35.16   +0.08   +0.23%  2,913,246      
UUU     Uranium One Inc 3.52    -0.05   -1.40%  2,830,079      
VT      Viterra Inc     11.15   -0.20   -1.76%  2,677,952      
ELD     Eldorado Gold Corp      8.09    +0.07   +0.87%  2,536,834      
BCE     BCE Inc 39.88   -0.01   N/A     2,431,697      
PD.UN   Precision Drilling Trust        21.24   -0.99   -4.45%  2,386,323      
K       Kinross Gold Corp       17.18   -0.20   -1.15%  2,289,940      
ABX     Barrick Gold Corp       36.08   -0.23   -0.63%  2,277,149      

TSX Venture:
Most Active

                                               
KWG     KWG Resources Inc       0.05    +0.01   +25.00%         5,912,000      
GNO     Genoil Inc      0.21    -0.01   -2.33%  2,558,445      
BDO     Bordeaux Energy Inc     0.03    +0.01   +25.00%         1,657,000      
LGO     Largo Resources Ltd     0.50    -0.04   -7.41%  1,588,892      
ADD     Arctic Star Diamond Corp        0.11    +0.02   +16.67%         1,368,000      
VRB     VRB Power Systems Inc   0.08    -0.02   -21.05%         1,344,900      
VGN     Greencastle Resources Ltd       0.35    -0.02   -4.11%  1,286,980      
AAM     Atacama Minerals Corp   0.91    -0.04   -4.21%  1,266,800      
DOT     DOT Resources Ltd       0.03    -0.02   -33.33%         902,478        
BBP     Bayou Bend Petroleum Ltd        0.33    +0.01   +1.56%  868,234        
HAT     Hathor Exploration Ltd  3.35    -0.15   -4.29%  786,166        
VCG     VenCan Gold Corp        0.05    +0.01   +11.11%         719,300        
SPQ     Spider Resources Inc    0.07    -0.01   -6.67%  709,900        
AAE     AAER Inc        0.19    -0.03   -11.63%         699,800        
MAA     MagIndustries Corp      1.96    -0.06   -2.97%  645,96 

Trading Halts/Resumptions
Trading Halt - Kingsway Financial Services Inc. - KFS - Pending News
Trading Halt/ Trade Resumption - Falcon Oil & Gas Ltd. - FO
Trading Halt/ Trade Resumption - Terra Ventures Inc. - TAS
Trading Halt/ Trade Resumption - Hathor Exploration Ltd. - HAT
Trading Halt - Lomiko Res Ltd. - LMR - Pending News
Trading Halt - Chrysalis Capital VII Corporation - SEV.P - Pending News

 

Sources include Advisors.ca, tmxmoney.com, Canadian Press, Yahoo Finance,
Stockhouse.com , Canoe.ca