Market closes for Thursday, Aug. 21, 2008:

 

        Close   Change  YTD    
Dow Jones       11,429.81       +12.38 or +0.11%        -13.83%
S&P 500 1,277.72        +3.18 or +0.25% -12.98%
NASDAQ  2,380.38        -8.70 or -0.36% -10.25%
TSX COMP        13,539.22       +172.69 or +1.29%       -2.12% 
TSX VENT      1949.68     +29.93
BoC Close       Today   Previous       
Canadian $      0.9579  0.9423 
US $    1.0440  1.0612 

Euro Spot Rate  Today   Previous       
Canadian $      0.6432  0.6390 
Euro    1.5547  1.5648 
Gold    AM      PM     
London Gold Fix (US)    $821.00 $833.50

Spot Crude Oil Future(US$)      $121.32 +$5.76 or +4.98%       
Silver                    13.76           +0.51
Copper                    3.54           +0.14
Nat Gas                   8.29           -0.04

News Summary:

The Toronto stock market surged almost 200 points Thursday as investors bought up commodity stocks for a second day, encouraged by a sharp runup in the price of crude oil.

Toronto's S&P/TSX composite index moved up 189.08 points to 13,539.22 after rising commodity stocks contributed to a 286-point jump on Wednesday.

The TSX Venture Exchange gained 29.93 points to 1,949.68 while higher crude prices and a weak American dollar took the Canadian dollar up 1.56 cents to 95.79 cents U.S.

"Given the significant rally in the U.S. dollar that has taken place over the last two and a half weeks, I think the market has gotten a little bit over extended here and we've entered into a bit of a corrective phase," George Davis, chief technical analyst at RBC Capital Markets, said of the U.S. dollar.

"For the most part, the main catalyst still comes back to price action in the commodity markets and with a substantial spike higher in oil today, we're seeing not only the U.S. dollar weaken off against the major currencies, but that's been a benefit for the Canadian dollar given the positive correlation between crude and the loonie."

Investors also took in news of higher inflation. Statistics Canada reported that higher energy prices helped send the consumer price index in July up 3.4%, which was in line with expectations and up from 3.1% in June.

Analysts noted that an 8.8% pop in natural gas prices was the big factor driving energy prices in the month.
American indexes closed mainly higher as energy companies advanced and early losses were pared in the financial sector.

New York's Dow Jones industrials moved up 12.78 points to 11,430.21.
The Nasdaq composite index fell 8.7 points to 2,380.38 while the S&P 500 index moved up 3.18 points to 1,277.72.
A weak U.S. dollar helped take the October crude contract on the New York Mercantile Exchange up $5.62 to US$121.18 a barrel. The spike in prices comes after oil fell sharply after hitting a record high of just over US$147 on July 11, closing just below US$113 earlier this week.

"I think oil prices are finding some sort of base," said Duncan Anderson, portfolio manager at MFC Global Investment.
"And we do have some issues going on now _ the U.S. dollar declining again on the back of (mortgage financiers) Freddie Mac and Fannie Mae and this potential bailout."

Tensions with Russia about a deal between Washington and Poland to install a missile defence system in Eastern Europe _ seen as a threat by Moscow _ and the continued presence of Russia in Georgia also contributed to the bullish mood.

The TSX energy sector ran up 2.15% as EnCana Corp. improved $1.44 to $77.56 and Suncor Energy gained $1.89 to $61.78 and in New York, ExxonMobil ran ahead $1.54 to US$80.35.

There was more nervousness around financial stocks after an analyst from Citigroup cut earnings per share estimates for investment banks Lehman Brothers, Goldman Sachs, and Morgan Stanley on the likelihood of further writedowns.

"You're going to have everyone fearful of the unknown and fearful of bigger writedowns until we see some concrete evidence that the writedowns are slowing, (and) some evidence that U.S. house price declines are slowing," Anderson said.

The Toronto financial sector was well off early lows, down 0.5% with Bank of Montreal down 46 cents to $44.33 and CIBC gave back 90 cents to $58.43.

In New York, investment bank Lehman Brothers came back from an 8.7% loss to close down a penny to US$13.72 after being upgraded to Buy from Neutral at brokerage firm Ladenburg Thalmann.

The base metals sector was up 2.95% and HudBay Minerals was up 39 cents to $11.40.
The gold sector moved up 5.1% as the December bullion contract in New York gained $22.70 to US$839 an ounce. Goldcorp Inc. headed $2.16 higher to $36.51 and Kinross Gold Corp. improved $1.35 to $18.04.

Telecom stocks also provided solid lift as Telus Corp. gained $1.15 to $40.05.
In other corporate news, Nortel Networks Corp. shares were ahead nine cents to $6.42 after it said it has acquired DiamondWare, whose technology has been used in U.S. military tactical intercom systems, in a deal worth up to US$10 million.

On the TSX, advances beat declines 936 to 616 with 188 unchanged as 373 million shares traded worth $6.4 billion. (THE CANADIAN PRESS)

TSX
Most Active

                                               
VT      Viterra Inc.    11.30   -0.10   -0.88%  8,510,646      
YRI     Yamana Gold Inc 12.00   +0.83   +7.43%  8,411,668      
ELR     Eastern Platinum Ltd    1.61    +0.12   +8.05%  7,918,522      
BWR     Breakwater Resources Ltd        0.27    +0.03   +12.50%         5,896,734      
HBM     HudBay Minerals Inc     11.40   +0.39   +3.54%  5,585,443      
BBD.B   Bombardier Inc  7.52    +0.01   +0.13%  5,532,030      
K       Kinross Gold Corp       18.04   +1.35   +8.09%  5,228,160      
UTS     UTS Energy Corp 4.12    +0.03   +0.73%  5,063,880      
S       Sherritt International Corp     9.69    +0.12   +1.25%  4,995,067      
G       Goldcorp Inc    36.51   +2.16   +6.29%  4,980,531      
ABX     Barrick Gold Corp       37.50   +1.80   +5.04%  4,615,885      
PEG     Pacific Rubiales Energy Corp    10.35   +0.48   +4.86%  4,570,227      
NXY     Nexen Inc       33.32   +0.58   +1.77%  4,010,174      
UUU     Uranium One Inc 3.70    -0.05   -1.33%  3,956,363      
SU      Suncor Energy Inc       61.78   +1.89   +3.16%  3,708,995      

TSX Venture
Most Active

                                               
SWN     Selwyn Resources Ltd    0.10    0.00    0.00%   3,210,000      
FGT     Forest Gate Resources Inc       0.06    +0.01   +10.00%         2,618,800      
ANM     Antares Minerals Inc    2.26    -0.29   -11.37%         2,618,600      
SHH     Sonomax Hearing Healthcare Inc  0.10    +0.03   +35.71%         2,198,900      
CQV     Canadian Imperial Venture Corp  0.05    0.00    0.00%   2,067,518      
IB      International Berylium Corp     0.25    +0.05   +25.00%         1,948,700      
ROH     Rochester Energy Corp   0.11    +0.03   +37.50%         1,668,500      
BUK     Bridge Resources Corp   0.95    +0.07   +7.95%  1,659,900      
MAA     MagIndustries Corp      2.09    +0.05   +2.45%  1,622,515      
PHO     Photon Control Inc      0.02    -0.01   -20.00%         1,529,500      
BDO     Bordeaux Energy Inc     0.05    0.00    0.00%   1,339,538      
ZPP     Zongsheb PEM Systems    1.06    +0.16   +17.78%         1,253,520      
TRX     Terrane Metals Corp     0.32    -0.02   -5.97%  1,107,530      
KWG     KWG Resources Inc       0.04    +0.01   +14.29%         1,083,000      
SOR     Solana Resources Ltd    4.42    +0.27   +6.51%  1,078,813      

Trading Halts/Resumptions:
Trade Resumption - MEADOW BAY CAPITAL CORPORATION - MAY (formerly Meadow Bay Capital Corporation - MAY.P
Trading Halt - Westcore Energy Ltd. - WTR.P - Pending News

New Listings:

Claymore Global Real Estate ETF To Trade On Toronto Stock Exchange, CGR, CGR.A, The Units will be posted for trading at the opening on August 25, 2008.

Rattlesnake Ventures Inc. To Trade On TSX Venture Exchange, CPC, RVI.P , 2,500,000 common shares at $0.10 per share,At the opening Friday, August 22, 2008 the Common Shares will commence trading on TSX Venture Exchange.

Sources include Advisors.ca, tmxmoney.com, Canadian Press, Yahoo Finance,
Stockhouse.com , Canoe.ca
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Santo Sandhu, B.Ed
Investment Advisor
Wolverton Securities Ltd.
Tel: 604-662-5292
Fax: 604-662-5205
T-Free: 1-877-390-7771
E-mail: santos@wolverton.ca
Visit us at www.wolverton.ca

 

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