Market closes for Tuesday, Aug 26, 2008

 

        Close   Change  YTD    
Dow Jones       11,412.87       +26.62 or +0.23%        -13.96%
S&P 500 1,271.51        +4.67 or +0.37% -13.41%
NASDAQ  2,361.97        -3.62 or -0.15% -10.95%
TSX COMP        13,299.07       +10.11 or +0.08%        -3.86% 
TSX VENT       1942.60    +2.59

BoC Close       Today   Previous       
Canadian $      0.9538  0.9516 
US $    1.0484  1.0509 

Euro Spot Rate  Today   Previous       
Cdn     0.6515  0.6450 
Euro    1.5349  1.5505 

Gold    AM      PM     
London Gold Fix (US)    $809.75 $827.00

Spot Crude Oil Future(US$)      $116.25 +$1.14 or +0.99%       
Silver                   13.56             -0.02
Copper                   3.42             -0.05
Nat Gas                  8.29             EVEN

News Summary:

The Toronto stock market closed little changed Tuesday as energy stocks advanced alongside oil prices, but bank stocks softened following earnings disappointments from two of Canada's big banks.

Meanwhile, New York markets were mainly higher following Monday's sharp losses despite the pop in oil prices, more dreadful housing news and indications from the U.S. Federal Reserve that interest rates could be headed higher.

Toronto's S&P/TSX composite index rose 10.11 points to 13,299.07 while investors also considered indications of yet lower economic growth.

The Bank of Nova Scotia shares fell $1.19 to $46.45 as profits fell by 2% to $1.01 billion in the third quarter on credit losses and lower capital markets revenue. Its shares

And shares in Bank of Montreal closed down 12 cents to $43.94 after the bank reported that profit fell 21% from a year ago to $521 million. CIBC reports Wednesday and its shares gave back 85 cents to $57.06.

Elsewhere in the sector, National Bank of Canada said it would sell its majority stake in Asset Management Finance Corp. to Credit Suisse Group. It expects a $65-million gain on transaction. National shares backed off 66 cents to $46.86.

The TSX Venture Exchange edged up 2.59 points to 1,942.6 while the Canadian dollar was up 0.22 cent to 95.38 cents US.
New York's Dow Jones industrials moved up 26.62 points to 11,412.87 after concerns about U.S. banks took the blue chip index down 242 points.

The Nasdaq composite index was off 3.62 points to 2,361.97 while the S&P 500 index up 4.67 points to 1,271.51 after minutes from the U.S. Federal Reserve's August meeting indicated that most Fed officials didn't believe that the central bank's key interest rate was too low given harder-to-get credit conditions straining consumers and businesses alike.

And looking ahead, the next direction for rates is probably up, according to the documents.
On the economic front, the U.S. Commerce Department reported that sales of new homes posted an unexpected gain in July as heavily discounted properties enticed cautious house hunters to become home buyers. Sales rose by 2.4%.

At the same time, the Standard & Poor's/Case-Shiller U.S. National Home Price Index tumbled a record 15.4% during the quarter from the same period a year ago.

In Canada, the Bank of Canada suggested that second-quarter growth will now be even weaker than the tepid 0.8% projection it made last month.

The TSX energy sector rose 1.4% as oil prices climbed on concerns Hurricane Gustav may disrupt oil operations in the Gulf of Mexico.

The October crude contract on the New York Mercantile Exchange moved up $1.16 to US$116.27 a barrel and EnCana Corp. climbed $2.45 to $77.60 and Canadian Natural Resources advanced $1.45 to $87.55. In New York, ExxonMobil advanced $1.24 to US$79.95.

The information technology sector also weighed on the TSX, losing 1.5% with Nortel Networks down 39 cents to $5.85.
The Toronto base metals sector was down slightly even as Australia-based mining giant Rio Tinto Ltd. said Tuesday that half-year profit more than doubled to a record US$6.91 billion on strong demand from China for iron, aluminum and other metals.

On the TSX, declines beat advances 778 to 724 with 216 unchanged as 298 million shares traded worth $4.9 billion. (The Canadian Press)

TSX
Most Active

                                               
PTC     Petaquilla Copper ltd   2.18    +0.29   +15.34%         16,188,075     
UUU     Uranium One Inc 3.86    +0.34   +9.66%  11,279,233     
ELR     Eastern Platinum Ltd    1.51    -0.07   -4.43%  7,553,468      
GEA     Gold Eagle Mines Ltd    11.83   -0.01   N/A     7,256,339      
NT      Nortel networks Corp    5.85    -0.39   -6.25%  5,207,680      
 BBD.B  Bombardier Inc  7.51    +0.15   +2.04%  4,640,098      
S       Sherritt International Corp     8.91    -0.34   -3.68%  4,210,059      
YRI     Yamana Gold Inc 11.22   -0.18   -1.58%  3,953,832      
BMO     Bank of Montreal        43.94   -0.12   -0.27%  3,624,543      
CJB     ConjuChem Biotechnologies Inc   0.11    -0.01   -4.35%  3,562,440      
BCE     BCE Inc 39.89   +0.01   N/A     3,121,268      
BNS     Bank of Nova Scotia     46.45   -1.19   -2.50%  3,050,295      
G       Goldcorp Inc    35.36   -0.01   N/A     2,913,993      
RY      Royal Bank of Canada    44.13   -1.01   -2.24%  2,637,079      
SU      Suncor Energy Inc       59.15   -0.17   -0.29%  2,579,286      

TSX Venture
Most Active

                                               
CMM     Century  Mining Corp    0.04    -0.01   -11.11%         8,780,750      
PLL     Palladon Ventures Ltd   0.67    +0.07   +11.67%         2,701,666      
BBP     Bayou Bend Petroleum Ltd        0.31    -0.02   -4.62%  1,666,875      
GEL     Glass Earth Gold Ltd    0.04    -0.03   -38.46%         1,629,800      
HAT     Hathor Exploration Ltd  3.58    +0.23   +6.87%  1,381,058      
KWG     KWG Resources Inc       0.05    0.00    0.00%   1,302,500      
FGT     Forest Gate Resources Inc       0.05    0.00    0.00%   1,181,000      
LEC     Lignol Energy Corp      0.31    -0.06   -16.22%         1,175,000      
NRS     Norwood Resources Ltd   1.00    0.00    0.00%   1,116,500      
FO      Falcon Oil & Gas ltd    0.83    0.00    0.00%   1,077,358      
BOB     Global Hunter Corp      0.07    -0.03   -26.32%         1,068,000      
ROI     Route 1 Inc     0.04    -0.01   -12.50%         1,067,500      
SOR     Solana Resources Ltd    4.60    +0.30   +6.98%  997,455        
LST.H   Landmark Global Financial Corp  0.01    -0.01   -66.67%         971,889        
SLG     Sterling Resources Ltd  2.20    +0.19   +9.45%  876,034

Trading Halts/Resumptions:

Trade Resumption - PANDA CAPITAL INC. - PDA.P
Trade Resumption - PROSPECTOR CONSOLIDATED RESOURCES INC. - PRR
Trade Resumption - AXIOTRON CORP. - AXO (formerly 'Vendome Capital Corp.' - 'VCC.H')
Trade Resumption - 540 CAPITAL CORP. - FA.P
Trading Halt/ Trade Resumption - Rubicon Minerals Corp. - RMX
Trade Resumption - Lomiko Res Ltd. - LMR
Trade Resumption - Kingsway Financial - KFS

New Listings
Claymore Global Infrastructure ETF To Trade On Toronto Stock Exchange,ETF, CIF  CIF.A , 100,000 common units (the “Common Units”) and 50,000 advisor class units (the “Advisor Class Units”) of the Claymore ETF (collectively, the “Units”), all of which will be issued and outstanding, upon the completion of an initial public offering. The Units will be posted for trading at the opening on August 27, 2008.

Alston Ventures Inc. To Trade On TSX Venture Exchange, CPC, ALO.P , 1,217,500 common shares at $0.20 per share, At the opening August 27, 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