Market closes for Wednesday, Aug. 27, 2008:

 

        Close   Change  YTD    
Dow Jones       11,502.51       +89.64 or +0.79%        -13.29%
S&P 500 1,281.66        +10.15 or +0.80%        -12.71%
NASDAQ  2,382.46        +20.49 or +0.87%        -10.17%
TSX COMP        13,530.65       +231.58 or +1.74%       -2.19% 
TSX VENT     1949.92   +7.92
BoC Close       Today   Previous       
Canadian $      0.9553  0.9538 
US $    1.0468  1.0484 

Euro Spot Rate  Today   Previous       
Cdn     0.6489  0.6515 
Euro    1.5410  1.5349 

Gold    AM      PM     
London Gold Fix (US)    $833.50 $827.00

Spot Crude Oil Future(US$)      $118.25 +$1.98 or +1.70%       
Silver                    13.52          +0.05
Copper                   3.44           +0.03
Nat Gas                  8.39           +0.12

News Summary

The Toronto stock market finished sharply higher Wednesday as banks reacted positively to CIBC's earnings report and investors snapped up energy stocks on stronger crude oil prices.

Financials also helped take New York indexes higher, as did a much better showing in durable goods orders in July. Toronto's S&P/TSX composite index moved up 231.58 points to 13,530.65.

The financial sector ran ahead 2.5% after CIBC reported that net income fell to $71 million for the third quarter, down from $835 million for the same period last year as the bank was hit with more losses connected with the American housing sector. Diluted earnings per share were 11 cents, down from $2.31 a year ago.

Still, it was a big improvement from CIBC's $1.1-billion loss in the previous quarter. The bank recorded an after-tax loss of $596 million or $1.56 per share from its structured credit run-off activities and its shares improved $3.04 to $60.10.

"First of all, it's CIBC's first profit in three quarters," said Fred Ketchen, manager of equity trading at Scotia Capital. "It's a lot of relief on the fact that it looks like they have written down almost everything they had to write down. You can assume -- maybe, I hope -- that the worst is perhaps behind CIBC now. And they can move on and get into a profitable business."

The results came on the heels of disappointing earnings reports from Bank of Montreal and Scotiabank on Tuesday. Scotiabank moved up $1.05 to $47.50 and BMO ran ahead $1.62 to $45.56.

The TSX Venture Exchange was up 7.32 points to 1,949.92 while the Canadian dollar moved up 0.15 to 95.53 cents US.
The Dow Jones industrials rose 89.64 points to 11,502.51 after the U.S. Commerce Department reported that durable goods orders jumped a bigger-than-expected 1.3% in July, led by gains in aircraft. Economists had expected a gain of just 0.1%.

Outside of transportation, orders posted a 0.7% increase, surpassing the 0.3% decline analysts had expected.
The Nasdaq composite index moved up 20.49 points to 2,382.46 while the S&P 500 index was up 10.15 points to 1,281.66.
The Toronto energy sector rose almost 2% as the October crude contract on the New York Mercantile Exchange moved up $1.88 US$118.15 a barrel on worries that Tropical Storm Gustav may disrupt oil and gas operations in the Gulf of Mexico.

The price also found support from data showing that U.S. crude supplies fell unexpectedly last week.
Petro-Canada said it has restarted a key piece of equipment at an Edmonton refinery that had been shut down in early August, resulting in fuel shortages at gas stations across British Columbia and Alberta and its shares rose 89 cents to $46.99.

Transeuro Energy Corp. and Questerre Energy have announced they are testing the natural gas potential of deep shale the Liard Basin, in northeastern British Columbia.

The two companies are each half-owners of two existing shale gas well, which have been operated by Questerre over the past two years, and plant to drill even deeper wells in the area. Transeuro shares jumped 12.5 cents to 39.5 cents while Questerre shares gained 60 cents to $3.05.

The base metals sector was up 2.2% as Teck Cominco Ltd. advanced $1.11 to $42.50 and Sherritt International headed up 44 cents to $9.35.

The gold sector was also a support, up 2.2% as the December bullion contract on the Nymex rose $5.90 to US$834 an ounce. Barrick Gold Corp. moved up $1.02 to $37.02.

On the TSX, advances beat declines 872 to 622 with 226 unchanged as 336.7 million shares traded worth $6 billion. (The Canadian Press)

TSX

Most Active

                                               
PTC     Petaquilla Copper ltd   2.18    0.00    0.00%   12,053,107     
UUU     Uranium One Inc 4.15    +0.29   +7.51%  11,136,790     
S       Sherritt International Corp     9.35    +0.44   +4.94%  7,542,768      
BCE     BCE Inc 39.97   +0.08   +0.20%  6,550,947      
BBD.B   Bombardier Inc  7.62    +0.11   +1.46%  6,157,293      
GEA     Gold Eagle Mines Ltd    11.94   +0.11   +0.93%  5,283,662      
OPC     OPTI Canada Inc 18.16   +0.27   +1.51%  4,878,843      
HEG     Homeland Energy Group Ltd       0.95    0.00    0.00%   4,369,700      
CM      Canadian Imperial Bank of Commerce      60.10   +3.04   +5.33%  4,161,255      
NEM     Neo Material Technologies  Inc  3.15    +0.20   +6.78%  4,022,340      
CTI     Chemokine Therapeutics Corp     0.07    -0.01   -6.67%  3,638,265      
MFC     Manulife Financial Corp 36.76   +0.81   +2.25%  3,537,258      
YRI     Yamana Gold Inc 11.45   +0.23   +2.05%  3,523,324      
BNS     Bank of Nova Scotia     47.50   +1.05   +2.26%  3,499,192      
G       Goldcorp Inc    35.79   +0.64   +1.82%  3,193,963      
QEC     Questerre Energy Corp   3.05    +0.60   +24.49%         3,134,804      

TSX Venture

Most Active

                                               
GEL     Glass Earth Gold Ltd    0.05    +0.01   +25.00%         5,720,200      
OM      OneMove Technologies Inc        0.07    +0.01   +7.69%  4,451,000      
TSU     Transeuro Energy Corp   0.40    +0.13   +46.30%         3,873,255      
CMM     Century  Mining Corp    0.05    +0.01   +25.00%         3,453,385      
CNS     Canoro Resources Ltd    0.72    +0.09   +14.29%         2,867,989      
PIO     Pioneering Technology Inc       0.02    +0.01   +100.00%        2,722,552      
ADD     Arctic Star Diamond Corp        0.12    +0.02   +20.00%         2,109,300      
KWG     KWG Resources Inc       0.05    -0.01   -10.00%         1,898,350      
LGO     Largo Resources Ltd     0.45    -0.03   -6.25%  1,482,800      
WPX     Western Potash Corp     0.71    -0.07   -8.97%  1,375,625      
RSG     Searchgold Resources Inc        0.06    +0.01   +9.09%  1,356,500      
FGT     Forest Gate Resources Inc       0.04    -0.01   -22.22%         1,260,000      
PCQ     Petrolympic Ltd 0.52    +0.10   +23.81%         1,224,800      
CCZ     CriticalControl Solutions Corp  0.15    -0.01   -6.25%  1,089,000      
SOR     Solana Resources Ltd    4.70    +0.10   +2.17%  1,035,129      

Trading Halts/Resumptions

Trade Resumption - SCHNEIDER POWER INC. - SNE (formerly 'Water Capital Inc.' - 'WCP.P')
Trade Resumption - BOWMORE EXPLORATION LTD - BOW (formerly 'Peterborough Capital Corp.' - 'PEC')
Trading Halt - Birch Mountain Resources Ltd. - BMD, BMD.DB - Pending News
Trading Halt/ Trade Resumption - Rusoro Mining Ltd. - RML
Trading Halt/ Trade Resumption - Gold Reserve Inc. - GRZ
Trading Halt - Terra Ventures Inc. - TAS - Pending News
Trading Halt - Hathor Exploration Ltd. - HAT - Pending News
Trade Resumption - Gammon Gold Inc. - GAM

 

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