Naples, FL 3/15/2012 (StreetBeat) – Toronto stocks were moving higher Thursday morning amid buying in commodities and positive economic data from the U.S., Canada's largest trading partner.However, concerns over slowing economic growth in China weighed on trader sentiment. China's FDI fell 0.9 percent in February from a year earlier to $7.7 billion, the Ministry of Commerce said today. February's tally was also down from January's total of $10.0 billion, which was a 0.3 percent year-on-year decline. Earlier this week, China reported its biggest monthly trade deficit in at least 22 years for February, indicating further slowdown in global economic growth.
The S&P/TSX Composite Index gained 95.08 points or 0.77 percent to 12,472.98.
The Diversified Materials Index moved up over 1 percent, with First Quantum Minerals and Inmet Mining adding over 2 percent each.
Base-metals miner Capstone Mining Corp (CS.TO) edged up 0.50 percent after reporting a lower fourth quarter net earnings of $4.9 million or $0.01 per share compared to $8.5 million or $0.04 per share in the same quarter last year. However, on an adjusted basis, the company swung to profit reporting net earnings of $4.2 million or $0.01 per share compared to a loss of $3.5 million or $0.02 per share last year.
The price of crude oil was little changed Thursday morning as China's economic growth outlook raised concerns over demand from Asia. Crude for April edged up $0.37 to $105.80 a barrel.
In the oil patch, Baytex Energy Corp. and Cenovus Energy moved up around 3 percent each.
The price of gold was lingering below the $1,650-mark Thursday morning after witnessing a steep fall in the previous session. gold for April edged up $6.00 to $1,648.90 an ounce.
In the gold space, Barrick gold moved close to 2 percent, while Kirkland Lake gold was losing over 3 percent.
Among financial stocks, TD Bank , Scotiabank and National Bank gathered over 1 percent each.
Real estate company Melcor Developments (MRD.TO) gained 7 percent after reporting a much improved fourth quarter net income of $51.82 million or $1.72 per basic share compared to $32.03 million or $1.06 per basic share last year.
Real estate focused investment trust Artis Real Estate Investment Trust (AX_UN.TO) edged up 0.50 percent after it said its fourth-quarter funds from operation increased to C$28.68 million or C$0.33 per unit from C$18.94 million or C$0.25 per unit in the same quarter last year.
Telecommunications and broadcasting company Quebecor Inc. (QBR_B.TO) reported higher fourth -quarter profit of C$85.4 million or C$1.34 per share compared to last year's C$46.6 million or C$0.72 per basic share. Adjusted income from continuing operations were C$55.6 million or C$0.87 per share compared to C$58.2 million or C$0.90 per basic share. The stock was flat at C$36.28
Meanwhile, telecommunications company Glentel Inc. (GLN) dived over 10 percent after reporting a marginal dip in fourth quarter net income at $9.7 million or $0.43 per share compared to $10.7 million or $0.49 per share in the year ago period..
Integrated tour operator Transat A.T. Inc. (TRZ_A.TO, TRZ_B.TO) shed nearly 4 percent after reporting a wider first quarter loss of C$29.5 million or C$0.77 per share compared to last year's C$13.4 million or C$0.35 per share. Adjusted loss was C$29.9 million or C$0.79 per share compared to C$19.3 million or C$0.51 per share. Analysts were expecting the company to report a loss of C$0.61 per share this quarter.
In economic news from south of the border, the U.S. Labor Department reported a seasonally adjusted level of 351,000 new claims for unemployment fro the week ended March 10, a drop of 14,000 from the previous week's revised level of 365,000.
Meanwhile, activity in the New York manufacturing sector has expanded at a moderate pace in the month of March, according to a report released by the Federal Reserve Bank of New York on Thursday, with the index of activity in the sector showing an unexpected increase.
From the euro zone, the number of employed persons in euro zone fell 0.2 percent sequentially in the fourth quarter, the same rate of decline as seen in the third quarter, Eurostat said. The largest sequential fall in employment was recorded in construction and the highest increase in real estate activities. On a yearly basis, employment slipped 0.2 percent, wiping out the third quarter's 0.2 percent rise. Over the whole year 2011, employment increased by 0.2 percent.
Elsewhere, the Swiss National Bank decided to maintain its three-month Libor rate close to zero as expected and said it will continue to enforce the minimum exchange rate of CHF 1.20 per euro.
StreetBeat Disclaimer
No comments:
Post a Comment