January 10, 2013 at 12:00 PM EST
Strong gains for Toronto
Thursday, January 10, 2013 04:26 PM EST Strong gains for Toronto S&P at 5-year high Resource stocks powered the Toronto stock market higher Thursday as prices for oil and copper ran ahead in the wake of strong Chinese trade data. The S&P/TSX composite index gained 77.50 points to close at 12,599.74 The Canadian dollar gained 0.36 cents to 101.60 cents U.S. The base metals sector gained as March copper on the New York Mercantile Exchange advanced four cents to $3.71 U.S. a pound. China is the world's biggest consumer of the metal. Capstone Mining advanced 24 cents to $2.80 while Teck Resources ran up 97 cents to $37.83. The gold sector was ahead, as Goldcorp Inc. climbed $1.29 to $36.71 while Iamgold Inc. gained 18 cents to $10.71. The energy sector was ahead as Suncor Energy was 37 cents higher to $33.64. The information technology sector gained with Research In Motion Ltd. ahead 33 cents to $11.73. The rise came after executives at three of the top U.S. cellphone carriers — Verizon Communications, AT&T Inc and T-Mobile USA — said that they would support RIM's new BlackBerry 10 products, which are to be launched Jan. 30. Shares in technology company Sandvine Corp. surged 16 cents, or 10.3%. to $1.71 as it said revenue hit $27.5 million U.S. in the fourth quarter, up 26% from a year earlier and $4 million above analyst estimates. The company, which reports in U.S. currency, had $6.5 million or 4.6 cents per share of net income. The industrials sector also made headway as Bombardier Inc. said improved debt markets will allow the transportation giant to raise $2 billion U.S. That word came nearly two months after it was forced to delay its money raising effort aimed at helping to fund a string of development programs led by the CSeries airplane. Its shares were up 10 cents to $4. Elsewhere, Astral Media Inc. said Thursday that its first-quarter profit was $59.6 million or $1.05 per share, beating analyst estimates. Revenue rose to $274.5 million, which was about $3 million below analyst estimates but higher than a year before. The company has a friendly deal with BCE Inc., which is seeking regulatory approval to buy Astral for about $3.38 billion. Astral edged up 33 cents to $47.23. Canadian pharmaceutical chain Jean Coutu Group on Thursday reported stronger sales and a quarterly profit that beat analyst estimates by a penny per share. Net profit was $56.2 million or 26 cents per share while revenue was $716.6 million, up $16.5 million from a year earlier. Shares hiked 34 cents to $14.56. Economically speaking, Statistics Canada said its new housing price Index rose 0.1% in November, following a 0.2% increase in October. Moreover, building permits were issued worth $6.2 billion in November, down 17.9% from October and the lowest level since January 2012. This follows a 15.9% increase in October. ON BAYSTREET The TSX Venture Exchange grew 10.97 points to 1,240.08 All but two of the 14 Toronto subgroups gained ground on the day. Gold soared 2.4%, while materials gained 1.9%, and the metals and mining group picked up 1.8%. The two laggards were health-care, ailing 0.2%, and real-estate, 0.1% less solid. ON WALLSTREET U.S. stocks logged a second straight day of gains Thursday, pushing the S&P 500 to a fresh five-year high. But the advance was modest as investors took a cautious approach ahead of a slew of earnings reports next week. The Dow Jones Industrial Average gained 80.71 points to 13,471.20 The S&P 500 added 1.09 points to 1,472.11. The Nasdaq Composite recovered 15.95 points to 3,121.76 Financials were among the biggest winners, with Bank of America and JPMorgan Chase leading the gains on the Dow. But there was little in the way of new data to move stocks Thursday. While companies have begun to open their books, it's premature to make a bold declaration about how well companies did in the fourth quarter and what their outlooks will be like. Overall, analysts expect earnings for companies in the S&P 500 to grow 2.4% year-over-year, according to FactSet Research, with banks expected to lead the way. Wells Fargo reports results Friday. It's the first large bank to release its earnings. In corporate news, Supervalu reported that it swung to a profit during its fiscal third quarter. The grocery store operator also announced that it will sell Jewel-Osco, Albertson's and some of its chains to Cerberus Capital Management, a New York-based investment firm, for $3.3 billion U.S. Shares of Supervalu surged. Shares of Nokia rallied after the phone company reported better-than-expected sales for its handset business. Nutritional supplement company Herbalife hosted an investor conference to rebut charges from hedge fund manager Bill Ackman that it's running a pyramid scheme. Herbalife executives were confident in the company's defense, saying it's a "legitimate company with legitimate customers." Shares of Tiffany & Co dipped after the luxury retailer said sales during the holiday season rose just 4% worldwide, at the low-end of the company's expectations. Tiffany said it now expects its full-year profit to be at the lower end of its prior forecast. The company also said earnings growth in 2013 will be subdued due to uncertainty about the economy in all of its major markets. Exports rose 14% in December, China's government said in a report that topped expectations Investors also digested fresh data on the labour market Thursday. The number of people filing for initial jobless claims rose 4,000 to 371,000 in latest week. Prices on the 10-year U.S. Treasury note sagged, raising yields to 1.89% from Wednesday’s 1.85%. Treasury prices and yields move in opposite directions. Oil prices acquired 54 cents to $93.94 U.S. a barrel. Gold prices hiked $19.70 an ounce to $1,675.20 U.S.
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