Toronto dips on eve of G20 meeting
Friday, February 15, 2013 00:20 PM EST Toronto dips on eve of G20 meeting Gold takes hit The Toronto stock market was lower Friday as traders look to a weekend meeting of G20 finance ministers who are expected to tackle worries that some countries are using their currencies for economic gain. The S&P/TSX composite index faded 20.30 points to break for lunch Friday at 12,701.49 The Canadian dollar tumbled 0.60 to 99.31 cents U.S. The gold sector led TSX decliners, as Iamgold faded 26 cents to $8.05. Goldcorp Inc. fell 73 cents to $33.94 as the miner said Thursday that record gold production levels at two mines in Ontario and Mexico helped it deliver a half-billion-dollar profit in the fourth quarter and positioned it well for the coming year. Adjusted earnings were 57 cents per share, beating analyst expectations of 54 cents per share. The base metals sector slipped while March copper in New York was down a cent at $3.73 U.S. a pound. Teck Resources declined 54 cents to $33.66. In the energy sector, Suncor Energy fell 29 cents to $31.90. Techs were also weak with BlackBerry down 44 cents to $14.61. Telecoms advanced after Rogers Communications Inc. exceeded analysts’ expectations in the fourth quarter of 2012. Rogers posted quarterly net income of $455 million or 88 cents a share, beating expectations of 72 cents. Rogers’ revenue was $3.26 billion against expectations of $3.19 billion. Its stock was ahead $2.28 to $47.75. And Telus Corp. said that its quarterly net earnings rose almost 23% from a year ago to $291 million, or 89 cents per share. Revenue rose 6% to $2.85 billion from $2.69 billion and its shares were up 84 cents to $67.62. Enbridge Inc. reports it had $146 million of earnings attributable to shareholders in the fourth quarter, or 18 cents per common share, with nearly $7.2 billion of revenue. On an adjusted basis, the profit amounted to $327 million or 42 cents per common share, two cents below analyst estimates. The financial sector also provided some lift as Sun Life Financial rose 18 cents to $29.04. A cease trade order has been issued against Poseidon Concepts Corp. after the oilfield services company said up to $106 million in revenue should not have been recorded as such in 2012. Poseidon was the most heavily traded issue on the TSX on Thursday, closing down 62 cents, or 69.7%, to 27 cents. On the economic docket, Statistics Canada reported this morning that manufacturing sales hurtled 3.1% in December to $48 billion. The nation’s number crunchers called it the largest decline since May 2009. The Canadian Real Estate Association (CREA) noted that national home sales activity edged up on a month-over-month basis in January 2013. CREA reported that national home sales rose 1.3% from December to January. Actual (not seasonally adjusted) activity came in 5.2% under levels in January 2012. ON BAYSTREET The TSX Venture Exchange lost 11.48 points to 1,185.08 Eight of the 14 Toronto subgroups were negative by noon, weighed mostly by gold, off 2.8%, materials, surrendering 2%, and the metals and mining group, down 1%. The half-dozen gainers were led by telecoms, up 1.7%, consumer discretionaries, improving 0.6%, and industrials, ahead 0.4%. ON WALLSTREET Investors remain wary of jumping into stocks Friday, despite a pair of positive economic reports. The Dow Jones Industrial Average faded 11.50 points to break for lunch at 13,961.90 The S&P 500 index dropped 0.62 points to 1,520.76. The tech-heavy NASDAQ Composite flopped 3.04 points to 3,195.62 Billionaire hedge fund manager George Soros spooked gold bugs, after it was revealed that his fund cut its stake in a major gold ETF, SPDR Gold Trust, at the end of last year. Commodities moved lower across the board on Friday. Burger King reported earnings that beat expectations. Shares rose nearly 3%. Meanwhile, Kraft Foods posted weaker-than-expected revenue, but shares moved slightly higher. Shares of nutritional supplements company Herbalife surged more than 12% after activist investor Carl Icahn disclosed a 13% stake in the firm on Thursday. Carnival shares slid as the company's Triumph cruise ship docked and passengers were finally able to leave, just days after a fire and power outage left the ship and 3,000 passengers stranded at sea. Shares of Wal-Mart dropped nearly 2%, after a research firm said that sales for the last four weeks look significantly softer at the big box retailer. The Dow is still within 1.6% of its all-time high, hit in October 2007, and the S&P 500 is about 4% shy of its record high, also set in October 2007. All three indexes are up between 5% and 7% for the year. Economically speaking, the New York Federal Reserve report showed that manufacturing in the state picked up precipitously last month. Meanwhile, the University of Michigan's February report on consumer sentiment came in at 76.3, above a forecast figure of 74.8. On the downside, the Census Bureau reported that industrial production dipped 0.1% in January. Analysts had expected a modest gain. Prices on the 10-year U.S. Treasury faded, raising yields to 2.03% from Thursday’s 2%. Treasury prices and yields move in opposite directions. Oil prices tumbled $1.94 to $95.37 U.S. a barrel. Gold prices got bruised $26.20 to $1,609.30 U.S. an ounce.
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