TORONTO, Feb 16 (Reuters) – Toronto’s main stock index
surged past the 14,000 mark on Wednesday, hitting a 31-month
high, with energy and financial issues leading the charge. "The market has had a nice tone to it all day ... People are clearly optimistic," said Bruce Latimer, a trader with Dundee Securities. "(14,000) is just a psychological barrier, but I don't think it has any bearing on whether people are making money or losing money. People do look at them though." The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE unofficially closed 129.83 points, or 0.93 percent, higher at 14,059.18, its highest close since July 4, 2008. "I don't think there's anything that's going to get in the way or stop it near term," said John Kurgan, a senior market strategist at Lind-Waldock Canada. Nine of the index's 10 main groups advanced, with consumer discretionaries the lone decliner, retreating 0.19 percent. Energy stocks received a boost from Brent oil prices which surged on unrest in the Middle East, while analysts' upgrades provided some support for financial issues and influential companies like Research In Motion (RIM.TO: Quote, Profile, Research, Stock Buzz). "Any time there's a problem with Brent crude, you get companies like Suncor Energy moving to the upside," said Kurgan, noting the company's nearly 8 percent jump in the last week. Suncor (SU.TO: Quote, Profile, Research, Stock Buzz) climbed 3.77 percent to close at C$43.45, while Canadian Natural Resources (CNQ.TO: Quote, Profile, Research, Stock Buzz) jumped 4.19 percent to C$46.55. The overall energy group gained 1.97 percent. Brent oil prices neared 2-1/2 year highs as tensions between Israel and Iran fueled existing worries about growing unrest in the region. [O/R] [ID:nLDE71F2BQ] Financial stocks extended their recent gains, rising 0.87 percent to hit the group's highest level since May 2008. Toronto-Dominion Bank (TD.TO: Quote, Profile, Research, Stock Buzz) hit a record high, finishing up 1.55 percent at C$80.47. Bank of Nova Scotia (BNS.TO: Quote, Profile, Research, Stock Buzz) also notched a record high, rising 0.57 percent to C$60.21, while Bank of Montreal (BMO.TO: Quote, Profile, Research, Stock Buzz) edged up 0.25 percent to C$60.51. "There's still that need for good dividend paying stocks. ... but the banks are looking a little stretched at this point in time. I'd have a problem buying bank stocks in here," said Kurgan. The sector got a lift from Credit Suisse, which boosted its rating on Bank of Montreal to "neutral" from "underperform" and raised its price targets on five other Canadian banks. [ID:nWNAB2415] "(The financials have) been in a nice move since the middle of January," said Latimer. "That gives the investors a little bit of confidence. The whole sector's been acting well and there hasn't been a lot of bad news." RIM, which received a ratings upgrade by Citigroup, jumped 4.2 percent to C$67.25 to help lift the technology sector 1.14 percent. Rogers Communications (RCIb.TO: Quote, Profile, Research, Stock Buzz), which reported quarterly results that weren't as bad as feared, closed up 1.93 percent at C$35.39. [ID:nSGE71F06W] Both Latimer and Kurgan said the equities market looked healthy but Kurgan noted that investors waiting on the sidelines for a dip could have a hard time entering the market. "That money just sits on the sidelines. It's very difficult to buy and get in on these markets, because you're always fearful of a correction that's never coming and that's why most people miss these types of moves in the markets," he said. ($1=$0.99 Canadian) (Editing by Rob Wilson)
TORONTO (Reuters) – More consolidation lies ahead for the world’s major exchanges, while smaller markets could team up with innovative, alternative trading systems, the head of Liquidnet Canada said on Thursday.
“We’re seeing consolidation, where geography doesn’t matter,” said Robert Young, president of Liquidnet, a Canadian electronic stock-trading market known as an ATS.
TORONTO, Feb 8 (Reuters) – The Canadian government’s plan
to create a national securities regulator suffered a blow on
Tuesday, when British Columbia said it has urged the country’s
highest court to reject Ottawa’s proposal.
The Pacific Coast province filed a legal brief with the
Supreme Court of Canada in support of a lawsuit by Alberta and
Quebec, which argues the federal government’s current plan
would encroach on provincial jurisdiction.
TORONTO (Reuters) – Wal-Mart’s decision to open more supercentres in Canada, including its first in the province of Quebec, may help the world’s largest retailer counter Target’s long-anticipated debut north of the border.
The opening of 40 more Wal-Mart Supercentres, which feature a wider array of grocery items than the regular stores, could also put pressure on Canada’s smaller food retailers, especially those with a big presence in Quebec.
TORONTO (Reuters) – Canada’s economic expansion will slow this year, according to a Reuters poll, but a stronger corporate environment and a pick-up in the U.S. recovery is expected to help keep growth running at a healthy clip.
The median forecast of 21 economists polled over the past week predicts the Canadian economy will expand 2.4 percent this year, in line with predictions in a similar survey in October, when economists had predicted last year’s GDP growth at 3.0 percent.
TORONTO (Reuters) – U.S. retailer Target Corp (TGT.N: Quote, Profile, Research, Stock Buzz) on Thursday announced plans to enter the Canadian market, taking over leases for up to 220 Zellers stores owned by storied domestic retailer Hudson’s Bay Co.
In its first foray outside its U.S. home market, Target said it would pay Zellers Inc C$1.825 billion ($1.84 billion) for the leases and would run the stores under the Zellers brand for “a period of time.”
TORONTO, Jan 12 (Reuters) – Canada’s auction of five-year
bonds met with decent demand on Wednesday, even though
government bonds were weaker across the curve as strength in
global equity markets drew interest away from safe-haven debt.
The sale of C$3.2 billion ($3.24 billion) government bonds,
due June 1, 2016, produced an average yield of 2.674 percent,
up from 2.182 percent during the previous auction in November.
TORONTO, Jan 9 (Reuters) – Canadian stocks are expected to
rise for a third straight year in 2011, albeit at a slower
pace, as rising demand for many commodities and a solidifying
economic recovery boost energy and financial shares.
Many are counting on a rebound in the United States,
Canada’s largest export market, to help shares listed on the
Toronto Stock Exchange’s benchmark S&P/TSX composite index
.GSPTSE claw out further gains.
TORONTO, Dec 9 (Reuters) – Profit at Empire Co Ltd
(EMPa.TO: Quote, Profile, Research, Stock Buzz) jumped nearly 90 percent in the second quarter,
thanks largely to a big capital gain, the parent of Sobeys,
Canada’s second largest grocery chain, said on Thursday.
Empire saw a 1 percent deflation in retail food price this
quarter, however, predominantly driven by promotions.
TORONTO (Reuters) – Lululemon Athletica Inc (LLL.TO: Quote, Profile, Research, Stock Buzz) (LULU.O: Quote, Profile, Research, Stock Buzz), the Canadian retailer that has caught the eye of television host Oprah Winfrey, saw net profit nearly double in the third quarter amid stronger sales of its trendy yoga wear and predicted more growth ahead.
For the quarter ended October 31, Lululemon had net income of $25.7 million, or 36 cents a share, up from $14.1 million, or 20 cents a share, in the year-earlier quarter.