Bay Street Bulls Continue To Romp, TSX At New Record High -- Canadian Commentary

By RTT News, 

( - Canadian stocks pushed higher yet again Thursday morning, extending record highs seen in the previous session.

U.S. Labor Department data showing an addition of 288,000 jobs in May has kept investors in a chipper mood. On Wall Street, the Dow Jones Industrial Average topped 17,000 for the first time.

Positive European markets are contributing as well to the upmove.

Energy and gold stocks are mostly lower due to weaker crude oil and bullion prices.

The benchmark S&P/TSX Composite Index is up 25.72 points or 0.17 percent at 15,235.51, after advancing to a new high of 15,244.12.

On Wednesday, the index ended up 63.78 points or 0.42 percent at 15,209.79, an all-time closing high. The index scaled an all-time intraday high of 15,223.04, surpassing the previous best of 15,154.77, recorded on June 6, 2008.

The big six banks are higher, gaining 0.5 to 1 percent.

Among other majors in the financial space, Manulife Financial Corporation (MFC.TO), Sun Life Financial Inc. (SLF.TO) and Power Corporation of Canada (POW.TO) are up 1.3 to 2 percent.

In the diversified metals space, Teck Resources Limited (TCK.B.TO), First Quantum Minerals Ltd. (FM.TO), Turquoise Hill Resources Ltd. (TRQ.TO), Sherritt International Corporation (S.TO) and Major Drilling Group International Inc. (MDI.TO) are moving up 1 to 2 percent, while Capstone Mining Corp. (CS.TO) is advancing 0.7 percent.

Among the stocks in the consumer discretionary section, Magna International Inc. (MG.TO), Thomson Reuters Corporation (TRI.TO), Shaw Communications Inc. (SJR.B.TO) and Gildan Activewear Inc. (GIL.TO) are moving up 0.5 to 1 percent, while Dollarama Inc. (DOL.TO) is rising 1.7 percent.

Technology stocks Constellation Software Inc. (CSU.TO) and Avigilon Corporation (AVO.TO) are up 2.3 percent and 1.3 percent, respectively. Open Text Corporation (OTC.TO) is moving up 0.6 percent.

Energy stocks Suncor Energy Inc. (SU.TO), Encana Corporation (ECA.TO) and ARC Resources Ltd. (ARX.TO) are lower by 0.4 to 0.8 percent.

Healthcare and industrial stocks are turning in a mixed performance.

GuestLogix Inc. (GXI.TO) shares are up 5.5 percent after the company announced a multi-year renewal agreement with the Dallas-based Southwest Airlines Co. (LUV).

Barrick Gold Corp. (ABX.TO) is down more than 1 percent. The company is reportedly looking to sell its Golden Sunlight mine in Montana, aiming to shed noncore assets. The Toronto-based gold miner has hired Canadian Imperial Bank of Commerce to help sell the mine in Jefferson County, southwestern Montana, reports say.

Canexus Corp. (CUS.TO) is down nearly 5 percent. The company announced Wednesday that its Board of Directors has appointed Douglas Wonnacott as its President and Chief Executive Officer and a director, effective immediately.

Tekmira Pharmaceuticals Corp. (TKM.TO) shares are plunging 16 percent after the company announced that it has received verbal notice from the U. S. Food and Drug Administration or FDA that the TKM-Ebola Phase I healthy volunteer clinical study has been placed on clinical hold.

SiriusXM Canada (XSR.TO) and Honda Canada have announced that they have extended an agreement that provides a free, three-month subscription to the satellite radio music service in new Honda vehicles. SiriusXM Canada is up marginally.

In commodities, crude oil futures for August are down $0.65 or 0.62 percent at $103.84 a barrel, amid easing concerns about supply disruptions from Libya and Iraq.

Natural gas is down $0.015 or 0..37 percent at $4.343 per million btu.

Gold futures for August are down $9.40 or 0.71 percent at $1,321.50 an ounce, after declining to $1,310.50 earlier.

Silver for September is down $0.098 or 0.44 percentcent at $21.202 an ounce. Meanwhile, copper is up $0.010 or 0.30 percent at $3.275 per pound. On the economic front, Canadian merchandise exports grew 3.5 percent in May, while imports were up 1.6 percent, Statistics Canada said. Trade deficit narrowed to $152 million from $961 million in April.

In economic news from the U.S., the Labor Department's data showed an addition of 288,000 jobs in June, notably higher than an expected addition of 211,000 jobs. Meanwhile, jobless rate fell to a near six-year low of 6.1 percent. Economist expected unemployment rate to remain unchanged at 6.3 percent.

Another report from the Labor Department showed jobless claims to have risen to 315,000 in the week ended June 28th. The consensus estimate called for a rise to 314,000 from 312,000 in the previous week.

According to a report from the U.S. Commerce Department, trade deficit fell by a more than expected 5.6 percent in May to $44.4 billion. Economists expected the trade deficit to have narrowed to $45.1 billion from $47.2 billion in the previous month.

Meanwhile, activity in the U.S. service sector grew for the fifty-third consecutive month in June, according to a report released by the Institute for Supply Management on Thursday, although the pace of growth slowed slightly with the index edging down to 56.0, from 56.3 in the previous month.

In economic news from the eurozone, the European Central Bank has left its interest rates unchanged at 0.15 percent, after reducing them in June while announcing several liquidity measures. The bank retained the deposit rate at -0.10 percent, having slashed the rate from zero to negative in June.

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This article appears in: News Headlines

Referenced Stocks: ABX , CM , ECA , GIL , HMC

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