The resources heavy Toronto Stock Exchange dropped for a third
straight day Thursday, each time on weaker
. But while it lost 22 points today, it could have been worse - the
index was down around 80 points after about an hour of trading.
Among sectors, all but Info Tech (+0.79%), Health Care (+0.75%)
and Energy (+0.15%) were higher late in the day.
Of commodities, gold futures fell for a fourth consecutive day
and hit 3.5 month lows Thursday following the release of U.S. data
showing unemployment benefits fell much more than expected in the
week ended May 24 and pending home sales for the second straight
month in April. But Q1 gross domestic product did decline.
Bloomberg reported that West Texas Intermediate crude rose after
stockpiles at Cushing, Oklahoma, the delivery point for the
contract, fell for the 16th time in 17 weeks. It said brent oil in
London has climbed this month on concern that violence in Ukraine
will lead to a disruption of shipments of oil and gas from
In news, CIBC lost around 1.4% from near 52 week highs. Early
Thursday the bank said after adjustments, Q2 net income was C$887
million or C$2.17 per diluted share, beating the Capital IQ
consensus of C$2.01, as earnings in the bank's wealth management
segment increase 29% year-over-year. Revenue totaled C$3.2 billion,
up slightly from last year's C$3.1 billion, matching the Street
view. Additionally, it declared a dividend of $1 per share, up from
the previous payout of $0.98. The dividend will be paid on July 28
to shareholders of record at the close of business on June 27.
PrairieSky Royalty Ltd. (PSK.TO) surged 30% and saw more than 20
million shares change hands - more than twice that traded in the
next most active - on its trading debut after the largest initial
public offering in this country for 14 years. Energy producer
Encana Corp. (ECA.TO) raised C$1.46 billion from the sale of its
former unit and may receive a total of C$1.67 billion if the
underwriters exercise options.
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