Canada's main stock, the Toronto Stock Exchange, recovered well
to close up near 30 points Thursday after dipping in to negative
territory with around 90 minutes of trade left, it having lost late
morning gains of near 50 points through the first half of the
But at least the TSX showed good late upward momentum - which
may be built on Friday if Statistics Canada does revise upward its
July jobs report after the initial release last week showed just
200 jobs had been created against forecasts for 20,000-plus.
Boosting the market today was Petrowest (PRW.TO), which gained
more than 8% and rose toward 52 week highs after it reported second
quarter results. More than 35 million Petrowest shares changed
hands, 30 million more than in the next most active. It reported
net and comprehensive loss after tax of $2.23 million, compared to
a loss of $3.37 million a year earlier. Petrowest said: "The
company was excited to complete the acquisition of Enviro-Mulch
Land Clearing Solutions Ltd. during the quarter. This vertically
integrated acquisition truly allows Petrowest to be the 'first in'
for oilfield and general construction services, while adding
another highly qualified team to the Petrowest group."
Most sectors were higher today, led by Health Care, Industrials
and Financials. But the influential Energy and Mining ones were
down and weighed on the resources heavy index.
On commodities, gold futures rose for the third straight session
as U.S. jobless claims rose more than forecast, making it likely
that interest rates will remain low for the foreseeable future.
Jobless claims jumped by 21,000 to 311,000 in the week ended August
9, versus forecasts for around 295,000.Meanwhile, brent oil dropped
to 13-month lows and West Texas Intermediate slipped amid concerns
that European demand will fall if the region goes back in to
recession. And copper futures hit seven week lows, not helped by
news that production of the metal in China touched its highest
levels since November.
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