TSX Closes Down 90 Pts; Focus Now On U.S. FOMC

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Canada's main stock market, the Toronto Stock Exchange, lost 90 points Friday as investors and traders appeared to take profits ahead of the U.S. Federal Open Market Committee meeting on Tuesday and Wednesday amid uncertainty about when the Fed will end its US$85 billion bond-buying program.

While some expect it will start sooner rather than later, others believe recent U.S. economic data hasn't been strong enough for the Fed to move yet.

Eastern Platinum (ELR.TO) was easily most active with more than 46 million shares traded, three times that of the next most active, although there was no apparent fresh stock specific news.


Cline Mining Corporation (CMK.TO) was down 75% and hit a record low of 0.5 cents. Cline announced that it has made an application to the Toronto Stock Exchange to voluntarily delist its shares from the exchange. Subject to confirmation from the TSX, Cline expects that the shares will be delisted from the TSX at the close of trading on June 21, 2013.

Bombardier Aerospace (BBD-B.TO) today released its annual 20-year forecast for the business and commercial aircraft market numbers. Shares were down 10 cents. Bombardier said it is "confident" in the strong, long-term potential of the business aircraft industry and forecasts a total of 24,000 business jet deliveries from 2013 to 2032 in the segments in which Bombardier competes, which represents approximately $650 billion in industry revenues. Bombardier's Business Aircraft Market Forecast anticipates 9,800 aircraft deliveries, worth $269 billion, during the 2013 to 2022 period, and 14,200 aircraft, worth $381 billion, from 2023 to 2032.

On commodities, gold futures were up 0.73% at US$1,387.80 an ounce today, and 0.3% on the week. SPDR Gold Trust ( GLD ) was up 0.35% at $134.21. Silver for July delivery was up 1.93% at $22 an ounce, just off its session high of $22.50. iShares Silver Trust ( SLV ) was up 1.14% at $21.29.

Crude for July delivery was higher, up 1.08% at $97.73 a barrel. United States Oil Fund LP ( USO ) was up 1.19% at $34.74. Crude-oil futures garnered strength on renewed supply concerns following the latest news out of war torn Syria. Late Thursday, the U.S. had said it will arm the opposition forces in Syria, a move that Russia has criticized Friday. The U.S. government had said that the Syrian government had used chemical weapons against the opposition. Investors were also be keeping an eye on Iran, which is holding its presidential elections Friday.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: GLD , SLV , USO

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