Bottom line is Canada's main stock market, the Toronto Stock
Exchange, hit three week lows Thursday. But while the index closed
down around 85 points, it was down close to 150 points with only
about 30 minutes of trade left as some investors preferred
safe-haven investments such as gold or government debt amid
concerns about global economic growth as a sanctions war with
Russia intensified. Russia today moved to ban certain imports from
Europe, and the United States and Canada. NATO said it was ready to
According to BNN TV, trading volumes were up 5% on normal.
All sectors were lower, bar Health Care. The Mining and Info
Tech sectors were the two biggest losers. Of individual stocks, Air
Canada (AC-B.TO) and Canadian Natural Resources (CNQ.TO) were among
the most actively traded, and both stocks weighed on the overall
Among commodities, gold shone brighter as the day went on and
ended higher amid continued safe-have demand and short covering.
Bloomberg reported Thursday afternoon that brent crude advanced
from a nine-month low after militants captured a dam in Iraq,
bolstering concern that unrest will spread in OPEC's second-biggest
oil producer. West Texas Intermediate futures also climbed, it
Air Canada flew 8% lower although it reported the most
profitable quarter in its history as a result of falling costs and
contributions from low cost subsidiary Rouge. However, earnings per
share failed to meet analyst predictions. Adjusted net income grew
to $139 million or $0.47 cents per share in the second quarter,
compared with $115 million or $0.41 per share a year ago. Analysts
surveyed by Capital IQ expected EPS of $0.51. Air Canada also said
yields would continue to ease this year as it fills planes.
Canadian Natural reported a second quarter profit that was
double the year earlier period. Still, Dow Jones reported, National
Bank said results were in line, and noted that production guidance
was lowered slightly. CNQ lost more than 2%.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.