Canada's main stock market, the Toronto Stock Exchange,
recovered after being down around 65 points early Wednesday and
despite closing nearly 20 points down from late morning highs, it
still managed to hold on to some of its gains and close 14 points
higher - thus ending a three day losing streak.
The resources heavy index was supported by
. They ended the U.S. day session above the key US$1,300.00 level
Wednesday, buoyed by safe-haven demand and short covering on
renewed geopolitical concerns, including fears of more violence in
Ukraine amid reports Russia had troops on the border.
Also boosting sentiment, Canada early Wednesday reported the
trade surplus was C$1.86 billion in June, the widest since December
2011. Some economists forecast a balanced account.
Helping to cap gains, economic data out of Italy suggested that
country was back in recession. Meanwhile, Bloomberg was reporting
that gasoline futures rallied while crude oil slipped to a
six-month low as refineries slowed their operations, pushing
gasoline inventories down by the most in four months.
Among sectors, most were lower, with Info Tech and Financials
bucking the trend. BNN TV said Wednesday that trading volumes were
up about 12% on normal. 149 million shares changed hands.
Among individual stocks in the news, fast food retailer Tim
Hortons (THI.TO, THI) jumped to record highs Wednesday as it
reported second quarter EPS of $0.92. According to Capital IQ
figures available through Bloomberg, the average forecast of 11
analysts was for EPS of $0.86 or $0.87. Looking ahead, the company
expects 2014 EPS and U.S. same-store sales growth to be a the high
end or slightly above a target $3.17-$3.27 per share.
Elsewhere, Athabasca Oil Corp. (ATH.TO) gained near 5%.
Bloomberg reported that will make a C$49 million payment to
PetroChina Co., lowering the purchase price of the Dover oil-sands
project in a bid to help complete the deal. Bloomberg cited the
company as saying the payment will address claims by PetroChina for
future abandonment costs for oil and natural gas wells and will be
contingent on the completion of the put option. Not including the
payment, the net value of the put option is now C$1.23 billion,
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