Toronto's main market was slightly lower Monday, but things were fairly quiet as the arrival of Hurricane Sandy resulted in U.S. equity markets cancelling trading for the day.
U.S. markets are expected to remain closed Tuesday, and many companies including global biopharmaceutical company Pfizer![ext]()
(NYSE:PFE![ext]()
) and power companies Entergy (NYSE:ETR![ext]()
) and NRG Energy![ext]()
(NYSE:NRG![ext]()
) said they were delaying the release of third-quarter releases and conference calls because of the storm.
In Toronto, as of around 1p.m. EDT, the S&P/TSX Composite was down 23.90 points, or 0.19% to 12,276.40, while the more junior S&P/TSX Venture Composite fell 8.90 points, or 0.68%, to 1,291.94.
Commodity prices were mostly lower Monday, with gold futures falling in electronic trading Monday on thin volume, pressured by strength in the U.S. dollar.
Gold for December delivery was lately down $3.60 to $1,708.30 an ounce, while silver slipped 24 cents to $31.800 an ounce.
Meanwhile, crude futures fell in electronic trading, as traders speculated on possible demand problems as a result of hurricane damage. Crude for December delivery was lately down 64 cents to $85.64 a barrel.
The base metal copper contract fell 6 cents to $3.49 a pound.
Toronto’s main sectors were mixed Monday, with info tech posting the strongest gain of 1.34%.
Gold giants in Toronto were lately higher, with Barrick Gold![ext]()
(TSE:ABX) and Kinross Gold![ext]()
(TSE:K) up 0.38% and 0.31%, respectively, while Goldcorp![ext]()
(TSE:G) rose 1.21%.
Meanwhile, copper heavyweight Teck Resources![ext]()
(TSE:TCK.B) slipped 0.84%.
Materials were lately slightly lower, with Northern Dynasty Minerals (TSE:NAK) leading the decliners - down 3.53%, Golden Star (TSE:GSS) lower by 3.33% and Jaguar Mining![ext]()
(TSE:JAG) lost 2.73% after it announced it has arranged a $30 million standby credit facility with Renvest Mercantile Bancorp Inc. through its Global Resource Fund.
In metals and mining news, Petaquilla Minerals![ext]()
(TSE:PTQ![ext]()
) (OTC:PTQMF) Monday rejected a revised, hostile takeover bid from Inmet Mining![ext]()
Corp. (TSE:IMN![ext]()
). Late last week, the company decided to consider Inmet’s revised offer, which was 25 per cent higher than its previous one made in early September - valued at $112 million at the time.
Toronto-based Treasury Metals![ext]()
(TSE:TML) has restarted its drilling program at the Goliath gold project, situated 20 kilometres east of Dryden, Ontario. Earlier this month, Treasury said it consolidated the land around its Goliath gold deposit area in Ontario after two strategic property acquisitions for a total of $1.8 million.
Peregrine Diamonds![ext]()
Ltd. (TSE:PGD![ext]()
) shot up 7.22% after it announced the closing of a $10-million financing with Newstar Securities SRL, a company wholly owned by Robert Friedland, and with Dundee Corp. (TSE:DC.A).
Elsewhere, Grandview Gold (TSE:GVX) fell 33.33%.
The energy sector was lately slightly higher, led by Progress Energy (TSE:PRQ![ext]()
) – up almost 7% after Petronas Canada extended the deadline for its takeover bid on hopes that Industry Canada will reverse an earlier decision and approve the deal.
Meanwhile, Nexen Energy (TSE:NXY![ext]()
) rose 3.91% and Birchcliff Energy![ext]()
(TSE:BIR![ext]()
) rose almost 2%. Talisman Energy![ext]()
(TSE:TLM![ext]()
) slipped 0.41%, while Encana Corp (TSE:ECA![ext]()
) rose 0.40%
The financial sector was slightly lower, led by Intact Financial![ext]()
Corp (TSE:IFC![ext]()
) – down 1.73%, while insurer Manulife Financial (TSE:MFC![ext]()
) shed 0.89 and the Royal Bank of Canada![ext]()
(TSE:RY![ext]()
) edged down 0.62%.
Canada’s biggest bank by assets, RBC is the latest major bank to be subpoenaed for its “possible” role in the rigging scandal of the London Interbank Offered Rate (Libor).
In other Canadian corporate news, TransCanada Corp![ext]()
. (TSE:TRP) (NYSE:TRP) announced Monday that it has inked a deal with Phoenix Energy Holdings Ltd. to develop the $3 billion Grand Rapids Pipeline project in northern Alberta.
The Calgary, Alberta-based pipeline operator said the two companies will each own 50 per cent of the proposed project.
*U.S./Europe*
U.S. markets were closed Monday as Hurricane Sandy arrived in New York.
The New York Stock Exchange said in a statement late Sunday that it would close its markets Monday. Markets are likely to remain closed on Tuesday as well.
The Dow ended the short session up 3.53 points to 13,107.21, the Nasdaq inched up 1.83 points to 2,987.95 and the S&P 500 closed the session down 1.03 points at 1,411.94.
The NYSE originally planned on staying open for electronic trading, while closing its trading floor, but later said all operations would close after consultations with regulators and other exchanges.
On the economic front even though Federal government offices were closed, the Commerce Department released its monthly report on personal income and spending on schedule Monday morning. Spending rose 0.8% in September, above expectations, while income edged up 0.4% - in line with forecasts.
Some companies released earnings Monday, with Burger King Worldwide (NYSE:BKW) reporting that its third quarter profit and revenues dropped on refranchising costs, but announced the initiation of a quarterly cash dividend as results beat estimates.
Honda Motor![ext]()
Company (NYSE:HMC![ext]()
) said Monday that fiscal second-quarter earnings rose 36% as the Japanese automaker bounced back from last year's tsunami but lowered annual forecasts due to a plunge in sales in China.
Diversified holdings company Loews![ext]()
Corp. (NYSE:L![ext]()
) Monday said third-quarter earnings rose 9.2%, despite a hefty impairment charge, primarily to higher earnings at CNA Financial Corp.
Earnings season is expected to continue later in the week, with many companies pushing the release of their quarterly results as a result of Hurricane Sandy.
In other corporate news, Clean Harbors, Inc. (NYSE:CLH), Monday announced it has inked a deal to buy Safety-Kleen, Inc. for $1.25 billion, furthering its environmental services business in North America.
European markets finished lower today with shares in France leading the region. The CAC 40 was down 0.69% while Germany's DAX was off 0.35% and Britain's FTSE 100 was lower by 0.19%. Reported by Proactive Investors 58 minutes ago.
U.S. markets are expected to remain closed Tuesday, and many companies including global biopharmaceutical company Pfizer
(NYSE:PFE) and power companies Entergy (NYSE:ETR) and NRG Energy (NYSE:NRG) said they were delaying the release of third-quarter releases and conference calls because of the storm.In Toronto, as of around 1p.m. EDT, the S&P/TSX Composite was down 23.90 points, or 0.19% to 12,276.40, while the more junior S&P/TSX Venture Composite fell 8.90 points, or 0.68%, to 1,291.94.
Commodity prices were mostly lower Monday, with gold futures falling in electronic trading Monday on thin volume, pressured by strength in the U.S. dollar.
Gold for December delivery was lately down $3.60 to $1,708.30 an ounce, while silver slipped 24 cents to $31.800 an ounce.
Meanwhile, crude futures fell in electronic trading, as traders speculated on possible demand problems as a result of hurricane damage. Crude for December delivery was lately down 64 cents to $85.64 a barrel.
The base metal copper contract fell 6 cents to $3.49 a pound.
Toronto’s main sectors were mixed Monday, with info tech posting the strongest gain of 1.34%.
Gold giants in Toronto were lately higher, with Barrick Gold
(TSE:ABX) and Kinross Gold (TSE:K) up 0.38% and 0.31%, respectively, while Goldcorp (TSE:G) rose 1.21%.Meanwhile, copper heavyweight Teck Resources
(TSE:TCK.B) slipped 0.84%.Materials were lately slightly lower, with Northern Dynasty Minerals (TSE:NAK) leading the decliners - down 3.53%, Golden Star (TSE:GSS) lower by 3.33% and Jaguar Mining
(TSE:JAG) lost 2.73% after it announced it has arranged a $30 million standby credit facility with Renvest Mercantile Bancorp Inc. through its Global Resource Fund. In metals and mining news, Petaquilla Minerals
(TSE:PTQ) (OTC:PTQMF) Monday rejected a revised, hostile takeover bid from Inmet Mining Corp. (TSE:IMN). Late last week, the company decided to consider Inmet’s revised offer, which was 25 per cent higher than its previous one made in early September - valued at $112 million at the time. Toronto-based Treasury Metals
(TSE:TML) has restarted its drilling program at the Goliath gold project, situated 20 kilometres east of Dryden, Ontario. Earlier this month, Treasury said it consolidated the land around its Goliath gold deposit area in Ontario after two strategic property acquisitions for a total of $1.8 million. Peregrine Diamonds
Ltd. (TSE:PGD) shot up 7.22% after it announced the closing of a $10-million financing with Newstar Securities SRL, a company wholly owned by Robert Friedland, and with Dundee Corp. (TSE:DC.A).Elsewhere, Grandview Gold (TSE:GVX) fell 33.33%.
The energy sector was lately slightly higher, led by Progress Energy (TSE:PRQ
) – up almost 7% after Petronas Canada extended the deadline for its takeover bid on hopes that Industry Canada will reverse an earlier decision and approve the deal. Meanwhile, Nexen Energy (TSE:NXY
) rose 3.91% and Birchcliff Energy (TSE:BIR) rose almost 2%. Talisman Energy (TSE:TLM) slipped 0.41%, while Encana Corp (TSE:ECA) rose 0.40%The financial sector was slightly lower, led by Intact Financial
Corp (TSE:IFC) – down 1.73%, while insurer Manulife Financial (TSE:MFC) shed 0.89 and the Royal Bank of Canada (TSE:RY) edged down 0.62%.Canada’s biggest bank by assets, RBC is the latest major bank to be subpoenaed for its “possible” role in the rigging scandal of the London Interbank Offered Rate (Libor).
In other Canadian corporate news, TransCanada Corp
. (TSE:TRP) (NYSE:TRP) announced Monday that it has inked a deal with Phoenix Energy Holdings Ltd. to develop the $3 billion Grand Rapids Pipeline project in northern Alberta.The Calgary, Alberta-based pipeline operator said the two companies will each own 50 per cent of the proposed project.
*U.S./Europe*
U.S. markets were closed Monday as Hurricane Sandy arrived in New York.
The New York Stock Exchange said in a statement late Sunday that it would close its markets Monday. Markets are likely to remain closed on Tuesday as well.
The Dow ended the short session up 3.53 points to 13,107.21, the Nasdaq inched up 1.83 points to 2,987.95 and the S&P 500 closed the session down 1.03 points at 1,411.94.
The NYSE originally planned on staying open for electronic trading, while closing its trading floor, but later said all operations would close after consultations with regulators and other exchanges.
On the economic front even though Federal government offices were closed, the Commerce Department released its monthly report on personal income and spending on schedule Monday morning. Spending rose 0.8% in September, above expectations, while income edged up 0.4% - in line with forecasts.
Some companies released earnings Monday, with Burger King Worldwide (NYSE:BKW) reporting that its third quarter profit and revenues dropped on refranchising costs, but announced the initiation of a quarterly cash dividend as results beat estimates.
Honda Motor
Company (NYSE:HMC) said Monday that fiscal second-quarter earnings rose 36% as the Japanese automaker bounced back from last year's tsunami but lowered annual forecasts due to a plunge in sales in China.Diversified holdings company Loews
Corp. (NYSE:L) Monday said third-quarter earnings rose 9.2%, despite a hefty impairment charge, primarily to higher earnings at CNA Financial Corp.Earnings season is expected to continue later in the week, with many companies pushing the release of their quarterly results as a result of Hurricane Sandy.
In other corporate news, Clean Harbors, Inc. (NYSE:CLH), Monday announced it has inked a deal to buy Safety-Kleen, Inc. for $1.25 billion, furthering its environmental services business in North America.
European markets finished lower today with shares in France leading the region. The CAC 40 was down 0.69% while Germany's DAX was off 0.35% and Britain's FTSE 100 was lower by 0.19%. Reported by Proactive Investors 58 minutes ago.