Market News May 30, 2007

Market closes for Wednesday, May 30, 2007:

Dow Jones 13,633.08 +111.74 or +0.83% YTD: +9.39%
S&P 500 1,530.23 +12.12 or +0.80% YTD: +7.89%
NASDAQ 2,592.59 +20.53 or +0.80% YTD: +7.34%
TSX COMP 14,081.71 +118.99 or +0.85% YTD: +9.09%
TSX VENT 3181.82 -25.73
Canadian dollar $Cdn. $U.S.
BoC Closing rate 1.0739 0.9312
Previous BoC closing rate 1.0735 0.9315

Cdn. Dollar/Euro Spot Rate 1.4425 0.6933

Gold AM PM
London Gold Fix (US) $657.10 $652.65

Spot Crude Oil Future(US) $63.49 +$0.34 or +0.54

NEWS
Higher energy and mining stocks helped the Toronto stock market bound sharply higher Wednesday after investors shrugged off the second big tumble on the Shanghai stock market this year.

New York markets also jumped even as the latest minutes from the U.S. Federal Reserve provided little hope for an interest rate cut.

Toronto’s S&P/TSX composite index ran ahead 118.99 points to 14,081.71 after the Shanghai key index retreated 6.5% after the Chinese government tripled its tax on stock trades, from 0.1% to 0.3%, in a move seen as an attempt to deflate what is widely seen as a dangerous bubble.

It was a far more muted reaction than the steep declines provoked by Shanghai’s 8% shock in February.
The benchmark Shanghai composite index fell 6.5% from Tuesday’s record high but it is still up 52% for the year, following a 130% jump in 2006.

Meanwhile, the World Bank raised its forecast for Chinese economic growth this year to 10.4% from an earlier 9.6%.
The Canadian dollar stepped back slightly after running ahead more than half a U.S. cent Tuesday. The currency was off 0.03 of a cent to 93.12 cents US.

New York’s Dow Jones industrial average moved up 111.74 points to 13,633.08. The Nasdaq composite index stepped up 20.53 points to 2,592.59 and the S&P 500 index hit a new record high, advancing 12.12 points to 1,530.23.

Investors took in the minutes of the last Federal Reserve meeting on interest rates, which showed worries about inflation continued to dominate the May 9 discussions among Fed chairman Ben Bernanke and his colleagues, trumping concerns over the rapidly cooling housing sector.

Many analysts believe that continued worries about inflation will keep the central bank from changing rates for possibly the entire year.

Statistics Canada said Wednesday its industrial product price index moved up 0.2% in April as oil and metal costs pushed up the prices of manufactured goods. On a 12-month basis, the index was up 3.7% in April, down from 4.9% in March.

The agency’s raw materials price index rose by 3.3% in April from March, its third consecutive monthly increase.
On the TSX, the energy sector changed direction to move up 1.77% as oil prices rose amid worries about disruptions in Nigeria. Light sweet crude for July delivery added 34 cents to $63.49 a barrel on the New York Mercantile Exchange after tumbling US$2.05 on Tuesday.

The materials sector advanced 1.13%.
On the TSX, declines beat advances 813 to 769 with 249 unchanged as 373.4 million shares traded worth $6.4 billion. (Canadian Press)

TSX
Most Active By Trading Volume*

Symbol Price $ Change % Change Volume
BBD.B 5.480 +0.120 +2.24 23,394,441
BCE 39.610 +0.140 +0.35 17,365,836
ELR 2.340 +0.010 +0.43 9,489,634
EQN 3.280 +0.140 +4.46 9,421,151
SRU 1.410 +0.100 +7.63 8,007,344
FNI 1.520 -0.010 -0.65 6,213,185
TLM 22.140 +0.700 +3.26 5,897,651
BWR 2.400 +0.080 +3.45 5,801,435
BNK 0.530 +0.010 +1.92 4,452,396
SXR 16.150 +0.150 +0.94 3,696,477
IMG 7.510 +0.220 +3.02 3,667,063
RNG 5.510 +0.000 +0.00 3,386,185
CCO 55.470 +1.090 +2.00 3,318,206
XIU 81.340 +0.870 +1.08 3,080,258
UMN 7.150 +0.620 +9.49 2,911,316

TSX VENT
Most Active By Trading Volume*

Symbol Price $ Change % Change Volume
MIT 0.180 +0.040 +28.57 4,219,770
GCR 1.860 +0.160 +9.41 4,064,557
CNU 0.550 +0.050 +10.00 3,938,900
IZN 1.490 +0.010 +0.68 3,518,725
PIK 0.750 -0.010 -1.32 3,046,482
CML 0.960 -0.040 -4.00 2,397,924
FVI 3.060 +0.160 +5.52 2,176,287
WLR 0.115 +0.015 +15.00 1,921,700
RPT 0.550 +0.090 +19.57 1,778,800
CYP 0.380 -0.020 -5.00 1,707,655
PFM 1.800 -0.320 -15.09 1,480,252
IBI 0.050 +0.000 +0.00 1,448,340
CZE 0.680 +0.010 +1.49 1,428,002
MMT 0.230 +0.000 +0.00 1,422,676
SA 1.400 -0.150 -9.68 1,414,805

TRADING HALTS/RESUMPTIONS
Trading Halt /Trade Resumption – Extendicare Real Estate Investment Trust – EXE.UN
Trading Halt/ Trade Resumption – New Gold Inc. – NGD, NGD.WT.
Trade Resumption – Western Prospector Group Ltd. – WNP
Trade Resumption – Baytex Energy Trust – BTE.UN
Trade Resumption – Paramount Energy Trust – PMT
Trade Resumption – WEX Pharmaceuticals – WXI

NEW LISTINGS
Integrated Asset Management Corp. To Trade On Toronto Stock Exchange , IAM , 28,266,248 are issued and outstanding and 1,692,357 common shares are reserved for issuance.,will be listed and posted for trading at the opening on Friday, June 1, 2007, AND will be delisted from TSXVN on June 1, 2007 upon commencement of trading on TSX.

Sources include Advisors.ca, TSX.com, Canadian Press, Yahoo Finance,
Stockhouse.com
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