Market News June 8, 2007

Market closes for Friday, June 8, 2007:

Dow Jones 13,424.39 +157.66 or +1.19% YTD: +7.71%
S&P 500 1,507.67 +16.95 or +1.19% YTD: +6.30%
NASDAQ 2,573.54 +32.16 or +1.27% YTD: +6.55%
TSX COMP 13,798.50 +94.62 or +0.69% YTD: +6.90%
TSX VENT 3190.55 -3.22
Canadian dollar $Cdn. $U.S.
BoC Closing rate 1.0602 0.9432
Previous BoC closing rate 1.0636 0.9402

Cdn. Dollar/Euro Spot Rate 1.4181 0.7052

Gold AM PM
London Gold Fix (US) $656.75 $655.25

Spot Crude Oil Future(US) $64.76 -$2.17 or -3.24

NEWS
Stock markets closed sharply higher Friday as investors hoped the selloff of the last two sessions was overdone and looked for beaten-down bargains, reassured somewhat by lower U.S. bond yields.

However, it remains uncertain whether this week’s retracement, sparked by worries about higher interest rates, has run its course.

Toronto’s S&P/TSX composite index moved up 94.62 points to 13,798.5 after tumbling 3.1% in the past two sessions. Overall, the TSX lost 321 points or 2.27% this past week after hitting a fresh record high on Monday.

The Canadian dollar was up 0.3 of a cent at 94.32 cents US after Statistics Canada reported an April trade surplus of $5.8 billion, which exceeded market expectations by $1 billion.

Housing starts also topped expectations, running at 229,700 units at a seasonally adjusted annual rate in May.
The unemployment rate held steady at a 33-year low of 6.1% last month, matching market expectations, with job growth coming in at a paltry 9,300.

However, stock and bond market sentiment was helped along after Chicago Federal Reserve president Michael Moskow said inflation expectations are well contained and the level of interest rates is appropriate for now.

Interest rate jitters have shaken investor confidence this week as bonds sold off and traders became convinced that a hoped-for rate cut by the U.S. Federal Reserve is not in the cards.

The yield on the 10-year U.S. Treasury note rose as high as 5.24% early Friday, then pulled back to 5.116%.
On the TSX, the financial sector was the leading advancer, up 1%.
The energy sector moved up a slight 0.25% even as the July crude contract on the New York Mercantile Exchange lost $2.17 to US$64.76 per barrel after news that Cyclone Gonu had spared major oil installations in the Gulf of Oman and alleviated supply worries.

The industrials sector also provided lift, up 1.45%.
On the TSX, declines beat advances 888 to 696 with 237 unchanged as 321 million shares traded worth $6.6 billion. (Canadian Press)

TSX
Most Active By Trading Volume*

Symbol Price $ Change % Change Volume
EQN 3.230 +0.070 +2.22 9,480,066
DY 4.790 +0.050 +1.05 8,306,779
BBD.B 6.120 +0.250 +4.26 7,963,575
SXR 14.360 -0.100 -0.69 5,683,900
TLM 21.170 +0.050 +0.24 5,132,630
LIM 27.160 -0.150 -0.55 4,812,607
ELD 5.900 -0.290 -4.68 4,505,607
MFC 38.500 +0.120 +0.31 3,791,795
A 2.930 +0.150 +5.40 3,677,211
SKR 17.500 +1.300 +8.02 3,672,241
ECA 66.660 +0.460 +0.69 3,618,319
RY 56.760 +0.870 +1.56 3,598,757
K 13.580 -0.100 -0.73 3,483,928
FNI 1.330 +0.030 +2.31 3,414,443
RCI.B 43.800 +0.700 +1.62 3,380,040

TSX VENTURE
Most Active By Trading Volume*

Symbol Price $ Change % Change Volume
GQC 1.070 -0.340 -24.11 6,297,481
GXL 0.170 +0.040 +30.77 6,204,500
FO 2.980 +0.240 +8.76 4,074,988
AFA 0.280 -0.005 -1.75 3,850,500
GCR 2.740 +0.290 +11.84 2,500,801
MIT 0.200 +0.025 +14.29 2,112,000
BTC 1.510 +0.260 +20.80 1,958,136
IMR 0.425 -0.015 -3.41 1,760,123
AGX 0.300 -0.020 -6.25 1,759,372
CML 1.050 +0.000 +0.00 1,689,180
CLM 5.750 +0.100 +1.77 1,685,470
REV 0.305 +0.055 +22.00 1,526,170
PLY 0.660 +0.090 +15.79 1,502,775
KLA 0.110 -0.020 -15.38 1,409,721
CQV 0.070 -0.005 -6.67 1,366,000

TRADING HALTS/RESUMPTIONS
Trading Halt – Bell Canada International Inc. – BI.H , pending clarification of Ex-Distribution Date
Trading Halt/ Trade Resumption – Colt Capital Corp. – COLT
Trading Halt – Copper Fox Metals Inc. – CUU ,Pending News
NEW LISTINGS
Horizons BetaPro S&P/TSX Capped Financials Bear Plus ETF To Trade On Toronto Stock Exchange ,HFD, 1,002,500 redeemable, transferable Class A units (the “Units”) of the ETF, all of which will be issued and outstanding and none will be reserved for issuance upon completion of an initial public offering.The Units will be posted for trading at the opening on Tuesday, June 12, 2007.

Horizons BetaPro S&P/TSX Capped Financials Bull Plus ETF To Trade On Toronto Stock Exchange , HFU , 1,002,500 redeemable, transferable Class A units (the “Units”) of the ETF, all of which will be issued and outstanding and none will be reserved for issuance upon completion of an initial public offering. The Units will be posted for trading at the opening on Tuesday, June 12, 2007.

Claymore S&P/TSX Global Mining ETF To Trade On Toronto Stock Exchange , CMW , 800,000 common units (the “Common Units”) and 200,000 advisor class units (the “Advisor Class Units”) of the Claymore ETF (collectively, the “Units”), all of which will be issued and outstanding, upon the completion of an initial public offering. The Units will be posted for trading at the opening on Tuesday, June 12, 2007.

Sources include Advisors.ca, TSX.com, Canadian Press, Yahoo Finance,
Stockhouse.com
If you wish to be taken off this distribution list, please reply with
“unsubscribe” in the subject line..

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: