Market News June 20, 2007

Market closes for Wednesday, June 20, 2007:
Dow Jones 13,489.34 -146.08 or -1.07% +8.23%
S&P 500 1,512.84 -20.86 or -1.36% +6.67%
NASDAQ 2,599.96 -26.80 or -1.02% +7.65%
TSX COMP 13,978.16 -141.33 or -1.00% +8.29%
TSX VENT 3234.39 -2.69
Canadian dollar $Cdn. $U.S.
BoC Closing rate 1.0670 0.9372
Previous BoC closing rate 1.0631 0.9406

Cdn. Dollar/Euro Spot Rate 1.4312 0.6987

Gold AM PM
London Gold Fix (US) $659.60 $657.70

Spot Crude Oil Future(US) $68.19 -$1.92 or -1.32%

NEWS
The Toronto stock market tumbled more than 140 points on Wednesday as the gold and energy sectors were hit by weakening commodity prices, while New York markets took an afternoon slide in an otherwise volatile session.

Toronto’s S&P/TSX composite index ended down 141.33 points to 13,978.16, logging its greatest drop in nearly two weeks. On June 7 the market lost 237.71 points.

The loss stretched across almost all of the major sectors, with energy stocks leading the way, down 1.97%. The August crude oil contract on the New York Mercantile Exchange fell 68 cents to US$68.86 a barrel. The July contract expired at market close down 91 cents to $68.19 per barrel.

The decline came as the U.S. Energy Department said crude oil supplies increased by 6.9 million barrels to 349.3 million for the week ended June 15. Gasoline supplies were up 1.8 million barrels to 203.3 million.

The response from the market was considered “hypersensitive” by Julie Brough, assistant vice-president at Morgan, Meighen and Associates.

“You expect inventories to be higher coming into May and June, and depleting into July and August on the gasoline side,” she said. “We’re still inventory-building for the summer travel season that really won’t kick off for another week or so.”

The lower oil contract prices appeared to have little positive impact on the New York market, as rising bond yields countered the fuel price drop. The Dow Jones industrials ended the session down 146 points at 13,489.42.

The Canadian dollar dipped 0.34 of a cent to 93.72 cents US. Ontario Finance Minister Greg Sorbara expressed his concern with the strong dollar during a federal-provincial meeting of finance ministers at the Meech Lake government retreat outside the capital.

He told Bank of Canada governor David Dodge that he should be concerned with the impact the dollar is having on the country’s manufacturing sector. A higher dollar makes exports less profitable on world markets.

On the TSX, the gold sector was down 1.51% as the August bullion price closed $4.70 lower to US$660 an ounce on the New York Mercantile Exchange. The gold futures had been moving ahead for four consecutive sessions.

Consumer staples stocks led gains, up 0.36%, as Loblaw Cos. gained 97 cents, or 1.9%, to $51.89.
A report from Statistics Canada revealed sharply lower wholesale sales in April as declines in several major sectors erased the strong gains made over the previous two months.

The automotive sector declined after posting gains in four of the last five months. Sales were down 8.3% to $8 billion, led by a 10% decline in motor vehicles.

Cascades Inc. is aiming to boost its status as a global cardboard player with plans to merge its European recycled cartonboard business with Reno De Medici SPA of Italy in a stock-swap deal estimated at $115 million. Shares rose 12 cents to $11.33.

Bombardier Aerospace has sold six Learjet business jets to European Skytime of Gloucestershire, England, bringing its total sales of the jet to eight over the past month. The order is scheduled for delivery over the next two years, though financial terms were not disclosed. Company shares fell 22 cents to $6.58.

In U.S. corporate earnings news, Morgan Stanley said its second-quarter revenue rose 32% to US$11.5 billion amid a jump in investment-banking rule.

Electronics chain Circuit City Stores Inc. reported it’s largest-ever loss for its first quarter. Major electronics retailers have been struggling to turn a profit as they cut prices on big-ticket items like flat-screen TVs to attract customers.

On Tuesday, competitor Best Buy Co. said its earnings fell 18% as it scaled back its profit forecast for 2008.
Shipping company FedEx Corp. posted a 7% increase in fourth-quarter profit amid increased revenue and package volumes. Revenue rose 8% to $9.15 billion.

Toyota is reported to be considering a slowdown on building further plants in the U.S. after concluding that it already has too many factories in the country. A report from the Wall Street Journal says that despite climbing U.S. sales, the company wants to put the breaks on expansion as executives worry about an uncertain outlook. (Canadian Press).

TSX

Most Active By Trading Volume*

Symbol Price $ Change % Change Volume
UMN 8.440 +0.010 +0.12 14,441,730
BBD.B 6.590 -0.210 -3.09 11,651,221
ELR 2.460 -0.030 -1.20 10,381,508
COU.UN 9.590 +0.540 +5.97 10,178,014
EQN 3.380 -0.110 -3.15 6,544,230
TLM 21.350 -0.730 -3.31 6,097,280
BWR 2.770 -0.030 -1.07 5,630,026
LIM 27.200 +0.000 +0.00 4,719,603
PDN 8.050 +0.040 +0.50 4,622,649
SXR 14.850 -0.200 -1.33 4,485,685
SAG 0.045 +0.005 +12.50 4,433,900
FAN 0.740 -0.020 -2.63 4,387,958
S 15.180 -0.170 -1.11 3,750,960
URE 4.850 +0.010 +0.21 3,034,189
MFC 39.440 -0.080 -0.20 3,018,189

TSX VENTURE
Most Active By Trading Volume*

Symbol Price $ Change % Change Volume
MIP 0.050 +0.005 +11.11 6,235,900
NAI 0.410 +0.120 +41.38 6,166,811
R 0.335 +0.075 +28.85 5,415,178
DNI 0.160 +0.025 +18.52 3,912,500
CFZ 1.400 +0.000 +0.00 3,733,500
ACT 0.180 +0.025 +16.13 3,073,000
GCL 0.870 +0.060 +7.41 2,991,506
BBP 2.180 -0.220 -9.17 2,687,345
CD 0.105 +0.000 +0.00 2,667,500
VEI 0.110 +0.010 +10.00 2,618,750
UNO 0.410 +0.090 +28.13 2,575,512
SOR 1.670 +0.330 +24.63 2,218,578
NWT 1.250 +0.090 +7.76 2,162,500
RSG 0.180 +0.005 +2.86 2,142,411
DNR 0.890 +0.200 +28.99 2,068,900

TRADING HALTS/RESUMPTIONS
Trading Halt – Full Metal Minerals Ltd – FMM , Pending News
Trading Halt/ Trade Resumption – Yukon Gold Corp. – YK
Trading Halt – Exeter Resource Corp – XRC , Pending News
Trading Halt(s) – Artha Res Corp. – AHC.P ,Company request pending news
Trading Halt/Trade Resumption – Zaruma Resources Inc. – ZMR
Trade Resumption – Century Energy Ltd. – CEY
Trading Halt/ Trade Resumption – Cancor Inc. – KCR
Trading Halt/ Trade Resumption – Solana Resources Ltd. – SOR
Trading Halt – Theseus Capital Inc. – THE.P , Pending News
Trade Resumption – Western Canadian Coal Corp. – WTN
NEW LISTINGS
Coro Mining Corp. To Trade On Toronto Stock Exchange , COP ,40,129,439 common shares will be issued and outstanding, and 6,651,277 common shares will be reserved for issuance upon completion of an initial public offering (the “Offering”)., will be listed and posted for trading at the opening on Friday, June 22, 2007

Jiulian Resources Inc. To Trade On Toronto Venture Stock Exchange , JLR.P , CPC, 2,000,000 AT .10, at opening Thursday, June 21, 2007

Argent Mining Corp. (AMG). , change name Roll Back Shares, one-new-for-three-old basis, Avion Resources Corp AVR, 4,164,562 shares are issued and outstanding, effective Thursday, June 21, 2007 on the Toronto Venture Exchange.

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