Me­tals lead TSX, Nas­daq hits record

Times Colonist - - Business - ALEXAN­DRA POSADZKI

TORONTO — The base me­tals, in­dus­tri­als and con­sumer dis­cre­tionary sec­tors lifted the Toronto Stock Ex­change on Thurs­day, while the Nas­daq hit at an all-time high.

The S&P/TSX com­pos­ite in­dex was up 72.68 points to 15,625.56, led by base me­tals stocks, which were up by 1.89 per cent.

The in­dus­tri­als and con­sumer dis­cre­tionary sec­tors of the TSX were both up 0.96 per cent, while the lead de­cliner was the health-care sec­tor, down 0.87 per cent.

The Cana­dian dol­lar was 74.23 cents US, up 0.05 of a cent from Wed­nes­day’s close.

In New York, mar­kets re­gained Wed­nes­day’s losses, with the Dow Jones in­dus­trial av­er­age up 174.22 points to 20,578.71 while the S&P 500 in­dex added 17.67 points to 2,355.84. The Nas­daq com­pos­ite in­dex climbed 53.75 points to 5,916.78 — a new record.

Michael Cur­rie, a vice-pres­i­dent and in­vest­ment ad­viser at TD Wealth, said po­lit­i­cal un­cer­tainty in the world — the up­com­ing elec­tions in France and the re­cent at­tacks in Syria as a cou­ple of ex­am­ples — has made in­vestors jit­tery and left the stock mar­ket more volatile than usual.

“It’s been bounc­ing up and down for a few days now,” Cur­rie said.

Cor­po­rate earn­ings have helped the mar­kets, with pos­i­tive re­sults so far on both sides of the bor­der.

Shares of CP Rail were up 2.59 per cent, or $5.24, to $207.26 af­ter the com­pany re­ported af­ter mar­kets closed Wed­nes­day that rev­enue in­creased one per cent in the lat­est quar­ter due to higher vol­umes of potash, me­tals, min­er­als and grain. The com­pany’s re­sults were slightly ahead of an­a­lyst ex­pec­ta­tions.

Home Cap­i­tal, how­ever, saw its stock plunge 20.65 per cent, or $4.61, to $17.71, a day af­ter the On­tario Se­cu­ri­ties Com­mis­sion al­leged that the com­pany’s two former CEOs and the cur­rent CFO broke se­cu­ri­ties law in how they han­dled a scan­dal in­volv­ing fal­si­fied loan ap­pli­ca­tions.

The se­cu­ri­ties watch­dog is­sued a no­tice of hear­ing and a state­ment of al­le­ga­tions nam­ing the com­pany and former chief ex­ec­u­tives Ger­ald Soloway and Martin Reid. It also named Robert Mor­ton, who is cur­rently the chief fi­nan­cial of­fi­cer of the Toronto-based mort­gage lender.

Home Cap­i­tal said the al­le­ga­tions are with­out merit and vowed to de­fend it­self.

In com­modi­ties, the June crude oil con­tract slipped 14 cents to US$50.71 per bar­rel in spite of re­cent news that OPEC will likely ex­tend its out­put cut into the sec­ond half of the year. “Oil’s been on a nice run but it’s pulled back re­cently,” Cur­rie said. “It’s still on an up trend even though it’s pulled back, so that’s good for the Cana­dian mar­ket at least.”

The May nat­u­ral gas con­tract was down three cents at $3.16 per mmBTU, while the June gold con­tract added 40 cents at $1,283.80 an ounce. The May cop­per con­tract was up nearly a cent at $2.54 a pound.

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