Business News
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| Bruce Adams , B.A. |
Monday Market Report
Provided by Bruce Adams of Money Concepts
Canadian stocks were up Monday as metal and mining stocks rose while energy stocks fell amid falling oil prices. U.S. markets slid downward as investors weighed fresh economic data.
The Toronto Stock Exchange's S&P/TSX composite index rose 26.12 points Monday to close at 11,787.39. The financial sector led the gains, up 1.68 per cent, followed by telecom services, up 1.06 per cent. The energy sector saw a 1.79 per cent drop.
"In the short run, there seems to be a little bit of propensity for further softness in the energy complex and in the base metals sector — largely on the perception that the economy south of the border is going down the hole," said Peter Chandler, vice-president at Canaccord Capital in Waterloo, Ont.
In New York, the Dow Jones industrial average fell 8.72 to 11,670.35 the Standard & Poor's 500 slipped 4.53 points to close at 1,331.32 and the Nasdaq composite index tumbled 20.83 points to 2,237.60 .
Top Story
Internet gambling stocks plummeted Monday after U.S. Congress passed legislation prohibiting financial transactions for the purposes of on-line gaming.
The Senate passed the first-ever U.S. federal law Saturday specifically prohibiting on-line gambling, tagging a watered-down version of a previously tabled bill onto ports-security legislation at the last minute, just before Congress broke for mid-term elections. The bill, which President George W. Bush is expected to sign into law in the next week or two, will bar gaming websites from conducting financial transactions with U.S.-based customers for the purpose of illegal Internet gambling.
The new law represents a major escalation in the U.S. government's increasingly aggressive stance toward the more than 2,000 gaming websites that make up the $12-billion (U.S.) global Internet gambling industry. Although it counts on U.S. players for roughly half of all revenue, the industry has rooted itself in more gambling-friendly jurisdictions including Alderney, in the English Channel, and the Netherlands Antilles, in the Caribbean Sea.
In the news
A barrel of light crude settled at $61.03, down $1.88, on the New York Mercantile Exchange. Oil prices have fallen more than 20 percent since July, helping drive gains in US stocks in the third quarter.
The Institute for Supply Management manufacturing index slipped to 52.9 from 54.5 last month, a bit below analysts' expectations, although it remained above the 50 mark, which signifies continued expansion in the manufacturing sector. Meanwhile, construction spending rose 0.3 per cent last month, beating expectations for a decline, as booming non-residential construction outweighed a downturn in home building.
Canadian Internet-gaming-software maker CryptoLogic tumbled as much as 27 per cent in early trading. At market's close, it was down $4.76 (Canadian), or 19.33 per cent, at $19.870 in Toronto.
In the telecom sector, shares in Manitoba Telecom Services Inc. climbed 84 cents higher to $48.94 after it announced plans to cut 325 jobs.
Casino operator Harrah's Entertainment Inc. said Monday it has received a $15.05-billion (U.S.) offer for the company from private equity firms Apollo Management and Texas Pacific Group. The private-equity firms are offering $81 per share in cash, a 22 per cent premium to Harrah's closing stock price on Friday on the New York Stock Exchange. Harrah's rose $9.25 on Monday, or 14 per cent, to close at $ 75.680.
Apple Computer Inc. fell $2.21 or 2.75 per cent to close at $74.86 after Citigroup cut its rating on the computer maker to "Hold" from "Buy," noting that Apple is unlikely to introduce a video iPod with a larger screen and other enhancements before the holidays. The iPods announced last month are likely to comprise the company's holiday offerings, the analyst contends.
Wal-Mart Stores Inc. fell 88 cents, or 1.78 per cent, to close at $48.44, after it reported that September sales at stores open at least a year rose 1.8 per cent. The world's largest retailer had expected such sales, a closely tracked measure of retail performance, would increase 1 per cent to 3 per cent.
Canadian stocks were up Monday as metal and mining stocks rose while energy stocks fell amid falling oil prices. U.S. markets slid downward as investors weighed fresh economic data.
The Toronto Stock Exchange's S&P/TSX composite index rose 26.12 points Monday to close at 11,787.39. The financial sector led the gains, up 1.68 per cent, followed by telecom services, up 1.06 per cent. The energy sector saw a 1.79 per cent drop.
"In the short run, there seems to be a little bit of propensity for further softness in the energy complex and in the base metals sector — largely on the perception that the economy south of the border is going down the hole," said Peter Chandler, vice-president at Canaccord Capital in Waterloo, Ont.
In New York, the Dow Jones industrial average fell 8.72 to 11,670.35 the Standard & Poor's 500 slipped 4.53 points to close at 1,331.32 and the Nasdaq composite index tumbled 20.83 points to 2,237.60 .
Top Story
Internet gambling stocks plummeted Monday after U.S. Congress passed legislation prohibiting financial transactions for the purposes of on-line gaming.
The Senate passed the first-ever U.S. federal law Saturday specifically prohibiting on-line gambling, tagging a watered-down version of a previously tabled bill onto ports-security legislation at the last minute, just before Congress broke for mid-term elections. The bill, which President George W. Bush is expected to sign into law in the next week or two, will bar gaming websites from conducting financial transactions with U.S.-based customers for the purpose of illegal Internet gambling.
The new law represents a major escalation in the U.S. government's increasingly aggressive stance toward the more than 2,000 gaming websites that make up the $12-billion (U.S.) global Internet gambling industry. Although it counts on U.S. players for roughly half of all revenue, the industry has rooted itself in more gambling-friendly jurisdictions including Alderney, in the English Channel, and the Netherlands Antilles, in the Caribbean Sea.
In the news
A barrel of light crude settled at $61.03, down $1.88, on the New York Mercantile Exchange. Oil prices have fallen more than 20 percent since July, helping drive gains in US stocks in the third quarter.
The Institute for Supply Management manufacturing index slipped to 52.9 from 54.5 last month, a bit below analysts' expectations, although it remained above the 50 mark, which signifies continued expansion in the manufacturing sector. Meanwhile, construction spending rose 0.3 per cent last month, beating expectations for a decline, as booming non-residential construction outweighed a downturn in home building.
Canadian Internet-gaming-software maker CryptoLogic tumbled as much as 27 per cent in early trading. At market's close, it was down $4.76 (Canadian), or 19.33 per cent, at $19.870 in Toronto.
In the telecom sector, shares in Manitoba Telecom Services Inc. climbed 84 cents higher to $48.94 after it announced plans to cut 325 jobs.
Casino operator Harrah's Entertainment Inc. said Monday it has received a $15.05-billion (U.S.) offer for the company from private equity firms Apollo Management and Texas Pacific Group. The private-equity firms are offering $81 per share in cash, a 22 per cent premium to Harrah's closing stock price on Friday on the New York Stock Exchange. Harrah's rose $9.25 on Monday, or 14 per cent, to close at $ 75.680.
Apple Computer Inc. fell $2.21 or 2.75 per cent to close at $74.86 after Citigroup cut its rating on the computer maker to "Hold" from "Buy," noting that Apple is unlikely to introduce a video iPod with a larger screen and other enhancements before the holidays. The iPods announced last month are likely to comprise the company's holiday offerings, the analyst contends.
Wal-Mart Stores Inc. fell 88 cents, or 1.78 per cent, to close at $48.44, after it reported that September sales at stores open at least a year rose 1.8 per cent. The world's largest retailer had expected such sales, a closely tracked measure of retail performance, would increase 1 per cent to 3 per cent.
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This daily market wrap up report brought to you by Bruce Adams at Money Concepts. Email 1bruce@kelownamoney.com or call 860-1733 to secure your financial future. |
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Posted:
Oct 2, 2006 / 5:00 pm Story# 22684 / Contributed |
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Today's Market
| S&P TSX | 10283.10 | +37.19 |
| S&P CDNX | 1092.96 | +0.38 |
| DJIA | 8280.74 | -223.32 |
| Nasdaq | 1796.52 | -49.20 |
| S&P 500 | 896.42 | -26.91 |
| Gold | 932.50 | +1.50 |
| Lumber | 188.70 | -0.10 |
| Oil | 65.63 | -1.10 |
| CDN Dollar | 0.8615 | N/A |
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Okanagan Companies
| Sun Rype | 8.82 | +0.10 |
| Candorado | 0.05 | 0.00 |
| Pacific Safety | 0.18 | 0.00 |
| Knighthawk | 0.05 | 0.00 |
| QHR Software | 0.54 | +0.055 |
| Cantex | 0.14 | +0.02 |
| Columbus Networks | 0.03 | 0.00 |
| Anavex Life Sciences | 2.57 | 0.00 |
| ID Global | 0.002 | -0.0001 |
| Paragon Pharmacies | 0.20 | 0.00 |
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