Saturday, February 28th1.0°C
25355
25068

Toronto stock market pulls back from record-close on lower gold prices

TORONTO - The Toronto stock market ended Friday barely changed and closed just below the all-time record high set a day earlier.

The S&P/TSX composite index dipped 3.25 points to close at 15,108.97, with gold stocks falling by 1.49 per cent.

Gold prices have been steadily rising for the past month, as traders chose the safety of precious metal over the potential volatility of stocks due to the building tensions in Iraq and Ukraine.

August gold future prices rose again Friday but more slowly, rising $2.50 to US$1,316.60 an ounce after rising more than $40 in the previous session.

The uncertainty overseas also pushed the August crude oil contract up 78 cents to US$106.83 a barrel to a nearly nine-month high. The energy sector was one of the leading advancers on the TSX, up 0.57 per cent, as shares in TransGlobe saw an uptick of nearly seven per cent or 52 cents to close at $8.20.

The Canadian dollar jumped sharply, up 0.61 of a cent to 93.01 cents US, after Statistics Canada's May inflation rate turned out to be higher than expected — largely due to higher fuel prices.

Iraq, one of the world's largest oil producers, is desperately trying to hold off extremists from taking over the country's largest oil refinery. On Thursday, U.S. President Barack Obama said he will send 300 U.S. military advisers to help with the conflict in Iraq, adding that it was possible that there will be "targeted and precise military action" in the future.

"It looks like it's not going to end soon," Wes Mills, chief investment officer of Scotia Private Client Group, said Friday

On Wall Street, the Dow Jones industrials rose 25.62 points to 16,947.08. The Nasdaq gained 8.71 points to 4,368.04 while the S&P 500 added 3.39 points to 1,962.87, amid strong U.S. jobs data.

The U.S. Labor Department reported that unemployment fell in 20 states last month and nearly three-quarters of the states added jobs, while the country as a whole posted a fourth straight month of solid hiring. Employers added 217,000 jobs nationally in May, and the U.S. unemployment rate remained at 6.3 per cent, matching a five-year low.

In Canada, the pace of inflation rose to 2.3 per cent in May, up from two per cent in April, according to Statistics Canada. Underlying core inflation was 1.7 per cent.

"The general thinking has been that rising inflation has been energy- and food-related, and temporary," said Mills. "That's largely true, but there is some evidence that wages are starting to sneak up a little bit. There is starting to be some discussion that central banks are just treating this as noise and it may not be."

Statistics Canada also reported that retail sales rose for the fourth consecutive month in April, increasing 1.1 per cent to $41.6 billion as all but one of the subsectors posted gains. Economists had expected a gain of 0.6 per cent, according to Thomson Reuters.

Follow @LindaNguyenTO on Twitter.

The Canadian Press


Read more Business News

24153


Recent Trending




Today's Market
S&P TSX15234.34-6.82
S&P CDNX706.73+5.80
DJIA18132.70-81.72
Nasdaq4963.528-24.362
S&P 5002104.50-6.24
CDN Dollar0.7996+0.0004
Gold1203.00+6.10
Oil52.14+1.53
Lumber297.20+1.20
Natural Gas2.895-0.007

 
Okanagan Companies
Pacific Safety0.12+0.005
Knighthawk0.010.00
QHR Technologies Inc1.55-0.03
Cantex0.035-0.005
Anavex Life Sciences0.190.00
Metalex Ventures0.035-0.005
Russel Metals25.38+0.08
Copper Mountain Mining1.30+0.04
Colorado Resources0.15+0.015
ReliaBrand Inc0.008-0.0007
Sunrise Resources Ltd0.05+0.015
Mission Ready Services0.235+0.025

 



25048

FEATURED Property
2182741846 Clarance Avenue
5 bedrooms 5 baths
$1,397,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Creating your retirement vision

A vision means different things to different people. To the head of a large corporation, it’s the ability to chart a course that will deliver success (think Steve Jobs and Apple), to a shaman, i...


It's OK to say 'I'm sorry'

Photo: ContributedStand-up comedians and sitcoms have been making fun of Canadians for being polite as long as I can remember. Being known for our niceness is certainly not a bad thing and I wish more...


Are you asking the right questions?

Have you ever had this happen to you? You are in the middle of your second or third good discussion with a prospect and everything seems to be going great. The prospect seems engaged and happy to work...

_








Member of BC Press Council


24850