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UPDATE 3-Toronto stocks yanked higher by robust resources
Reuters: [2008-05-15 23:35:00]
(Adds details, quotes)
*Index closes at record high
*Resource and financial sectors rally
By Leah Schnurr
TORONTO, May 15 (Reuters) - The Toronto Stock Exchange's main index popped up more than 1 percent on Thursday, propelled further into record high territory by strong resource and financial shares.
Inmet Mining <IMN.TO> was the biggest net gainer on the day, rising C$6.25, or 9.3 percent, to C$73.75. Fertilizer company Potash Corp of Saskatchewan <POT.TO> was also among the leaders, finishing up C$5.28, or 2.7 percent, at C$204.50.
Gold producers also jumped, benefiting from rising gold prices. Agnico-Eagle Mines <AEM.TO> was up C$3.38, or 5.3 percent, at C$67.29, while the gold subindex gained 3.6 percent.
The S&P/TSX composite index <.GSPTSE> closed up 201.75 points, or 1.38 percent, at 14,828.06 with all but one of its 10 main sectors moving higher.
The surge helped the benchmark climb further into record territory, continuing the week's trend after it broke last summer's record high on Monday.
The financials sector, the biggest group on the index by weight, rose 1.6 percent, with Toronto-Dominion Bank <TD.TO> rising 94 Canadian cents, or 1.4 percent, to C$68.51, and Canadian Imperial Bank of Commerce <CM.TO> up 83 Canadian cents, or 1.1 percent, at C$74.84.
Adrian Mastracci, portfolio manager and president at KCM Wealth Management Inc., in Vancouver, said that banks were helped by easing trepidation over what problems may be still lurking in the financial sector.
"I think as investors look at more news being disseminated, as some of the financials have reported the potential losses that they're going to take, I guess they feel that we know more of the situation," Mastracci said.
"The more they know, they more they feel better about the prospects going forward, and I think there's some of that in there today."
On the downside, FirstService Corp <FSV.TO> tumbled C$2.77, or 12.2 percent, to C$19.96 after the property services firm swung to a fourth-quarter loss as it was stung by unfavorable market conditions.
The telecoms sector was the only group in negative territory, giving up 0.2 percent.
Shares of Lundin Mining <LUN.TO> added 68 Canadian cents, or 8.8 percent, to C$8.38 after it reported first-quarter profit rose, helped by rising copper and lead prices, as acquisitions increased production.
The Toronto benchmark has climbed more than 20 percent from the lows seen in January, when it dipped below the 12,000 mark amid worries over the health of the U.S. economy and troubles in the financial and credit markets.
Since then it has been spurred higher by red-hot commodities prices, and recent optimism that the worst of the credit problems have been seen. Analysts have also noted that the current round of corporate results generally have been better than had been feared.
"We're getting to the end of earnings season and we got through this without any terribly nasty surprises," said Rick Hutcheon, president and chief operating officer at RKH Investments.
"I think that the mood of investors is probably starting to gain a little traction, and that we're starting to feel a little more optimistic that perhaps the worst of the credit issues are beginning to recede."
Market volume was 441 million shares worth C$8.1 billion. Advancers outpaced decliners 985 to 655. The blue chip S&P/TSX 60 index <.TSE60> closed up 13.14 points, or 1.51 percent, at 884.73.
In New York, stocks were up as a pullback in oil prices calmed worries about inflation. The Dow Jones industrial average <.DJI> closed up 94.28 points, or 0.73 percent, at 12,992.66, and the Nasdaq Composite Index <.IXIC> rose 37.03 points, or 1.48 percent, to 2,533.73. ($1=$1.00 Canadian) (Editing by Peter Galloway) ((leah.schnurr@thomsonreuters.com; +1 416 941 8056; Reuters Messaging: leah.schnurr.reuters.net@reuters.com))
Keywords: MARKETS CANADA STOCKS
UPDATE 1-Weeping mother urges Taser moratorium in Canada
Reuters: [2008-05-15 23:23:00]
(Adds new studies released)
By Allan Dowd
VANCOUVER, British Columbia, May 15 (Reuters) - A mother whose son's death at a Canadian airport ignited debate over the safety of Taser stun guns wept on Thursday as she called for a moratorium on their use.
"I know my son would not (have) died if he was not Tasered," Zofia Ciscowski told a public inquiry launched into the death of her son, Robert Dziekanski, during a confrontation with police after he arrived at Vancouver's airport as a new immigrant from Poland.
Ciscowski's lawyer said too many questions have been raised about the weapon's safety and the adequacy of police training on using the Taser to allow it to be used until Canada completes an independent safety investigation.
"It's time to put the genie back in the bottle and to start from square one," lawyer Walter Kosteckyj told the public inquiry, which is looking at both the airport incident and the broader issue of the weapon's use.
The stun guns made by TASER International Inc. <TASR.O> have become popular with police internationally as a means of subduing people. They use a 50,000-volt jolt of electricity that causes muscle spasms and incapacitates a person.
The stun gun's supporters say it is much safer for both the person being arrested and police officers than other weapons such as firearms and batons.
Critics have accused Arizona-based Taser of pushing the product into the market without adequate independent testing of health risks such as heart failure.
Taser announced on Thursday the release of three new studies in the United States that it said showed its devices had no effect on human hearts or pacemakers.
Amnesty International says that since 2001 there have been more than 290 deaths in North America in incidents involving the weapon, but Taser says there is no evidence the gun directly caused the fatalities and that factors such as a victim's previous drug use may have been responsible.
Images of Dziekanski writhing on the floor of Vancouver International Airport shortly after he was stunned by police were broadcast around the world, but the cause of his death has not yet been determined.
Kosteckyj said an autopsy found no drugs or alcohol in the 40-year-old man's body.
Ciscowski, 61, who moved to Canada from Poland nine years ago, said she has lost faith in the Royal Canadian Mounted Police over the handling of the incident and the later investigation of her son's death.
"I want justice and accountability," she said, adding that no mother should have to experience what she did.
Police officials who have testified at the inquiry have strongly defended the weapon but acknowledge there are no set standards for using the device.
Kosteckyj, a former police officer, said it is wrong that the company is the primary source of training, and officers are now too quick to stun people instead of waiting to assess if a situation can be diffused through nonviolent means.
Dziekanski, who did not speak English, was described as distraught and confused after waiting alone in the airport for hours for his mother to arrive, but witnesses have questioned police claims that he posed a threat.
Taser Chairman Thomas Smith told the inquiry on Monday the incident was tragic, but declined further comment pending the completion of a medical examiner's report. (Editing by Peter Galloway) ((allan.dowd@thomsonreuters.com; 1+604 664 7314; Messaging: allan.dowd.reuters.com@reuters.com))
Keywords: CANADA TASER/
*TOP NEWS* Canada
Reuters: [2008-05-15 23:14:00]
For news and data, double-click on the codes in brackets.
Access to some items may depend on subscription level.
..................................................................
TOP STORIES
> CAW reaches deals with GM, Chrysler [nN15328011]
> Auto slump hits Canada factory sales in March [nN15514480]
> Air Canada cuts back on its fuel surcharges [nN15304833]
> Tougher Canada action needed on polar bears-greens [nN15370262]
> Lundin Mining profit rises, stock climbs [nN15276825]
> Canadian housing starts seen easing in 2008 [nN15212621]
> Canadian political deadlock set to drag on [nN13424304]
> Watchdog asks BCE to justify Web traffic shaping [nN15308823]
> Menu Foods post smaller loss, but sales fall [nN15300653]
> FirstService swings to loss in fourth quarter [nN15200291]
> Weeping mother urges Taser moratorium in Canada [nN15311988]
> Morning-after pill sold over the counter in Canada [nN15321982]
MARKETS
> Toronto stocks pulled sharply higher by resources [nN15334902]
> Canada dollar closes at parity, bonds rise [nN15531880]..................................................................
UP-TO-THE-MINUTE HEADLINES
Company results [RES] Economic indicators [ECI]
Mergers & acquisitions [MRG] Interest rates [INT]
LIVE PRICES & DATA
World Stocks <0#.INDEX> Canadian dollar <CADX=><NFX=>
S&P/TSX composite index <.GSPTSE> Canadian bonds <CABONDT>
Dow Jones/Nasdaq <.DJI><.IXIC> Debt <0#USBMK=><EURIBOR>
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| Global economy [TOP/MACRO] | European Companies [TOP/EQE] |
| Asian companies [TOP/EQA] | U.S. Companies [TOP/EQU] |
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| Fund Management [TOP/FUND] | Credit [TOP/CREDIT] |
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Canada dollar closes at parity, bonds rise
Reuters: [2008-05-15 23:11:00]
* Canadian dollar closes at parity with U.S. dollar
* Oil provides background for currency's strength
* Bonds higher across the curve in thin trading
By John McCrank
TORONTO, May 15 (Reuters) - The Canadian dollar closed at
parity against the U.S. dollar on Thursday as robust energy
prices helped it recover from early losses after the release of
weak manufacturing sales data.
Domestic bond prices rose across the curve as the weak
domestic data highlighted the impact the U.S. economic downturn
is having on Canada.
The Canadian currency closed at C$1.0000 to the U.S.
dollar, up from C$1.0043 to the U.S. dollar, or 99.57 U.S.
cents, at Wednesday's close.
It was the currency's highest close since March 18.
"It really does seem like the environment in the background
is improving for the Canadian dollar in the short term and
that's partly to do with energy prices... but also developments
in other economies," said David Watt, senior currency
strategist at RBC Capital Markets.
The price of U.S. crude oil <CLc1>, while off its record
high of nearly $127 a barrel hit earlier this week, remains
lofty. Canada is a major oil exporter and its currency is often
influenced by the commodity.
The Canadian dollar was also up against the crosses, such
as the currencies of New Zealand, the Britain, and the
euro-zone.
Watt said that was due to weaker growth outlooks and the
potential for interest rate cuts in those places. Meanwhile, in
the U.S., Canada biggest trading partner, growth is holding up
better than many people expected.
So while the Canadian and U.S. central banks have both made
deep cuts to their interest rates, they may be ahead of the
curve compared to other major economies.
The Bank of Canada is expected to make at least one more 25
basis point cut in its key overnight rate to 2.75 percent at
its next fixed announcement data on June 10.
Domestic data helped bolster that view, as Canadian
manufacturing sales fell 1.6 percent in March after two months
of gains, hurt by an ongoing slump in the auto industry.
Analysts were looking for a 0.2 percent rise.
BONDS RISE
Canadian bond prices rose across the curve helped by the
weaker-than-expected manufacturing data, and light trade ahead
of the upcoming Victoria Day long weekend.
"Basically, traders just spent today squaring up their
positions since there is an early bond close tomorrow," said
Sheldon Dong, fixed income strategist at TD Waterhouse Private
Investment in Toronto.
Canada has no more data due this week but a slew of reports
are slated for release next week, including April inflation
data on Wednesday and March retail sales figures the following
day.
The two-year bond rose 9 Canadian cents to C$101.92 to
yield 2.772 percent. The 10-year rose 32 Canadian cents to
C$103.37 to yield 3.560 percent.
The yield spread between the two- and 10-year bonds was
78.6 basis points, up from 77.7 at the previous close.
The 30-year bond climbed 37 Canadian cents to C$116.32 for
a yield of 4.040 percent. In the United States, the 30-year
Treasury yielded 4.552 percent.
The three-month when-issued T-bill yielded 2.63 percent,
down from 2.68 percent at the previous close.
(Editing by Renato Andrade)
((john.mccrank@thomsonreuters.com; +1 416 941 8083; Reuters
Messaging: john.mccrank.reuters.com@reuters.net))
For Reuters bond and money market pricing information
double click on one of the following:
<CAD=> Canadian dollar live quote, high/low
<FXNEWS> Headlines from global forex markets
<CDBN> Canadian bond prices
<CDMM> <CDMN> <0#CAMMKT=> Canadian money market prices
<CABONEA> Canada-U.S. spreads (live)
<YLDS1> World yield index
<CA30YT=RR> 30 year benchmark
<0#CGB:> <CGBc1> <CA/FACTOR1> <MEIRP> - Montreal Exchange
bond futures pricing information
<CAMCI=> Bank of Canada monetary conditions index (Reuters
calculation)
<CACALL=> Canada's call loan or overnight lending rate
<=CAD> Canadian dollar G10 trade-weighted index.
For the fixed-income market speed guides, double click on
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<CA/MMKT1> <CA/MMKT2> <CA/DEBT> <BONDS> <TREASURY> For
related news, double click on one of the following:
[CAN] Canadian news
[NAT] North American Treasuries news
[M] Money news
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[CEN] Central bank news
[CA/] Canadian bond market stories
Keywords: MARKETS CANADA DOLLAR BONDS
*TOP NEWS* Canada
Reuters: [2008-05-15 23:10:00]
For news and data, double-click on the codes in brackets.
Access to some items may depend on subscription level.
..................................................................
TOP STORIES
> CAW reaches deals with GM, Chrysler [nN15328011]
> Auto slump hits Canada factory sales in March [nN15514480]
> Air Canada cuts back on its fuel surcharges [nN15304833]
> Tougher Canada action needed on polar bears-greens [nN15370262]
> Lundin Mining profit rises, stock climbs [nN15276825]
> Watchdog asks BCE to justify Web traffic shaping [nN15282668]
> Canadian housing starts seen easing in 2008 [nN15212621]
> Canadian political deadlock set to drag on [nN13424304]
> Watchdog asks BCE to justify Web traffic shaping [nN15308823]
> Menu Foods post smaller loss, but sales fall [nN15300653]
> FirstService swings to loss in fourth quarter [nN15200291]
> Weeping mother urges Taser moratorium in Canada [nN15311988]
> Morning-after pill sold over the counter in Canada [nN15321982]
MARKETS
> Toronto stocks pulled sharply higher by resources [nN15334902]
..................................................................
UP-TO-THE-MINUTE HEADLINES
Company results [RES] Economic indicators [ECI]
Mergers & acquisitions [MRG] Interest rates [INT]
LIVE PRICES & DATA
World Stocks <0#.INDEX> Canadian dollar <CADX=><NFX=>
S&P/TSX composite index <.GSPTSE> Canadian bonds <CABONDT>
Dow Jones/Nasdaq <.DJI><.IXIC> Debt <0#USBMK=><EURIBOR>
HOW TO FIND INFORMATION YOU NEED
|<REUTERS> | <NEWS> | <PHONE/HELP> |
|<EQUITY> | <BONDS>| <MONEY> | <COMMODITY> | <ENERGY> |
..................................................................
For latest top breaking news across all markets [NEWS]
..................................................................
TOP NEWS SUMMARIES ON OTHER SUBJECTS
| Politics & General [TOP/G] | Sports [TOP/SPO] |
| Global economy [TOP/MACRO] | European Companies [TOP/EQE] |
| Asian companies [TOP/EQA] | U.S. Companies [TOP/EQU] |
| Fixed Income [TOP/DBT] | Forex [TOP/FRX] |
| Fund Management [TOP/FUND] | Credit [TOP/CREDIT] |
| Commods & Energy [TOP/CE] | Corporate Finance [TOP/DEALS] |
| FX News <FXNEWS> | Banking/Financials [TOP/FIN] |
| Features/Must reads [TOP/FEA] |
..................................................................
Multimedia versions of Reuters Top News are now available for:
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* BridgeStation: view story .134
* Reuters Plus: from your WebDSS screen
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Toronto newsroom 416-941-8100
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