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May 07, 2008 01:23 PM
The Toronto stock market was little changed late this morning as oil prices held firm despite data that showed much higher than expected crude inventories in the United States. New York markets were also weak as investors chewed over some positive earnings reports but received further dreadful news from the housing sector. Toronto's S&P/TSX composite index edged up 8.23 points to 14,422.53 late in the morning, on top of an oil-propelled rise of 140 points Tuesday. The TSX Venture Exchange was ahead 3.48 points to 2,502.62 while the Canadian dollar was 0.14 cent higher to 99.85 cents US. New York's Dow Jones industrial average moved down 43.64 points to 12,977.19. The Nasdaq composite index inched up 0.97 of a point to 2,484.28 while the S&P 500 index was off 5.06 to 1,413.20 after the U.S. National Association of Realtors said pending home sales dropped to a new low in March. The group's sales index declined to 83.0, compared with 103.9 in March 2007. More positively, the U.S. Labour Department said productivity increased at an annual rate of 2.2 per cent in the first quarter, higher than expected. And in a sign that inflation could be easing, unit labour costs rose at an annual rate of 2.2 per cent, down from 2.8 per cent in the final three months of last year. The TSX energy sector came off a three per cent jump Tuesday to edge 0.3 per cent lower as the June crude contract on the New York Mercantile Exchange slipped 16 cents to US$121.68 a barrel. That followed news that U.S. commercial crude oil inventories increased by 5.7 million barrels last week, about four times as much as expected. Suncor Energy (TSX: SU) gave back 50 cents to $120.62. Penn West Energy Trust (TSX: PWT.UN) saw its first-quarter profit slip to $78 million from $96 million, though gross revenue jumped to more than $1.1 billion from $582 million, mainly on acquisitions. Penn West units were down 38 cents to $31.42. The TSX got limited support from BCE Inc. (TSX: BCE), which reported a "steady" performance in the first quarter. Net earnings applicable to common shares fell to $258 million, down from $499 million a year earlier, on flat revenue of $4.39 billion. But excluding one-time non-operating items, Canada's largest telecommunications company said its profit improved to $457 million from $420 million, and added that its privatization is on track. BCE shares added 17 cents to $36.73. Cisco Systems Inc. said its quarterly profit fell five per cent to US$1.77 billion but beat Wall Street expectations. Sales at the world's largest networking equipment maker were also higher than analysts' subdued forecasts, rising 10.4 per cent to $9.79 billion. Cisco stock added seven cents at US$26.40. Walt Disney Co. advanced $1 to US$34.4 after quarterly earnings ran ahead 22 per cent to US$1.13 billion as the weak U.S. dollar kept American vacationers closer to home, boosting theme park crowds. Disney's film and media operations also helped as overall revenue grew 10 per cent to US$8.71 billion. Bullion prices headed lower with the June gold contract in New York down $8.60 to US$869.10, pushing the TSX gold sector down 0.85 per cent. Kinross Gold Corp. (TSX: K) fell 58 cents to $19.32. The base metals sector was also weak with HudBay Minerals (TSX: HBM) down 58 cents to $19.55. The company, which reported a sharp profit drop in the first quarter, said it may close an old copper smelter in Manitoba earlier than expected if prices for treating copper concentrates remain low. Market leaders giving the TSX a push included Potash Corp. (TSX: POT), up $4 to $203.39, and Research In Motion Ltd. (TSX: RIM), advancing $2.09 to $134.34. Two founders of information technology service provider CGI Group Inc. (TSX: GIB.A) are selling 11 million shares but will keep their voting rights. CGI stock fell 37 cents to $11.15. Family-focused Web portal operator Kaboose Inc. (TSX: KAB) said its first-quarter net loss jumped to $3.8 million on $4.8 million in restructuring and acquisition charges, while its revenue nearly tripled. Its shares dropped 13 cents to 97 cents. Asian stock markets were mixed, with Tokyo up but shares in China and Hong Kong falling on profit-taking and continued worries about oil prices. In its first day of a holiday-shortened week, Japan's benchmark Nikkei 225 index rose 0.4 per cent to 14,102.5. Hong Kong's Hang Seng index fell 2.5 per cent to 25,610.2. The Shanghai Composite Index fell 4.1 per cent to 3,579.2. London's FTSE 100 index gained 50.7 points to 6,265.9, Frankfurt's DAX 30 advanced 71.21 points to 7,088.31 and the Paris CAC 40 moved up 44.65 points to 5,085.57.
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