TSX moves lower in broadbased decline dollar rises as BoC holds line

TSX moves lower in broad-based decline; dollar rises as BoC holds line on rates AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email by Malcolm Morrison, The Canadian Press Posted Mar 4, 2015 6:28 am MDT TORONTO – The Toronto stock market was lower Wednesday in a broad-based decline led by mining, energy and financial issues.The S&P/TSX composite index was 107.19 points lower at 15,026.66 as traders looked to the latest interest rate announcement by the Bank of Canada and positive jobs data from the United States.The Canadian dollar moved up 0.29 of a U.S. cent to 80.35 cents as the central bank announced it would keep its key rate unchanged at 0.75 per cent. The move came as little surprise to analysts — they had generally expected the bank to hold the line on interest rates following a quarter-point cut in January.New York indexes were also in the red as payroll firm ADP reported that the American private sector created 212,000 jobs in last month, slightly below expectations of 219,000. The data was released two days ahead of the U.S. government’s February report on job growth. Economists generally expect the American economy to have created a total of 235,000 jobs last month.The Dow Jones Industrial average dropped 133.35 points to 18,070.02, the Nasdaq declined 24.38 points to 4,955.52 and the S&P 500 index dropped 14.66 points to 2,093.12.Some analysts suggested investors were selling stocks ahead of the U.S. government’s jobs report since a stronger than expected report could persuade the Fed to move sooner than later in raising interest rates. Markets generally expect the Fed to raise rates sometime this year.The base metals sector led TSX decliners, down 2.25 per cent while May copper was a penny lower at US$2.65 a pound.The TSX energy sector slipped 1.55 per cent and crude prices moved into the negative column after the U.S. Energy Information Administration reported a jump in crude supplies that was much more than what analysts expected. Crude inventories rose by 10.3 million barrels last week, far higher than the expected advance of 3.7 million barrels.The April crude contract in New York was down 77 cents to US$49.75 a barrel.The tech sector was also a major decliner, down 1.1 per cent, while financials were down 0.55 per cent.The gold sector fell 1.55 per cent with April bullion off $3 at US$1,201.40 an ounce.On the earnings front, Torstar Corp. (TSX:TS.B) posted fourth-quarter net income attributable to equity shareholders of $20.6 million or 26 cents per share, almost unchanged from a year ago despite lower revenue. The newspaper publisher said segmented revenue was $244.9 million, down 9.8 per cent from a year ago, mostly reflecting lower print advertising revenue. Its shares fell 19 cents to $7.29.Investors also digested a positive reading on the American non-manufacturing sector from the Institute for Supply Management. Its February index rose to 56.9 last month from 56.7 in January.At mid-afternoon, the Federal Reserve releases its most recent regional economic survey.Meanwhile, China’s premier, Li Keqiang, is expected to lower this year’s official growth target to seven per cent from last year’s 7.5 per cent when he makes an annual appearance before the national legislature on Thursday to announce government economic plans.The lower target is part of the ruling Communist party’s effort to reduce China’s reliance on trade and investment and encourage more self-sustaining growth based on domestic consumption and service industries. read more

CESCOs Chile copper week coming in April

first_imgChile’s Centre for Copper and Mining Studies, CESCO, is holding this year’s Cesco Week from 16-19 April in Santiago. This copper focussed event brings together major players in the mining sector from around the world that have a special emphasis on Latin America, as well as metal processing companies, investment banks, traders, engineering and shipping companies, amongst others.The Cesco Week will start on April 16th with the V International Exploration Forum CESCO 2012,  continuing on April 17th and 18th with the XI World Copper Conference organised by CRU. The week will culminate on the evening of April 18th with CESCO´s XVI Annual Dinner at Club Hípico in Santiago. The Cesco Dinner 2012 main speaker will be Charlie Sartain, Xstrata Copper’s CEO, on the Wednesday. Cesco Week 2012 will also include different new activities such as the Sulphuric Acid Seminar and the Copper Survey 2012 Launch that will take place on April 17th, the World Economic Forum on April 18th that will include a meeting regarding the Responsible Mineral Development Initiative and the Energy and Mining Summit, which will be conducted on April 19th. Colombia accepted the invitation from the Center for Copper and Mining Studies, Cesco, to participate as the official guest country in the V International Exploration Forum CESCO 2012. More details about Cesco Week 2012 are available at the website http://www.cescoweek.com/last_img read more