Wednesday, June 21, 2006 (Thomson Financial Corporate Services):
Canada's benchmark index posted a triple-digit rise on advancing
resource-related shares. Most sectors saw gains today; although, financial,
healthcare and staple issues ebbed. In the U.S., stocks also rallied as
strong corporate earnings put investors' interest rate and inflation fears
on the back burner.
* The S&P/TSX Stock Exchange Composite Index jumped 117.35 points, or
1.07%.
* On the economic front, April retail sales rose a much stronger-than-
expected 1.7% on surging gasoline prices, marking the biggest gains in two
years. The data reinforced speculation that the Bank of Canada will hike
interest rates in July.
* The Canadian Imperial Bank of Commerce denied allegations that it and
dozens of its affiliates participated in a "multiyear scheme" to profit
from the sale of shares in telecommunications company Global Crossing Ltd.
Shares were in the red by day's end.
* Gold shares powered on the day, partly aided by a stronger yellow
metal that benefited from a weaker U.S. dollar. In corporate reports,
Glamis Gold rose after doubling its gold reserves for its Penasquito
project in Zacatecas, Mexico.
* Turning to energy news, crude oil prices finished above US $70 a
barrel, while the U.S. Energy Department reported that crude oil
inventories rose more than expected last week, while gasoline stocks gained
less than expected.
* Shares in Husky Energy Inc. rose after the company announced Tuesday
that it had made a large hydrocarbon discovery in the western section of
its White Rose oilfield off Newfoundland. Husky said the discovery involves
"a potential recoverable resource of 40 to 90 million barrels of oil."
* Nova Chemicals Corp. says an "inadvertent" shutdown at its ethylene
plant at Corunna, Ont., will cost about US $11 million and delay
fulfillment of some orders. The shares fell on the development.
* In U.S. financials, Morgan Stanley Inc.'s second-quarter profit more
than doubled from a year earlier.
-- Michael.O'Brien@contractor.Thomson.com; Thomson Financial Corporate
Services
This is Thomson Financial Corporate Services Canadian Commentary, which
is updated twice daily. The information herein is believed to be true and
accurate, we take no responsibility for inaccurate information and reserve
the right to update our reports. For more financial information at your
fingertips, please visit http://www.irchannel.com. If you have any questions
please e-mail James Sang at james.sang@tfn.com or call 646.822.6233. For
more information about Thomson Financial visit us on-line at
http://www.thomsonfinancial.com.
SOURCE Thomson Financial Corporate Group
back to top
