C4 RED DEER ADVOCATE Friday, Oct. 11, 2013
MARKETS
D I L B E R T
COMPANIES OF LOCAL INTEREST Thursday’s stock prices supplied by RBC Dominion Securities of Red Deer. For information call 341-8883.
Diversified and Industrials Agrium Inc. . . . . . . . . . . . 85.89 ATCO Ltd.. . . . . . . . . . . . 45.90 BCE Inc. . . . . . . . . . . . . . 44.79 BlackBerry . . . . . . . . . . . . 8.49 Bombardier . . . . . . . . . . . . 4.92 Brookfield . . . . . . . . . . . . 40.03 Cdn. National Railway . 109.85 Cdn. Pacific Railway. . . 135.72 Cdn. Utilities . . . . . . . . . . 35.78 Capital Power Corp . . . . 20.57 Cervus Equipment Corp 20.43 Dow Chemical . . . . . . . . 40.40 Enbridge Inc. . . . . . . . . . 42.73 Finning Intl. Inc. . . . . . . . 23.52 Fortis Inc. . . . . . . . . . . . . 31.34 General Motors Co. . . . . 34.85 Parkland Fuel Corp. . . . . 18.34 Sirius XM . . . . . . . . . . . . . 8.63 SNC Lavalin Group. . . . . 44.64 Stantec Inc. . . . . . . . . . . 56.02 Telus Corp. . . . . . . . . . . . 34.91 Transalta Corp.. . . . . . . . 13.38 Transcanada. . . . . . . . . . 44.78 Consumer Canadian Tire . . . . . . . . . 93.88 Gamehost . . . . . . . . . . . . 14.00 Leon’s Furniture . . . . . . . 12.99 Loblaw Ltd. . . . . . . . . . . . 46.45 Maple Leaf Foods. . . . . . 13.20 MARKETS CLOSE TORONTO — A sign that an agreement may be in the works to head off a possible default by the U.S. government was enough to push North American markets sharply higher Thursday. The S&P/TSX composite index ran up 164.08 points to 12,894.41 after House speaker John Boehner said Republicans are offering legislation that will allow for a temporary increase in the debt ceiling. New York indexes had their second best day so far this year as the Dow Jones industrials surged 323.09 points to 15,126.07, the Nasdaq shot up 82.97 points to 3,760.75 and the S&P 500 index rose 36.16 points to 1,692.56. Boehner said the proposal involves extending the government’s ability to borrow money through Nov. 22 — but only if President Barack Obama agrees to negotiate over ending the partial government shutdown and a longer-term increase in the debt ceiling. Under the Republican plan, the partial government shutdown would continue. But that is a secondary issue for traders and Boehner said that issue would be discussed at a White House meeting later Thursday after the markets close. The Canadian dollar slipped 0.02 of a cent to 96.19 cents US. The strong gains followed a string of declines that reflected a growing sense of unease as the U.S. heads toward an Oct. 17 deadline when the government starts to run out of money to pay creditors. Markets have been under pressure since Oct. 1 when a budget impasse resulted in a partial shutdown of the U.S. government. The energy sector led advancers, up almost two per cent as the November crude contract on the New York Mercantile Exchange moved up $1.40 to US$103.01 a barrel. Cenovus (TSX:CVE) advanced 77 cents to C$30.88. Canadian Natural Resources (TSX:CNQ) climbed $1.43 to C$33.46 after the oil and gas giant provided
Rona Inc. . . . . . . . . . . . . 12.11 Shoppers . . . . . . . . . . . . 60.09 Tim Hortons . . . . . . . . . . 60.07 Wal-Mart . . . . . . . . . . . . . 74.79 WestJet Airlines . . . . . . . 24.38 Mining Barrick Gold . . . . . . . . . . 18.54 Cameco Corp. . . . . . . . . 18.35 First Quantum Minerals . . 18.6 Goldcorp Inc. . . . . . . . . . 25.25 Hudbay Minerals. . . . . . . . 7.95 Kinross Gold Corp. . . . . . . 4.89 Potash Corp.. . . . . . . . . . 32.97 Sherritt Intl. . . . . . . . . . . . . 3.50 Teck Resources . . . . . . . 26.73 Energy Arc Energy . . . . . . . . . . . 26.56 Badger Daylighting Ltd. . 70.68 Baker Hughes. . . . . . . . . 49.64 Bonavista . . . . . . . . . . . . 12.50 Bonterra Energy . . . . . . . 55.00 Cdn. Nat. Res. . . . . . . . . 33.46 Cdn. Oil Sands Ltd. . . . . 20.24 Canyon Services Group. 11.85 Cenovous Energy Inc. . . 30.88 CWC Well Services . . . . 0.690 Encana Corp. . . . . . . . . . 17.93 Essential Energy. . . . . . . . 2.78 Exxon Mobil . . . . . . . . . . 86.04 a sneak preview at its third-quarter results. Canadian Natural said its cash flow from operations during the quarter came in at about $2.21 per share, better than the $1.94 analysts polled by Thomson Reuters had on average been expecting. The company reports full earnings Nov. 7. The base metal sector was up 1.63 per cent with December copper up two cents at US$3.25 a pound. First Quantum Minerals (TSX:FM) climbed 48 cents to C$18.60 while Thompson Creek Metals (TSX:TCM) climbed 19 cents to $3.41. Financials gained 1.55 per cent as Royal Bank (TSX:RY) rose $1.29 to $67.69. The industrials component ran up 1.4 per cent and Canadian National Railways (TSX:CNR) rose $1.91 to $109.85. The tech sector moved up 1.33 per cent. BlackBerry shares closed up five cents to $8.49 on word that the smartphone company’s cofounders, Mike Lazaridis and Douglas Fregin, are looking at making a potential takeover bid. Fairfax Financial, BlackBerry’s largest shareholder, has already made a conditional takeover bid for the company worth nine dollars per share that values the company at $4.7 billion. Meanwhile, the gold sector fell 0.7 per cent as December bullion dropped $10.30 to US$1,296.90 an ounce. Goldcorp (TSX:G) faded 39 cents to C$25.25. MARKET HIGHLIGHTS Highlights at close Thursday: Stocks: S&P/TSX Composite Index — 12,894.41 up 164.08 points TSX Venture Exchange — 935.52 up 2.48 points TSX 60 — 741.59 up 10.39 points Dow — 15,126.07 up 323.09 points S&P 500 — 1,692.56 up 36.16 points Nasdaq — 3,760.75 up 82.97 points
STORY FROM PAGE C3
BLACKBERRY: Conducting review Lazaridis declined to comment when contacted Thursday. Analysts say the Fairfax offer is hinged on several conditions that make it far from a done deal. Levy said the interest by Lazaridis will prompt Fairfax to move more decisively to get its consortium and financing in order. “It doesn’t fundamentally change things for Fairfax, but it certainly does raise the temperature and give it a much harder deadline than it had before,” he said. The Fairfax consortium is expected to complete its due diligence by Nov. 4. Until then, BlackBerry is allowed
Halliburton Co. . . . . . . . . 50.00 High Arctic . . . . . . . . . . . . 2.66 Husky Energy . . . . . . . . . 29.26 Imperial Oil . . . . . . . . . . . 44.65 Pengrowth Energy . . . . . . 6.49 Penn West Energy . . . . . 11.51 Pinecrest Energy Inc. . . . 0.560 Precision Drilling Corp . . 10.57 Suncor Energy . . . . . . . . 36.88 Talisman Energy . . . . . . . 12.73 Trican Ltd.. . . . . . . . . . . . 14.21 Trinidad Energy . . . . . . . 10.30 Vermilion Energy . . . . . . 57.49 Financials Bank of Montreal . . . . . . 69.50 Bank of N.S. . . . . . . . . . . 59.72 CIBC . . . . . . . . . . . . . . . . 82.46 Cdn. Western . . . . . . . . . 31.33 Carfinco . . . . . . . . . . . . . 10.14 Great West Life. . . . . . . . 30.00 IGM Financial . . . . . . . . . 48.96 Intact Financial Corp. . . . 63.05 Manulife Corp. . . . . . . . . 17.61 National Bank . . . . . . . . . 85.52 Rifco Inc.. . . . . . . . . . . . . . 5.40 Royal Bank . . . . . . . . . . . 67.69 Sun Life Fin. Inc.. . . . . . . 33.33 TD Bank . . . . . . . . . . . . . 92.30 Currencies at close: Cdn — 96.19 cents US, down 0.02 of a cent Pound — C$1.6601, up 0.19 of a cent Euro — C$1.4059, up 0.07 of a cent Euro — US$1.3523, up 0.04 of a cent Oil futures: US$103.01 per barrel, up $1.40 (November contract) Gold futures: US$1,296.90 per oz., down $10.30 (December contract) Canadian Fine Silver Handy and Harman: $23.737 per oz., up 14.1 cents $763.14 per kg., up $4.53 TSX VENTURE EXCHANGE TORONTO — The TSX Venture Exchange closed on Thursday at 935.52, up 2.48 points. The volume at 4:20 p.m. ET was 149.81 million shares. ICE FUTURES CANADA WINNIPEG — Closing prices: Canola: Nov. ’13 $4.80 higher $487.00; Jan. ’14 $5.10 higher $496.90; March ’14 $5.50 higher $504.40; May ’14 $6.20 higher $515.80; July ’14 $6.20 higher $514.80; Nov. ’14 $6.20 higher $514.80; Jan ’15 $6.20 higher $517.10; March ’15 $6.20 higher $516.10; May ’15 $6.20 higher $510.30; July ’15 $4.10 higher $508.20; Nov ’15 $1.90 higher $505.00. Barley (Western): Oct. ’13 unchanged $149.00; Dec ’13 unchanged $152.00; March ’14 unchanged $154.00; May ’14 unchanged $155.00; July ’14 unchanged $155.00; Oct. ’14 unchanged $155.00; Dec. ’14 unchanged $155.00; March ’15 unchanged $155.00; May ’15 unchanged $155.00; July ’15 unchanged $155.00. Thursday’s estimated volume of trade: 610,360 tonnes of canola; 0 tonnes of barley (Western Barley) Total: 610,360.
to actively solicit and evaluate rival offers. BlackBerry said Thursday it was “conducting a robust and thorough review of strategic alternatives.” “We do not intend to disclose further developments with respect to the process until we approve a specific transaction or otherwise conclude the review of strategic alternatives,” BlackBerry said in a statement. Reports have suggested other companies possibly interested in taking a run at BlackBerry may include Google, Cisco, SAP, Microsoft and Cisco. BlackBerry chief executive Thorsten Heins is working through what he’s described as a three-stage plan to return the company to profitability. The company recently announced a plan to cut about 40 per cent of its global workforce, or 4,500 jobs, as a way to save money. On Thursday, it announced it was closing its offices in the Halifax area, eliminating more than 300 jobs as part of an effort to cut costs.
Indian finance minister defends local-sourcing rules inhibiting Wal-Mart expansion plans BY THE ASSOCIATED PRESS WASHINGTON — India defended Thursday government regulations designed to protect local businesses that have prompted U.S. retail giant WalMart to hold back on opening superstores there. Finance Minister Palaniappan Chidambaram told a Washington thinktank that the rules weren’t too restrictive. He said he remained confident that one or two multi-brand retailers would enter the Indian market in the fiscal year ending March 2014. He did not name them. In a politically sensitive move, India last year gave the green light for international companies to open multibrand retail stores, but to allay concerns about the impact on small traders and family-run shops, those companies would have to obtain 30 per cent of their products from local small and medium-sized businesses. So far, no large foreign chains have taken the plunge. On Wednesday, WalMart Stores said the local-sourcing regulations mean it cannot move forward with its plans to expand into retail in India — a blow to the government’s efforts to attract foreign investment to a market of 1.2 billion people. Wal-Mart already runs a wholesaling joint venture in India. Chidambaram alluded to the political sensitivities in his comments at the Carnegie Endowment for International Peace. “I sincerely hope that an investor will look at the practical difficulties that a policymaker has in India and accept policies as they are made and as
they are, rather than hope for the ideal policy,” he said, without mentioning a specific company. He said experiences in the auto and defence sectors, where foreign companies had teamed up with local companies and helped build their local production capacities, showed that requirements on local content could be satisfied. The government of Prime Minister Manmohan Singh has sought to ease foreign investment restrictions and institute other reforms to spur the economy which has slowed in the past two years after two decades of rapid growth. Chidambaram said in the first quarter of the current fiscal year, GDP growth was just 4.4 per cent. But he predicted growth for the full year at between 5.0 and 5.5 per cent, citing the impact of reform measures, export growth, and good rains that would boost farm output. The International Monetary Fund on Tuesday, however, slashed its forecast for India’s growth by 1.8 percentage points to 3.8 per cent this year. Among the concerns weighing on India’s economy have been expectations the U.S. will pull back its loose monetary policy that has poured funds into emerging markets. Chidambaram, who will join annual U.S.-India finance talks this weekend, said that a May announcement that the Federal Reserve would begin to reduce its bond-buying program had taken other countries by surprise, but the consequent postponing of the move has buoyed hopes of recovery in the global economy.
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