RED DEER ADVOCATE Thursday, March 19, 2015 C5
MARKETS
Samsung looks to rebound with new Galaxy S6 phones
COMPANIES
OF LOCAL INTEREST
BY THE CANADIAN PRESS Wednesday’s stock prices supplied by RBC Dominion Securities of Red Deer. For information call 341-8883.
Diversified and Industrials Agrium Inc. . . . . . . . . . . 139.96 ATCO Ltd.. . . . . . . . . . . . 48.48 BCE Inc. . . . . . . . . . . . . . 56.53 BlackBerry . . . . . . . . . . . 12.27 Bombardier . . . . . . . . . . . . 2.45 Brookfield . . . . . . . . . . . . 68.17 Cdn. National Railway . . 87.50 Cdn. Pacific Railway. . . 239.44 Cdn. Utilities . . . . . . . . . . 41.95 Capital Power Corp . . . . 24.49 Cervus Equipment Corp 19.00 Dow Chemical . . . . . . . . 47.54 Enbridge Inc. . . . . . . . . . 61.98 Finning Intl. Inc. . . . . . . . 24.68 Fortis Inc. . . . . . . . . . . . . 39.58 General Motors Co. . . . . 38.50 Parkland Fuel Corp. . . . . 24.36 Sirius XM . . . . . . . . . . . . . 5.51 SNC Lavalin Group. . . . . 40.44 Stantec Inc. . . . . . . . . . . 31.64 Telus Corp. . . . . . . . . . . . 42.80 Transalta Corp.. . . . . . . . 11.57 Transcanada. . . . . . . . . . 55.74 Consumer Canadian Tire . . . . . . . . 129.00 Gamehost . . . . . . . . . . . . 12.29 Leon’s Furniture . . . . . . . 15.50 Loblaw Ltd. . . . . . . . . . . . 63.68 MARKETS CLOSE TORONTO — North American stock markets enjoyed a solid lift Wednesday on indications that the U.S. Federal Reserve is in no rush to move interest rates away from near zero, where they’ve been since the 2008 financial crisis. The S&P/TSX composite index ran up 63.71 points to 14,962.24 as the Fed said that it first wants to see further improvement in the economy, particularly in job creation and inflation levels. The Canadian dollar closed sharply higher as the greenback lost strength in the wake of the Fed’s rate announcement, gaining 1.28 U.S. cents to 79.55 cents. U.S. indexes surged with the Dow Jones industrials ahead 227.11 points to 18,076.19, the Nasdaq up 45.4 points at 4,982.83 and the S&P 500 index 25.14 points higher at 2,099.42. The Fed also signalled that there could be a rate increase later this year by no longer saying it will be “patient” in starting to raise its benchmark rate. Analysts noted that a rate hike in June is still a possibility but the Fed won’t be in a hurry to raise rates aggressively. CIBC World Markets economist Andrew Grantham observed that the median forecast for rates at the end of this year was reduced to 0.625 per cent, which is half a per cent lower than in December. And he added that rates at the end of 2016 are now seen at only 1.875 per cent, down from earlier expectations of 2.5 per cent. Most TSX sectors finished positive, with the energy sector ahead 2.6 per cent as oil prices erased early losses to move higher after six days of steep de-
Maple Leaf Foods. . . . . . 21.95 Rona Inc. . . . . . . . . . . . . 15.85 Wal-Mart . . . . . . . . . . . . . 82.53 WestJet Airlines . . . . . . . 30.27 Mining Barrick Gold . . . . . . . . . . 13.82 Cameco Corp. . . . . . . . . 18.71 First Quantum Minerals . 13.57 Goldcorp Inc. . . . . . . . . . 23.85 Hudbay Minerals. . . . . . . . 9.63 Kinross Gold Corp. . . . . . . 2.97 Labrador. . . . . . . . . . . . . 14.97 Potash Corp.. . . . . . . . . . 42.37 Sherritt Intl. . . . . . . . . . . . . 2.07 Teck Resources . . . . . . . 17.83 Energy Arc Resources . . . . . . . . 22.97 Badger Daylighting Ltd. . 26.54 Baker Hughes. . . . . . . . . 60.76 Bonavista . . . . . . . . . . . . . 6.45 Bonterra Energy . . . . . . . 37.74 Cdn. Nat. Res. . . . . . . . . 37.74 Cdn. Oil Sands Ltd. . . . . . 9.70 Canyon Services Group. . 6.14 Cenovous Energy Inc. . . 21.97 CWC Well Services . . . 0.3200 Encana Corp. . . . . . . . . . 14.35 Essential Energy. . . . . . . . 1.04 clines on supply concerns. The April contract in New York gained $1.20 to US$44.66 a barrel even as the U.S. Energy Information Administration reported a 10th straight weekly increase in crude supplies that was more than double what analysts expected. Inventories have been steadily rising to a point where analysts are concerned that storage space could soon be at a premium, which could drive prices down even further. Prices are already down 60 per cent from the highs of last summer amid a global oversupply of crude. “It’s very difficult to get a handle on the short-term (price) bottom,” said Craig Jerusalim, portfolio manager at CIBC Asset Management. “However, I do have more confidence in higher longer-term prices because no one is making money at current pricing, which will see a supply response which will ultimately be self-correcting.” The base metals component climbed 0.7 per cent even as May copper fell six cents to US$2.57 a pound. The gold sector was up 2.6 per cent as April bullion moved $3.10 higher to US$1,151.30 an ounce. Financials held the TSX back, losing 0.3 per cent. MARKETS CLOSE Highlights at the close of Wednesday at world financial market trading. Stocks: S&P/TSX Composite Index — 14,962.24, up 63.71 points Dow — 18,076.19, up 227.11 points S&P 500 — 2,099.42, up 25.14 points Nasdaq — 4,982.83, up 45.40 points Currencies:
Exxon Mobil . . . . . . . . . . 86.07 Halliburton Co. . . . . . . . . 41.59 High Arctic . . . . . . . . . . . . 3.59 Husky Energy . . . . . . . . . 25.96 Imperial Oil . . . . . . . . . . . 48.31 Pengrowth Energy . . . . . . 3.50 Penn West Energy . . . . . . 1.98 Pinecrest Energy Inc. . . . 0.005 Precision Drilling Corp . . . 7.42 Suncor Energy . . . . . . . . 35.93 Talisman Energy . . . . . . . . 9.69 Trican Ltd.. . . . . . . . . . . . . 3.73 Trinidad Energy . . . . . . . . 4.12 Vermilion Energy . . . . . . 55.46 Financials Bank of Montreal . . . . . . 76.09 Bank of N.S. . . . . . . . . . . 63.08 CIBC . . . . . . . . . . . . . . . . 92.12 Cdn. Western . . . . . . . . . 26.28 Great West Life. . . . . . . . 36.32 IGM Financial . . . . . . . . . 45.07 Intact Financial Corp. . . . 94.51 Manulife Corp. . . . . . . . . 21.65 National Bank . . . . . . . . . 46.21 Rifco Inc.. . . . . . . . . . . . . . 2.30 Royal Bank . . . . . . . . . . . 75.95 Sun Life Fin. Inc.. . . . . . . 40.17 TD Bank . . . . . . . . . . . . . 54.00 Cdn — 79.55 cents US, up 1.28 cents Pound — C$1.8790, down 0.45 of a cent Euro — C$1.3623, up 0.94 of a cent Euro — US$1.0838, up 2.49 cents Oil futures: US$44.66 per barrel, up one dollar, 20 cents (April contract) Gold futures: US$1,151.30 per oz., up $3.10 (April contract) Canadian Fine Silver Handy and Harman: $20.821 oz., up five cents $669.40 kg., up $1.61 ICE FUTURES CANADA WINNIPEG — ICE Futures Canada closing prices: Canola: May ’15 $5.80 higher $462.90; July ’15 $5.30 higher $459.40; Nov ’15 $5.60 higher $449.00; Jan. ’16 $5.60 higher $450.10; March ’16 $5.60 higher $452.70; May ’16 $5.60 higher $455.40; July ’16 $5.60 higher $458.30; Nov. ’16 $5.60 higher $454.50; Jan. ’17 $5.60 higher $454.50; March ’17 $5.60 higher $454.50; May ’17 $5.60 higher $454.50 Barley (Western): May ’15 $4.00 higher $188.00; July ’15 $4.00 higher $190.00; Oct. ’15 $4.00 higher $181.00; Dec. ’15 $4.00 higher $181.00; March ’16 $4.00 higher $181.00; May ’16 $4.00 higher $181.00; July ’16 $4.00 higher $181.00; Oct. ’16 $4.00 higher $181.00; Dec. ’16 $4.00 higher $181.00; March ’17 $4.00 higher $181.00; May ’17 $4.00 higher $181.00. Wednesday’s estimated volume of trade: 271,100 tonnes of canola; 0 tonnes of barley (Western Barley) Total: 271,100.
TORONTO — Samsung says it wanted to start over from scratch for its forthcoming new smartphones, the Galaxy S6 and Galaxy S6 Edge. While loath to call the predecessor, the Galaxy S5, a flop, the South Korean company admits the plastic-bodied phone — which was marketed as a more rugged dust and water resistant device — missed the mark with many consumers. “I don’t think that was true in every market,” says Ken Price, vice-president of carrier sales and marketing for Samsung Canada, when asked why sales slumped for the S5. “I think we were successful with the S5. We’re not at liberty to share numbers but we wouldn’t view the same thing for Canada. What we’d say was, we pressed on things we thought the marketplace was telling us ... and what the market told us was, increasingly, they were looking for something that felt more premium.” Samsung is now talking up the sleek design of the Galaxy S6 and the Galaxy S6 Edge, made with “premium metal and glass.” Price said Samsung also made a conscious effort to streamline the preloaded software on the new phones, unlike previous Galaxy devices that felt bloated in comparison.
The Canadian Press sat down with Price and Vlastimir Lalovic, director of product marketing, to discuss the upcoming launch of the new phones, which are available in Canada starting April 10. CP: You have 30 seconds with a consumer, what’s your pitch for them to consider a new Galaxy over an iPhone? Lalovic: I would go with the design, because we’re using premium materials, we used Gorilla Glass 4 on the back and front, so this is the most durable glass material that is available today on the market. And our metal used in our devices is 50 per cent stronger than any other devices. CP: With the new design, users can no longer swap out the battery as they could with previous Galaxy phones and there’s no longer a SD card slot. What effect will those changes have on sales? Lalovic: This kind of question we took very seriously, we have access to how many of Samsung’s customers actually purchased additional batteries and I can tell you it’s a very small number. Price: I think that’s changed over time because the batteries have become better. Even on the Galaxy S5 we had faster charging and the battery capacity had improved, so over time we noticed the demand for replacement batteries went down.
OECD trims Canada’s GDP growth projections BY THE CANADIAN PRESS PARIS — The OECD has reduced its 2015 and 2016 economic growth forecasts for Canada, citing the drag caused by a significant drop in prices for oil and other commodities since its previous outlook in November. The Paris-based organization is now estimating Canada’s economy will grow by 2.2 per cent this year, 0.4 less than previously thought. Next year’s forecast has been trimmed to 2.1 per cent, down 0.3. The OECD says Canada is among the countries that has been affected by the sharp decline in oil and commodity prices while others, particularly in Europe and Asia, will benefit from sharp drop in oil prices to six-year lows. Its forecast for overall global growth has been increased by 0.1 to four per cent this year, and by 0.2 to 4.3 per cent in 2016. Growth in the United States gross domestic product is estimated at 3.1 per cent in 2015 and 3.0 per cent in 2016, unchanged from the November forecast. “Lower oil prices both raise the real incomes of households and reduce costs for firms, and should therefore
be beneficial for global growth, notwithstanding the loss of real income for oil producers,” it said. The OECD said oil prices are now about 35 per cent below where they were when the previous semi-annual forecast was done in November. Oil prices — which had stabilized at about US$50 a barrel — have now slid for seven days in a row. The April contract in New York fell $1.04 to US$42.42 a barrel early Wednesday. Crude had been as high as US$107 a barrel last summer. The Organization of Economic Co-operation and Development is a grouping of the world’s richest countries that provides updates to its forecasts each March and November. The OECD warned in the updated issued on Wednesday that unusually low inflation and interest rates could increase the risk of global financial instability. And it noted still-high unemployment levels in many countries, despite the improving growth picture. After years of crisis and stagnation in Europe, the OECD said plunging oil prices and the recently enacted monetary stimulus from the European Central Bank are a “much-needed opportunity” to get growth going again.
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