Most actively traded companies on the TSX, TSX Venture Exchange markets
Some of the most active companies traded Friday on the Toronto Stock Exchange and the TSX Venture Exchange:
Toronto Stock Exchange (12,081.73 up 169.84 points):
Osisko Mining Corp. (TSX:OSK). Miner. Up 20 cents, or 1.64 per cent, at $12.40 on 11,427,251 shares.
Daylight Energy Ltd. (TSX:DAY). Oil and gas. Unchanged at $9.75 on 9,397,080 shares.
Bombardier Inc. (TSX:BBD.B). Transportation equipment. Up three cents, or 0.75 per cent, at $4.05 on 9,243,439 shares.
Suncor Energy Inc. (TSX:SU). Oil and gas. Up $1.55, or 5.32 per cent, at $30.69 on 7,309,338 shares.
Auryx Gold Corp. (TSX:AYX). Miner. Down two cents, or 2.70 per cent, at 72 cents on 7,101,857 shares.
Yamana Gold Inc. (TSX:YRI). Miner. Up 44 cents, or 2.94 per cent, at $15.39 on 6,104,108 shares.
TSX Venture Exchange (1,557.61 up 24.98 points):
PMI Gold Corp. (TSXV:PMV). Miner. Up 45 cents, or 77.59 per cent, at $1.03 on 13,972,289 shares.
Rodinia Oil Corp. (TSXV:ROZ). Oil and gas. Down 51.5 cents, or 66.88 per cent, at 25.5 cents on 11,074,332 shares.
Companies reporting major news:
Torstar Corp. (TSX:TS.B). Media. Up 29 cents, or 3.07 per cent, at $9.73 on 24,094 shares. The newspaper, web and book publisher says it has increased its stake in the English-language free daily Metro newspaper chain to 90 per cent in a deal worth $51.5 million.
Royal Bank of Canada (TSX:RY). Down 12 cents, or 0.25 per cent at $47.70 on 3,216,269 shares. The bank said Friday it will lease its new headquarters, to be called RBC WaterPark Place, from joint venture partners Oxford Properties Group, the real estate arm of the Ontario Municipal Employees Retirement System, and the Canada Pension Plan Investment Board. Based on square footage prices for downtown Toronto, the price tag is estimated to be in the hundreds of millions of dollars. More than 4,000 RBC employees are expected to move into the new space beginning
Read the full article here:
Most actively traded companies on the TSX, TSX Venture Exchange markets
Recession fears in North America recede on strong factory, consumer data
Canada’s factories were humming in August, and U.S. consumers were buying last month, strong indicators the North American recovery is alive and kicking.
Fresh data released Friday shows Canada’s manufacturers posted a surprisingly robust 1.4 per cent jump in sales to $47.6 billion, almost three times expectations, while in the U.S., consumers bought enough autos, clothing and furniture in September to boost retail sales by 1.1 per cent.
The new numbers ended a week and a half of mostly positive news, including jobs, export and housing numbers in Canada and rebounding equity markets globally.
Last Friday’s reports of employment growth in the U.S. and Canada added to the brightening sentiment in equity markets that had seen little to cheer about since late July.
The Bank of Montreal said the indicators have been strong enough to revise third-quarter gross domestic product expectations for the U.S. to 2.3 per cent from 1.9, while Canada is likely to come in at two per cent. Capital Economics is more optimistic, saying Canada’s economy could show an expansion as strong as 2.5 per cent in the July-September period.
That should put to bed any notion that the Canadian economy suffered a so-called technical recession of two negative growth quarters, following the second-quarter’s 0.4 per cent contraction, analysts said.
“It actually looks like the economy did rebound with some authority in the third quarter,” said BMO’s deputy chief economist Douglas Porter.
“I’m (also) quite impressed by how well the basic employment and spending numbers have held up in the U.S.,” he added. “That’s not to say the risks of a recession have vaporized, but it shows this recovery is more resilient than people give it credit for.”
Economists are particularly fixated on the U.S. data for any sign of trouble at this time because of the American economy’s role as an engine of global growth and the impact any downturn would have on Canada.
David Madani of Capital Economics says the data to date shows that talk of an early recession is premature, but that longer-term risks persist.
“The more and more data we get, it does confirm that the temporary factors that hurt GDP in the second quarter are being reversed in the third quarter,” he said, referring to supply disruptions caused by the Japanese earthquake in March.
“But I do think the underlying momentum in the economy is slowing,” he added.
Porter said the big wild card remains Europe. While European leaders have talked of an agreement to contain the sovereign debt crisis from spreading, they have not as yet revealed details of what they intend to do.
Analysts believe that how markets assess Europe’s response, once it is known, will be critical in whether the risk of another recession materializes or whether Canada and the U.S. can expect continued, if measured, progress.
On Thursday, Finance Minister Jim Flaherty said a disorderly default by Greece has the potential to spiral into a global financial crisis similar to the Lehman Brothers collapse in the fall of 2008.
Fears of a European meltdown have shaken equity and financial markets, as well as consumer confidence, but as yet not been reflected in the real economic numbers to any large degree.
Madani said he is somewhat encouraged that, as of August, new orders and unfilled orders were still growing.
Economists also threw up caution flags about the strength of the recovery.
“This month’s (manufacturing) results extend a positive sales trend but keep in mind that the recent two-month growth sequence merely makes up for ground lost in the second quarter of the year,” said TD Bank economist Jacques Marcil.
Going forward, Canada’s manufacturers must still cope with a strong dollar and a weak American market, he added. About one third of this country’s factory sales go to the U.S.
Details of the Statistics Canada report show 11 of 21 industries reporting positive sales growth, with a 48 per cent surge in the aerospace sector leading the way.
Transportation equipment sales were up seven per cent, the food industry 3.9 per cent and petroleum and coal products 2.7 per cent. Offsetting the gains, fabricated metal products were down seven per cent and primary metals 2.7 per cent.
Read the full article here:
Recession fears in North America recede on strong factory, consumer data
Bank of America selling NYC building stake:…
Bank of America Corp is selling its a high stake to Brookfield office Properties Inc. for their respective position in the tower which controlled by Brookfield in present, which was formerly owned by Merrill Lynch & Co. and bought by bank in 2008 during financial crisis, but both, bank and Brookfield are kept silence on it .
Read the full article here:
Bank of America selling NYC building stake:…
Featured
Mentoring program serves young women in business
Mentoring program is a formal relationship between a mentor and a protégé, in which the mentor helps the protégé achieve clearly defined goals.Simply put, mentoring is the process in which people help others set important goals and develop the skills to reach them. In its purist sense, mentoring is about supporting and developing the all-around growth of a less experienced individual, not just making them better at their job. The program affords seasoned business professionals the opportunity to share their experiences with less experienced individuals.
This program boost the number of women in corporate boardrooms is tapping 100 executives from top businesses in New York to mentor young women.The effort to increase the number of high-level female executives was announced Monday at a New York City event hosted by Sen. Kirsten Gillibrand. Executives from IBM, Citigroup, Time Warner and Macy’s will volunteer for the program, which will start next month and will be open to women who are between two and seven years out of college. Buy a Visitors Health Insurance
Partnership for New York City chief executive officer Kathryn Wylde, who took part in the announcement, said that though there are many women in business, they don’t have the same professional networks that help young male executives on the rise. He added that they didn’t have a well-defined ‘old girls’ network and the boys are on the golf course and the women are often either at their desk or taking care of family responsibilities. The women don’t have the same kind of professional network and support system and the partnership is involving both female and male mentors, in part because of necessity.
There are currently 15 female chief executive officers among the companies listed in the Fortune 500, according to the nonprofit organization Catalyst. Research released this month by Catalyst found men were more likely to reach senior executive positions than women across all career profiles. Making the announcement with Gillibrand and Wylde was Council for Urban Professionals executive director Chloe Drew. The program is a collaboration between the two groups and was initiated by Gllibrand. The Partnership is identifying the 100 mentors and the Council is identifying 100 young professionals.
Read the full article here:
Mentoring program serves young women in business
Webster Financial profit more than doubles
Webster Financial Corporation (Webster) is a bank holding and financial holding company. Webster, through Webster Bank, National Association (Webster Bank) and various non-banking financial services subsidiaries, delivers financial services to individuals, families and businesses throughout southern New England and into eastern New York State. Webster also offers equipment financing, commercial real estate lending, asset-based lending, and health savings accounts on a regional or national basis. Webster provides business and consumer banking, mortgage lending, financial planning, trust and investment services through 181 banking offices, 501 automated teller machines (ATMs), telephone banking and its Internet Website.
Webster Financial Corp. on Friday said its third-quarter earnings more than doubled from the same quarter a year ago, topping Wall Street expectations, as the bank holding company set aside less cash to cover loan losses due to improving credit trends. For the three months ended Sept. 30, the parent of Webster Bank reported net income available to common shareholders of $41.5 million, or 45 cents per share. That was up from $17.8 million, or 22 cents per share, in last year’s third quarter. Analysts surveyed by FactSet had forecast earnings of 40 cents per share, on average, in the latest quarter.
Webster’s provision for loan losses dropped to $5 million in the latest quarter from $25 million in the year-ago quarter. Net charge-offs, or loans written off as uncollectable, rose slightly to $28.9 million from $28.7 million. But the Waterbury, Conn., bank reported lower levels of past-due loans, and nonperforming loans that are considered past due and in danger of being written off. Net interest income, or earnings from deposits and loans, rose 4 percent to $140.4 million from $134.7 million. Non-interest income, or earnings from fees and charges, slipped 2 percent to $46.2 million from $47.3 million. But that decline was offset by a 5 percent reduction in non-interest expenses, which fell to $123.2 million from $129.7 million.
Read the full article here:
Webster Financial profit more than doubles