Dominion Lending Centres Clearlease Reports Toronto stock market turns positive as commodity prices shake off early losses

Dominion Lending Centres Clearlease Reports Toronto stock market turns positive as commodity prices shake off early losses

VANCOUVER, BC – (May 12, 2011) Clearlease Reports The Toronto stock market turned slightly higher Thursday afternoon as resource sectors turned higher in response to stabilizing commodity prices.

The S&P/TSX composite index gained 14.84 points to 13,434.58 after diving 155 points during the morning to below where the main index started the year. The improvement also followed a 222-point plunge Wednesday as worries about slowing economic conditions triggered further volatility on commodity markets.

The TSX Venture Exchange fell 14.07 points to 2,056.16.

The Canadian dollar was also well off early lows, down a fifth of a cent to 103.85 cents US as the U.S. dollar lost some strength.

The TSX was negative for most of the morning after prices for oil and metals fell further in response to another move by China to have most of its banks increase the amount of money they hold in reserves to curb inflation after higher than expected price increases in April.

The central bank’s order was the fifth reserve increase this year and came a day after the government reported April inflation was 5.3 per cent.

“The obvious impact is slower (Chinese) growth which means less growth in consumption of commodities and hence lower prices and lower share prices,” said Robert Gorman, chief portfolio strategist at TD Waterhouse.

“They’re being pretty aggressive here and actually that is a good thing for having more sustained growth going forward. But in the short term, things are taking a bit of a kicking.”

Commodity prices have been dropping for more than a week amid higher margin requirements and worries about weakening global economic conditions.

But prices moved off early, sharp declines as the American dollar lost some earlier strength.

The TSX energy sector was up 0.17 per cent as the June crude contract on the New York Mercantile Exchange gained $1.45 to US$99.66 a barrel. Oil had plunged as low as US$95.25 following a warning from the International Energy Agency that higher crude prices are hurting demand in the United States. It said that preliminary March data suggest near zero annual growth in global oil demand for the first time since the summer of 2009.

Suncor Energy (TSX:SU) fell 20 cents to C$39.11 while EnCana Corp. (TSX:ECA) gained 34 cents to $31.64.

Spreading unrest across the Middle East helped send oil prices jumping from the US$85 level in mid-February to a recent high of about US$115 a barrel April 29 which, in turn, sent gasoline prices much higher.

The IEA said that “US$4-a-gallon gasoline is likely to yield an anaemic U.S. driving season.”

“This is the main change to our demand forecast — a weaker 2011 profile in North America,” it added.

On Wednesday, crude fell over US$5 after the U.S. Energy Information Administration shocked investors with the news that U.S. gasoline demand dropped 2.4 per cent last week, the largest drop in seven consecutive weeks of declines, and that oil supplies grew by 3.8 million barrels, more than twice as much as analysts expected.

Copper prices also recovered from early losses sparked by concerns about repeated moves to slow the Chinese economy and the July contract on the Nymex was up seven cents at US$3.99 a pound after tumbling 13 cents Wednesday. China is the world’s biggest consumer of copper.

The TSX base metals sector rose 0.64 per cent with Teck Resources (TSX:TCK.B) ahead 57 cents to $46.07 while Sherritt International (TSX:S) improved by 38 cents to $7.44.

Gold stocks also turned positive as bullion prices climbed $5.10 to US$1,506.50 an ounce. Goldcorp Inc. (TSX:G) rose 36 cents to $46.41 while Barrick Gold Corp. (TSX:ABX) added 25 cents to C$44.07.

Iamgold Corp. (TSX:IMG) had a first-quarter profit of US$162.3 million, up from $60.2 million a year ago, helped by increased production and higher gold prices and its shares were down 39 cents at $18.20.

Corporate earnings also helped support the TSX after BCE Inc. said its first-quarter profits tumbled 28.7 per cent to $503 million from the same time a year ago when it booked gains from selling its stake in satellite services company SkyTerra Communications Inc. On an adjusted basis, earnings were equal to 72 cents per share, three cents higher than analyst predictions. Its shares gained 92 cents to $37.86.

The tech sector was the biggest decliner mid-afternoon with Research In Motion Ltd. (TSX:RIM) down 36 cents to $42.12.

New York markets also turned higher with the Dow Jones industrial average up 83.41 points at 12,713.44.

The Nasdaq composite index gained 19.9 points to 2,864.96 while the S&P 500 index advanced 8.62 points to 1,350.7.

In other earnings news, coffee and donut chain Tim Hortons Inc. (TSX:THI) said an improvement in same-store sales help boost profits more than two per cent in the first quarter to $80.7 million. Revenues were $643.5 million, up from $582.6 million as same-store sales increased two per cent. Tim Hortons shares lost $2.50 to $45.37.

Canadian Tire Corp. (TSX:CTC.A) shares rose $1.03 to $62.84 as the retailer reported first-quarter profit rose 13.3 per cent to $58.4 million despite an unseasonable early spring. Retail sales were up 3.7 per cent.

Gammon Gold Inc. (TSX:GAM) shares gained 23 cents to $9.26 as it said its first-quarter profits rose to $23.6 million as its gold sales strengthened.

Investment firm and asset manager Onex Corp. (TSX:OCX) reported Wednesday that it booked a US$204-million net loss in the first quarter of 2011, or $2.53 per share, compared to a year-earlier loss of $8 million or 89 cents per share. Onex shares added 83 cents to C$37.40.

For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html

About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: clearlease@gmail.com
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease

###

Video Link: http://youtu.be/f_kk7WJa7Uk

Dominion Lending Centres Clearlease Reports Toronto stock market turns positive as commodity prices shake off early losses

VANCOUVER, BC – (May 12, 2011) Clearlease Reports The Toronto stock market turned slightly higher Thursday afternoon as resource sectors turned higher in response to stabilizing commodity prices.

The S&P/TSX composite index gained 14.84 points to 13,434.58 after diving 155 points during the morning to below where the main index started the year. The improvement also followed a 222-point plunge Wednesday as worries about slowing economic conditions triggered further volatility on commodity markets.

The TSX Venture Exchange fell 14.07 points to 2,056.16.

The Canadian dollar was also well off early lows, down a fifth of a cent to 103.85 cents US as the U.S. dollar lost some strength.

The TSX was negative for most of the morning after prices for oil and metals fell further in response to another move by China to have most of its banks increase the amount of money they hold in reserves to curb inflation after higher than expected price increases in April.

The central bank’s order was the fifth reserve increase this year and came a day after the government reported April inflation was 5.3 per cent.

“The obvious impact is slower (Chinese) growth which means less growth in consumption of commodities and hence lower prices and lower share prices,” said Robert Gorman, chief portfolio strategist at TD Waterhouse.

“They’re being pretty aggressive here and actually that is a good thing for having more sustained growth going forward. But in the short term, things are taking a bit of a kicking.”

Commodity prices have been dropping for more than a week amid higher margin requirements and worries about weakening global economic conditions.

But prices moved off early, sharp declines as the American dollar lost some earlier strength.

The TSX energy sector was up 0.17 per cent as the June crude contract on the New York Mercantile Exchange gained $1.45 to US$99.66 a barrel. Oil had plunged as low as US$95.25 following a warning from the International Energy Agency that higher crude prices are hurting demand in the United States. It said that preliminary March data suggest near zero annual growth in global oil demand for the first time since the summer of 2009.

Suncor Energy (TSX:SU) fell 20 cents to C$39.11 while EnCana Corp. (TSX:ECA) gained 34 cents to $31.64.

Spreading unrest across the Middle East helped send oil prices jumping from the US$85 level in mid-February to a recent high of about US$115 a barrel April 29 which, in turn, sent gasoline prices much higher.

The IEA said that “US$4-a-gallon gasoline is likely to yield an anaemic U.S. driving season.”

“This is the main change to our demand forecast — a weaker 2011 profile in North America,” it added.

On Wednesday, crude fell over US$5 after the U.S. Energy Information Administration shocked investors with the news that U.S. gasoline demand dropped 2.4 per cent last week, the largest drop in seven consecutive weeks of declines, and that oil supplies grew by 3.8 million barrels, more than twice as much as analysts expected.

Copper prices also recovered from early losses sparked by concerns about repeated moves to slow the Chinese economy and the July contract on the Nymex was up seven cents at US$3.99 a pound after tumbling 13 cents Wednesday. China is the world’s biggest consumer of copper.

The TSX base metals sector rose 0.64 per cent with Teck Resources (TSX:TCK.B) ahead 57 cents to $46.07 while Sherritt International (TSX:S) improved by 38 cents to $7.44.

Gold stocks also turned positive as bullion prices climbed $5.10 to US$1,506.50 an ounce. Goldcorp Inc. (TSX:G) rose 36 cents to $46.41 while Barrick Gold Corp. (TSX:ABX) added 25 cents to C$44.07.

Iamgold Corp. (TSX:IMG) had a first-quarter profit of US$162.3 million, up from $60.2 million a year ago, helped by increased production and higher gold prices and its shares were down 39 cents at $18.20.

Corporate earnings also helped support the TSX after BCE Inc. said its first-quarter profits tumbled 28.7 per cent to $503 million from the same time a year ago when it booked gains from selling its stake in satellite services company SkyTerra Communications Inc. On an adjusted basis, earnings were equal to 72 cents per share, three cents higher than analyst predictions. Its shares gained 92 cents to $37.86.

The tech sector was the biggest decliner mid-afternoon with Research In Motion Ltd. (TSX:RIM) down 36 cents to $42.12.

New York markets also turned higher with the Dow Jones industrial average up 83.41 points at 12,713.44.

The Nasdaq composite index gained 19.9 points to 2,864.96 while the S&P 500 index advanced 8.62 points to 1,350.7.

In other earnings news, coffee and donut chain Tim Hortons Inc. (TSX:THI) said an improvement in same-store sales help boost profits more than two per cent in the first quarter to $80.7 million. Revenues were $643.5 million, up from $582.6 million as same-store sales increased two per cent. Tim Hortons shares lost $2.50 to $45.37.

Canadian Tire Corp. (TSX:CTC.A) shares rose $1.03 to $62.84 as the retailer reported first-quarter profit rose 13.3 per cent to $58.4 million despite an unseasonable early spring. Retail sales were up 3.7 per cent.

Gammon Gold Inc. (TSX:GAM) shares gained 23 cents to $9.26 as it said its first-quarter profits rose to $23.6 million as its gold sales strengthened.

Investment firm and asset manager Onex Corp. (TSX:OCX) reported Wednesday that it booked a US$204-million net loss in the first quarter of 2011, or $2.53 per share, compared to a year-earlier loss of $8 million or 89 cents per share. Onex shares added 83 cents to C$37.40.

For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html

About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: clearlease@gmail.com
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease

###

Video Link: http://youtu.be/f_kk7WJa7Uk

Dominion Lending Centres Clearlease Reports Toronto stock market turns positive as commodity prices shake off early losses

VANCOUVER, BC – (May 12, 2011) Clearlease Reports The Toronto stock market turned slightly higher Thursday afternoon as resource sectors turned higher in response to stabilizing commodity prices.

The S&P/TSX composite index gained 14.84 points to 13,434.58 after diving 155 points during the morning to below where the main index started the year. The improvement also followed a 222-point plunge Wednesday as worries about slowing economic conditions triggered further volatility on commodity markets.

The TSX Venture Exchange fell 14.07 points to 2,056.16.

The Canadian dollar was also well off early lows, down a fifth of a cent to 103.85 cents US as the U.S. dollar lost some strength.

The TSX was negative for most of the morning after prices for oil and metals fell further in response to another move by China to have most of its banks increase the amount of money they hold in reserves to curb inflation after higher than expected price increases in April.

The central bank’s order was the fifth reserve increase this year and came a day after the government reported April inflation was 5.3 per cent.

“The obvious impact is slower (Chinese) growth which means less growth in consumption of commodities and hence lower prices and lower share prices,” said Robert Gorman, chief portfolio strategist at TD Waterhouse.

“They’re being pretty aggressive here and actually that is a good thing for having more sustained growth going forward. But in the short term, things are taking a bit of a kicking.”

Commodity prices have been dropping for more than a week amid higher margin requirements and worries about weakening global economic conditions.

But prices moved off early, sharp declines as the American dollar lost some earlier strength.

The TSX energy sector was up 0.17 per cent as the June crude contract on the New York Mercantile Exchange gained $1.45 to US$99.66 a barrel. Oil had plunged as low as US$95.25 following a warning from the International Energy Agency that higher crude prices are hurting demand in the United States. It said that preliminary March data suggest near zero annual growth in global oil demand for the first time since the summer of 2009.

Suncor Energy (TSX:SU) fell 20 cents to C$39.11 while EnCana Corp. (TSX:ECA) gained 34 cents to $31.64.

Spreading unrest across the Middle East helped send oil prices jumping from the US$85 level in mid-February to a recent high of about US$115 a barrel April 29 which, in turn, sent gasoline prices much higher.

The IEA said that “US$4-a-gallon gasoline is likely to yield an anaemic U.S. driving season.”

“This is the main change to our demand forecast — a weaker 2011 profile in North America,” it added.

On Wednesday, crude fell over US$5 after the U.S. Energy Information Administration shocked investors with the news that U.S. gasoline demand dropped 2.4 per cent last week, the largest drop in seven consecutive weeks of declines, and that oil supplies grew by 3.8 million barrels, more than twice as much as analysts expected.

Copper prices also recovered from early losses sparked by concerns about repeated moves to slow the Chinese economy and the July contract on the Nymex was up seven cents at US$3.99 a pound after tumbling 13 cents Wednesday. China is the world’s biggest consumer of copper.

The TSX base metals sector rose 0.64 per cent with Teck Resources (TSX:TCK.B) ahead 57 cents to $46.07 while Sherritt International (TSX:S) improved by 38 cents to $7.44.

Gold stocks also turned positive as bullion prices climbed $5.10 to US$1,506.50 an ounce. Goldcorp Inc. (TSX:G) rose 36 cents to $46.41 while Barrick Gold Corp. (TSX:ABX) added 25 cents to C$44.07.

Iamgold Corp. (TSX:IMG) had a first-quarter profit of US$162.3 million, up from $60.2 million a year ago, helped by increased production and higher gold prices and its shares were down 39 cents at $18.20.

Corporate earnings also helped support the TSX after BCE Inc. said its first-quarter profits tumbled 28.7 per cent to $503 million from the same time a year ago when it booked gains from selling its stake in satellite services company SkyTerra Communications Inc. On an adjusted basis, earnings were equal to 72 cents per share, three cents higher than analyst predictions. Its shares gained 92 cents to $37.86.

The tech sector was the biggest decliner mid-afternoon with Research In Motion Ltd. (TSX:RIM) down 36 cents to $42.12.

New York markets also turned higher with the Dow Jones industrial average up 83.41 points at 12,713.44.

The Nasdaq composite index gained 19.9 points to 2,864.96 while the S&P 500 index advanced 8.62 points to 1,350.7.

In other earnings news, coffee and donut chain Tim Hortons Inc. (TSX:THI) said an improvement in same-store sales help boost profits more than two per cent in the first quarter to $80.7 million. Revenues were $643.5 million, up from $582.6 million as same-store sales increased two per cent. Tim Hortons shares lost $2.50 to $45.37.

Canadian Tire Corp. (TSX:CTC.A) shares rose $1.03 to $62.84 as the retailer reported first-quarter profit rose 13.3 per cent to $58.4 million despite an unseasonable early spring. Retail sales were up 3.7 per cent.

Gammon Gold Inc. (TSX:GAM) shares gained 23 cents to $9.26 as it said its first-quarter profits rose to $23.6 million as its gold sales strengthened.

Investment firm and asset manager Onex Corp. (TSX:OCX) reported Wednesday that it booked a US$204-million net loss in the first quarter of 2011, or $2.53 per share, compared to a year-earlier loss of $8 million or 89 cents per share. Onex shares added 83 cents to C$37.40.

For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html

About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: clearlease@gmail.com
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease

###

Video Link: http://youtu.be/f_kk7WJa7Uk



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