Toronto and New York Markets Show Mixed Performance Ahead of Long Weekend

Strategic Insights -

The Toronto market showed better form than the New York market, with a 39.79-point increase on the week, while the New York market closed lower after a mixed performance. The Dow Jones industrial average finished down 15.86 points at 3,885.58, while the Toronto Stock Exchange 300 composite eased just 0.12 points to 4,344.22.

Key Takeaways:

  • The Toronto Stock Exchange 300 composite increased 39.79 points on the week, while the Dow Jones industrial average finished down 15.86 points at 3,885.58.
  • The broader market in New York showed weakness, with declines outnumbering advances 1,066 to 953.
  • Toronto showed considerably better form, with rising issues outpacing losers 382 to 315.
  • Cyclical issues performed well, with golds and metals adding 1.54% and 8.01% on the week, respectively.
  • Real estate was the dog of the day and the week, with losses of 1.52% and 3.5%, respectively.
  • Cott continued its recovery, jumping $2.37 to $19.12 following a $1.87 climb on Thursday.
  • Other big gainers included Golden Star Resources, Franco-Nevada, and International Musto Explorations.
  • Texaco Canada was halted for news that Canadian 88 Energy has an offer for all its shares at $1.60 each.
  • Bonds charted the way for stocks in New York yesterday, but other factors, including traders squaring off for the weekend, also played a role.

Statistics:

  • The Toronto Stock Exchange 300 composite eased just 0.12 points to 4,344.22, which left the index with a 39.79-point increase on the week (Source: "Toronto's Stock Exchange 300" article).
  • 382 issues rose, 315 declined, and 333 remained unchanged in Toronto (Source: "Toronto's Stock Exchange 300" article).
  • 63,067,000 shares changed hands in Toronto, with $658.1-million in value traded (Source: "Toronto's Stock Exchange 300" article).
  • 216 million shares changed hands in New York, with the Dow Jones industrial average finishing down 15.86 points at 3,885.58 (Source: Dow Jones article).
  • 1,066 to 953 declines outnumbered advances in the New York broader market (Source: Dow Jones article).
  • Cyclical issues performed well, with golds adding 1.54% and 8.01% on the week, respectively (Source: David Mather, senior vice-president of Elliott & Page investment counsels).
  • Real estate was the dog of the day and the week, with losses of 1.52% and 3.5%, respectively (Source: David Mather, senior vice-president of Elliott & Page investment counsels).

Sources:

  • "Toronto's Stock Exchange 300" article
  • Dow Jones article
  • David Mather, senior vice-president of Elliott & Page investment counsels
  • Steven Nowack, a Toronto-based arbitrager in U.S. stocks