Canadian Western Bank logo

CWB - Canadian Western Bank News Story

C$26.57 -0.0  -0.0%

Last Trade - 25/09/20

Sector
Financials
Size
Mid Cap
Market Cap £1.36bn
Enterprise Value £3.19bn
Revenue £516.9m
Position in Universe 158th / 2683

CANADA STOCKS-TSX rises, led by gold miners after weak U.S. data

Thu 1st September, 2016 10:38pm
(Adds analyst quotes, details on index's performance; updates 
prices) 
    * TSX ends up 85.96 points, or 0.59 percent, at 14,683.91 
    * Eight of the TSX's 10 main groups move higher 
 
    By Fergal Smith 
    TORONTO, Sept 1 (Reuters) - Canada's main stock index rose 
on Thursday, led by gold mining stocks after weak U.S. 
manufacturing data tempered expectations for Federal Reserve 
interest hikes. 
    Gold rebounded from a two-month low as the U.S. dollar 
 .DXY  fell on manufacturing data that raised doubts about the 
economy's strength.  urn:newsml:reuters.com:*:nL1N1BD1IL 
    "Sloppy data" reduces expectations for a Fed rate hike in 
September, said Diana Avigdor, portfolio manager and head of 
trading at Barometer Capital Management. 
    U.S. jobs data is due on Friday, which may offer clues on 
the outlook for U.S. interest rates. 
    Gold miners gained after losing significant ground in 
August, with Barrick Gold  ABX.TO  adding 4.6 percent to 
C$23.31. 
    The global gold mining sub-sector  .SPTTGD  had lost some 20 
percent of its value in August, while spot gold  XAU=  was down 
around 3 percent over the same period. 
    The Toronto Stock Exchange's S&P/TSX composite index 
 .GSPTSE  closed up 85.96 points, or 0.59 percent, at 14,683.91. 
    Eight of the index's 10 main groups ended higher. 
    Indicators for the stock market are positive, including data 
that is not too hot and not too cold, investor ownership of 
equities that is low and cash levels that are high, Avigdor 
said. 
    The TSX has rebounded 27 percent from a 3-year low in 
January and is trading just below a 13-month peak reached in the 
middle of August. 
    Dollarama Inc  DOL.TO  was among the most influential movers 
on the index after it reported a higher-than-expected profit. 
Shares of the dollar store operator rose 4.4 percent to 
C$101.10.  urn:newsml:reuters.com:*:nL3N1BD405 
    Investors cheered the expansion of Tim Hortons into Britain. 
The coffee and doughnut chain's owner Restaurant Brands 
International Inc  QSR.TO  was up 1.9 percent at C$63.52. 
    Shares in Canadian Western Bank  CWB.TO  gained 0.3 percent 
to C$26.40 despite a drop in third-quarter earnings, while the 
overall financials group firmed 0.1 percent.  urn:newsml:reuters.com:*:nL8N1BD2QN 
    Energy dipped 0.1 percent as oil fell. U.S. crude oil 
futures  CLc1  settled $1.54 lower at $43.16 a barrel, pressured 
by supply glut worries.  O/R  
    The materials group, which includes precious and base metals 
miners and fertilizer companies, added 2.3 percent. 
    Potash Corp  POT.TO  fell 1.8 percent to C$23.33 after two 
days of gains tied to the announcement of merger talks between 
it and Agrium Inc  AGU.TO . Farmers plan to pressure regulators 
to protect their interests in any deal.  urn:newsml:reuters.com:*:nL1N1BC2LP 
    Shares in First Majestic Silver Corp  FR.TO  declined 2.5 
percent to C$15.41 after a hedge fund disclosed a short position 
in the stock.  urn:newsml:reuters.com:*:nL1N1BD0Q8 
 
 (Additional reporting by Alastair Sharp; Editing by Phil 
Berlowitz and James Dalgleish) 
 ((alastair.sharp@reuters.com; +1 416 941 8118; Reuters 
Messaging: alastair.sharp.thomsonreuters.com@reuters.net))
© Stockopedia 2020, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.