After the Canadian dollar got a boost from yesterday?s hot retail sales print, the currency pulled back on falling commodity prices. Precious medals such as gold and silver declined 1.21 percent and 1.73 percent respectively.
Together with UK investment firm Henderson Global Investors, the Canada Pension Plan Investment Board will buy a mall in Canterbury, England for $540 million. Additionally, the CPP has invested 320 million in Henderson’s UK Shopping Center Fund.
EnCana Corp. reported a 33 percent decline in second-quarter profits. Nevertheless, CEO Randy Eresman increased the annual outlook for EnCana on account of its strong oilsands business.
[I]Source: Financial Post[/I]
Nova Chemicals reported second-quarter earnings slowing to $80 million from last year?s $160 million net income. Nova shares dropped 82 cents to $39.05.
[B]Currency Markets: USDCAD[/B]
After the Canadian dollar got a boost from yesterday?s hot retail sales print, the currency pulled back on falling commodity prices. Precious medals such as gold and silver declined 1.21 percent and 1.73 percent respectively. Commodities make up about half of Canadian exports. After yesterday?s sales report, Canada?s calendar remains light through the weekend, causing investors to look to news from the US to drive the pair. The USDCAD most recently quoted at 1.0412.
[B]Equity Markets: S&P/TSX Index
[/B]After yesterday?s 400 point plummet, the S&P/TSX began to recover some of its losses today. EnCana Corp., one of the drivers in yesterday?s collapse, was up $1.08 to $63.80, leading today?s gains. EnCana outpaced analysts? earning expectations of $1.30 a share with gains of $1.50 a share. Barrick Gold Corp.?s 38 cent loss moderated the TSX?s advance as precious metals fell. The S&P/TSX most recently climbed 26.12 points to 14,094.28.
[B]Fixed Income Markets: Canadian Government 10-Year Bond
[/B]Investors run for cover amid lackluster US housing reports. With nothing slated for Canada?s docket, investor credit concerns reemerge as they look at subprime mortgage shockwaves continue to disintegrate the housing sector. Declines were seen from today?s US reports, including MBA Mortgage Applications and Existing Home Sales. As investors ran to government investments for a sense of security, the 10-year government bond was pushed up to its most recently quoted price of 95.735, yielding 4.58 percent.