On Thursday the Toronto Stock Exchange managed to squeak out a small gain of 15 points but the index remains stuck below the 200 day moving average. There was quite a bit of news for the day including SNC-Lavalin who cut their outlook for growth along with jobs. Meanwhile oil was down 77 cents but energy stocks for the most part rose.
Canadian Natural Resources had strong earnings and gained $1.48 per share to $39.74 on income of 94 cents a share. While analysts spoke well of the revenue and profit it was still below last year’s $1.07 per share for the same period.
The same story held for the gold sector which rose more than 4% in general, while gold itself fell again, hitting 1142.60 an ounce.
The Canadian dollar is now down to 87.52 and comments regarding possible Quantitative Easing for the EU from the ECB President Mario Draghi bolstered the US dollar further, weakening both the Euro and the Canadian dollar.
The rest of this TSX market direction outlook article is for Canada Members.
TSX Market Direction Outlook for Nov 7 2014
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