he Market Direction Outlook for the Toronto Stock Exchange for Thursday was for a lower close. Instead, for a while at least, the TSX was up around the 15180 level before closing back at 15103.11.
Gold slipped below 1200 again, but the gold sector was up 0.75% on the day. George Weston Stock moved higher to $104.22 as earnings rose dramatically from $135 million for the quarter last year to $212 million for the same quarter this year. Earnings were up to $1.58 a share versus last year’s 98 cents for the same quarter.
Crude oil hung on just above $50 a barrel at $50.76 despite falling back 77 cents.
Meanwhile the big news from Encana on Wednesday that it was issuing another $1.25 billion of shares sent a few shivers down the energy sector. Stocks in that sector closed down about a quarter of a percent. Meanwhile Encana shares were down 3.22% to $14.77. This reminds me of Barrick Gold Corp who keep diluting share holder value as they try to shore up their balance sheet. But while Encana was having trouble, Canadian Natural Resources said its profit had almost tripled to $1.09 a share on revenue of $1.2 billion for the quarter. They announced a rise in their quarterly dividend of half a cent to 23 cents per share. CNQ shares closed at $38.64 up $1.86 on the day.
The rest of this TSX Market Direction Outlook article is for FullyInformed Canada members. … read more.
For FullyInformed Canada members, here is the Market Direction Outlook for the Toronto Stock Exchange for March 6 2015.
TSX Market Direction Outlook for Mar 6 2015
FullyInformed Canada Members can login through this link to read the market direction outlook for the Toronto Stock Exchange for March 6 2015 or members can sign in to the full Canada members site here. Investors can join FullyInformed’s Canada section or read about the benefits of being a member through this link.
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