Closing Bell Gold miners lead the way to solid gain on the

Closing Bell Gold miners lead the way to solid gain on the


TORONTO — The Toronto stock market closed higher Monday as traders picked up beaten-down gold stocks while bullion prices had their biggest one day move upward in more than a year.Here are the closing numbersTSX — 12,758.38 +73.25 0.58%S&P 500 — 1,695.53 +3.44 0.20%Dow — 15,545.55 +1.81 0.01%Nasdaq — 3,600.39 +12.78 0.36%The S&P/TSX composite index gained 73.25 points to 12,758.38 on top of four straight weeks of gains as traders also looked towards a busy earnings week for Canadian corporations.The Canadian dollar was ahead 0.21 of a cent to 96.67 cents US.U.S. indexes were lacklustre amid an earnings disappointment from McDonald’s and some weakness from the housing sector as the Dow Jones industrials added 1.81 points to 15,545.55, the Nasdaq was 12.77 points higher to 3,600.39, while the S&P 500 index rose 3.44 points to a new record high of 1,695.53.Overall, earnings at U.S. companies have shown more positive surprises than disappointments.But McDonald’s fell short of expectations Monday as the world’s biggest fast-food purveyor said second-quarter profit rose to US$1.4 billion, or $1.38 a share, from $1.35 billion, or $1.32 a share, a year earlier. Sales rose 2% to $7.08 billion. Analysts had expected earnings of $1.40 a share on sales of $7.08 billion. Don Thompson, president and chief executive officer, said he expects the results for the rest of 2013 “to remain challenged” and shares of McDonald’s fell 2.7% to $97.58.In Canada, Canadian National Railway (TSX:CNR) reported earnings per share of $1.69, seven cents better than forecast and up from $1.44 a year ago. Revenue was $2.67 billion versus the $2.7 billion that analysts had expected. CN shares had closed down 49 cents to $105.06.Railway giant Canadian Pacific (TSX:CP) reports earnings on Wednesday.Also after the close, online video streaming company Netflix handed in earnings of 49 cents US, nine cents better than expectations. Revenue of $1.07 billion matched expectations.On the economic front, existing home sales fell by 1.2% in June to a seasonally adjusted annual rate of 5.08 million but remained near a 3 1/2 year high. Economists had expected a rise of 1.4%.The gold sector continued to claw back some of the steep losses racked up so far this year, with the component up about 6.5% while August bullion ran up $43.10 to US$1,336 an ounce, climbing above $1,300 for first time in a month. It was the biggest one-day gain since June 2012.“Gold stocks have come down so much, and we have a bit of a rally in gold prices and people are starting to move in and say these things got oversold,” said Ian Nakamoto, director of research at MacDougall, MacDougall and MacTier.“I think something like a Goldcorp is sort of implying a price of $800 an ounce, which is way too low. Could it get there? Sure, in a real bear market, but I think in general, the stocks have come down percentage-wise much greater than the bullion.”The TSX global gold sector is still down 35% year-to-date, but it earlier had been down about 50%, while the price of bullion is only down 20% so far in 2013.Prices were close to US$1,500 an ounce in early May but started to drop later that month after Federal Reserve Chairman Ben Bernanke said the central bank could start tapering its monthly US$85 billion of bond purchases if economic conditions warrant. But prices started to revive after Bernanke said last week that the economy still needs stimulus.On Monday, Barrick Gold Corp. (TSX:ABX) ran up $1.09 to C$18.25 while Goldcorp Inc. (TSX:G) improved by $1.63 to $29.97.The base metals sector was ahead 1.5% while September copper was up five cents to US$3.19 a pound. Teck Resources (TSX:TCK.B) gained 49 cents to C$23.97. Teck is the biggest Canadian mining company to report this week and analysts forecast the Vancouver-based company will post adjusted earnings of 33 cents a share on Thursday, down from 53 cents a year ago.The energy sector was up a slight 0.2% as the soft housing data helped push the September crude contract on the New York Mercantile Exchange down 93 cents to US$106.94 a barrel.But prices have still jumped about 10% this month, underpinned by three weeks of declining U.S. stockpiles. Rising prices have lifted TSX energy stocks and the sector has gained more than 5% this month. Cenovus Energy (TSX:CVE), which reports earnings Wednesday, climbed 23 cents to C$32.48.A lower dollar helped support commodity prices because a weaker greenback makes it less expensive for holders of other currencies to buy oil and metals which are dollar-denominated.The telecom sector was the biggest decliner, down 2%. BCE Inc. (TSX:BCE) was 99 cents lower to $42.30 while Rogers Communications (TSX:RCI.B) fell 93 cents to $41.15. Rogers posts its quarterly earnings on Wednesday.In other resource sector earnings, gold miner Agnico-Eagle Mines and gas giant Encana (TSX:ECA) report on Wednesday, while Husky Energy (TSX:HSE) will post its results Thursday.Outside of the resource sectors, grocer Loblaw Cos. Ltd. (TSX:L) reports results Wednesday.In other corporate news, Intact Financial Corp. (TSX:IFC) says several recent Canadian disasters, including flooding in Alberta, the Lac-Megantic train derailment and a heavy rain storm in the Toronto area, will result in more than $270 million of losses in its second and third quarter. The Toronto-based company is one of Canada’s largest property insurers. Its shares gained $1.85 to $59.38.TOP STORIESWhy the bull market will continue — at least until the end of the yearIntact the first of many players that could be hit by string of disastersExpensive spectrum auction could be a deterrent for VerizonWHAT’S ON DECK TUESDAYECONOMIC NEWSCANADA8:30 a.m. — Canadian retail sales for MayUNITED STATES7:45 a.m. — ICSC same-store sales (July 20)9 a.m. — FHFA House Price Index for MayCORPORATE NEWSUNITED STATESApple Inc. earnings: Analysts expect $7.33/shareAOL Inc. earnings: Analysts expect 0.32 cents/shareAT&T Inc. earnings: Analysts expect 0.69 cents/shareUnited Technologies Corp. Analysts expect $1.58/share


Lae to savour big grand final day

first_imgPresident Alex Toki says this grand final will be one of the biggest in the history of soccer in the LFA and will feature all the 11 division teams, both women and men’s.Toki says the grand final day will feature under 17, Under 20, Under 20 Reserves grade both men’s and women’s , 1st Division men’s, A League and Premiers.Toki says two fields will be used and before the main grand final there will be a curtain raiser game between Lae Masters and Wau Masters, both team’s players comprise old Morobe soccer players plus the grand final of Meri Futbol in junior women’s  program.Toki said in under 17 women’s,  Bara will take on 12A Pascols while in Men’s Balob will go up against Zilu Scientific West. In under 20 women’s 8 Mile Pukpuks will challenge Malabu  while Men’s will see Ahi taking on ADCO and Balob up against Malabu in under 20 division two.Another grand final match in the under 20 reserve division two will see City United challenging Blue Kumuls while in other reserves men’s,  Poro will challenge Trobriand Island.The main game in the afternoon will be between Wantoks and Lae Biscuit Poro  in women’s A League division while B League men’s  will feature Eriku wawens testing  Chakalua and will end with Premier League division grand final between City United taking on Lae Biscuit Poro.Toki said that the games will feature new and upcoming NSL players and urged NSL team selectors to make their way to Lae and watch the game.last_img

Cup and Plate teams confirmed for Amaiu 7s Cup

first_imgIn the plate grand final, Brothers (1) will go up against North East.Brothers thrashed Nova 38-14 in the semi-final while North East were too strong for Wanderers  (1),  winning 28-0.In the Cup grand final, the University Piggies will play the Harlequins.Piggies edged out Baike Brothers 22-21.In the second Cup grand final, Harlequins romped home to victory over Defence 22-19.last_img

Muruks to get back to basics

first_img“We’re just lacking getting the basics right at the moment. We’re not completing our sets of six, our ball control is poor and so is our defence.“The Gurias capitalized on this and beat this. They were the better side yesterday afternoon. “This week at training will be about getting back to the basics and making sure we do the simple things right,” said Kereme.He added that there will definitely be changes made for this Sunday’s round 4 clash against the TNA Simbu Lions at home in Mendi.The Muruks have lost two games this season and are sitting second last on the ladder with 1 competition point.This came from a 16-16 draw with the Wamp Nga Mt.Hagen Eagles in round two.last_img

NRL steps up its Voice Against Violence

first_imgOn the eve of Representative Round, representative players from Australia, New Zealand, City, Country and Pacific teams gathered at Rugby League Central in a combined show of support and to reaffirm efforts to end domestic violence.Representative players included Corey Parker (Kangaroos), Ruan Sims (Jillaroos), Sarina Fiso (Ferns), James Maloney (Country), Wade Graham (City), Peni Terepo (Tonga), Stanton Albert (PNG) and Eloni Vunakece (Fiji).The NRL has worked alongside domestic violence partners Our Watch, White Ribbon and Rape and Domestic Violence Services Australia to develop additional resources and education tools in the fight against domestic violence, with a new commercial, website and education sessions announced today.Ambassador Alan Tongue will lead a group of NRL ambassadors in visiting communities throughout regional and rural Australia, helping to educate young men in particular on the importance of standing up, speaking out and taking action against domestic violence.”Our strong stance against this terrible issue is one of the most important messages that we can impart on communities and as a game, we will continue to do everything we can to prevent domestic violence,” Mr Tongue said.”We have a responsibility to our Rugby League players, their families and our communities at large to ensure they receive the education, support and resources available to make informed decisions and ultimately, make positive and consistent behaviour choices.”Kangaroos player Matt Scott will join Kangaroos coach Mal Meninga in a new commercial that highlights the need to communicate and speak out against domestic violence before it is too late.And a new website has been created, providing testimonials and interviews with former and current rugby league players, together with support options and advice from the NRL’s domestic violence partners.The NRL has received funding from ‘Our Watch’ (an independent, not for profit organisation aimed at eradicating domestic violence) to continue to reach existing and new communities and educate communities that violence of any kind is not okay.CEO Mary Barry congratulated the NRL on its continued stand against domestic violence and additional resources announced.”This isn’t a sporting issue or a rugby league issue, however sport has the opportunity to play an important role in preventing violence against women and their children,” said Ms Barry.”Sporting clubs and organisations bring together large numbers of people and are a ready-made environment to promote women’s participation and opportunities to eliminate gender-based discrimination, disrespect for women and violence-supportive attitudes.”It is pleasing that this is what the NRL is doing and the code should be commended for providing ongoing awareness towards ending discrimination and violence against women.”The NRLs domestic violence commercial will air for the first time during the upcoming Downer Test Match on Friday 6 May and education resources can be viewed online. Key messages:• One in three women in Australia have experienced physical violence.  This is unacceptable.• The NRL, together with players, Clubs, States, Pacific neighbours and communities, wants to continue to be a catalyst for change and contribute directly to the long-term prevention of domestic violence.• The game is strengthening its ongoing work and resolve to stand up, speak out and take action against domestic violence – forming a coalition alongside domestic violence experts, to change the behaviours, attitudes and actions of those in our communities that think domestic violence is ok.• The NRL has received funding from ‘Our Watch’ (a Federal Government department aimed at eradicating domestic violence) to continue to reach existing and new communities and educate young males in particular, that violence of any kind is not ok.• Voice Against Violence includes a Grassroots program for 16 – 18 year olds, a new commercial and website, aimed at decreasing and ultimately, ending domestic violence.last_img

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