Canada Stocks Fall As Oil Shares Slide Amid U.s. Shutdown

Canada Monetary Reserves Rise $1.464 Bln in Sept from Aug

Invalid entry: Please type the verification code again. October 3, 2013, 8:36 a.m. ET Canada Monetary Reserves Rise $1.464 Bln in Sept from Aug By Judy McKinnon Canada’s official international reserves rose $1.464 billion in September, the federal Finance Department reported. At Sept. 30, the reserves of foreign currencies, gold and other monetary assets totaled $71.392 billion, up from $69.928 billion a month earlier. All reserve figures are reported in U.S. funds. The government reported no official intervention in the foreign-currency market in September. Month-end gold holdings stood at 98,107 ounces following the sale of 1,632 ounces of gold coins in September. The finance department reported that the amount of Canada bills outstanding decreased by $135.9 million to $2.140 billion at Sept. 30. Canada bills are short-term securities sold on the U.S. money market. Canada’s finance department said the foreign-currency reserves at Sept. 30 included: securities $57.235 billion, deposits $611 million, gold $130 million, special drawing rights $8.641 billion, reserve position in the International Monetary Fund $4.775 billion.

Canada Hot Stocks: BlackBerry, BNK Petroleum, Cequence, Imax

and Telus Corp. dropped more than 0.8 percent to pace declines among phone stocks. Semafo Inc. jumped 6.7 percent as gold rebounded. Paladin Energy Ltd. added 6.4 percent after reporting cost-cutting plans. Air Canada gained 4 percent after winning a pair of slots for flights to a Tokyo airport. BlackBerry Ltd. reversed losses after a report that the company has drawn the interest of Cerberus Capital Management LP. The Standard & Poors/TSX Composite Index (SPTSX) fell 8.44 points, or 0.1 percent, to 12,839 at 4 p.m. in Toronto. The index has gained 3.3 percent this year for the third-worst performance among developed markets, ahead of only Hong Kong and Singapore . Trading volume was in line with the 30-day average today. There was a lot of buying yesterday that was jumping the gun, Bob Decker , a fund manager with Aurion Capital Management, said in a phone interview from Toronto. His firm manages about C$6 billion ($5.81 billion).

Canada’s affluent bouncing back after 2008 recession

However, were also hearing from many of our clients that they remain somewhat concerned about global market fluctuations and they want to insulate their wealth as best as possible against a downturn, she added. But theyre not shy about spending extra money, with the study showing affluent Canadians returning to their pre-recession spending levels. They are currently spending more than, or the same as, they did prior to September 2008 in several key areas, including entertainment and leisure activities (89 per cent), travel and vacations (86 per cent), club memberships (78 per cent), clothing and accessories (75 per cent) and collections and hobbies (72 per cent). Increased spending shows confidence in the economy and helps spur economic activity. Were delighted to see such a high percentage of high-net worth Canadians opening up their wallets, she said. The survey also revealed that almost half (47 per cent) of wealthy Canadians expect Canadas economy to improve this year, expecting solid gains in stocks and real estate in the next five years. They survey shows affluent Americans are more optimistic about what the future holds for the Canadian economy than their counterparts to the north, with 61 per cent stating that they expect increased prosperity for Canada. Meanwhile, 61 per cent of the well-to-do on this side of the border are optimistic about what the future holds for the U.S. economy. Fifty-five per cent expect to see gains in Asia but just 19 per cent expect the financial situation in Europe to improve in the near future. Interestingly, well-off Ontarians lag the national scene, with just under half (46 per cent) saying they are better off now than they were prior to the recession. They appear to be cautiously optimistic compared to the rest of Canada, though it bodes well for the economy that they too are back to their old spending habits, said Ryan McNally, BMO Harriss regional director and managing director for the GTA, in a release. The BMO study is the second in a series this year examining trends among Canadas affluent. We value respectful and thoughtful discussion.

Seperate multiple addresses with Commas. Must enter an email address. You must enter the verification code below to send. Invalid entry: Please type the verification code again. October 3, 2013, 11:25 a.m. ET Canada Hot Stocks: BlackBerry, BNK Petroleum, Cequence, Imax Text Among the companies whose shares are making notable moves in Thursday’s session are BlackBerry Ltd. (BBRY), BNK Petroleum Ltd. (BKX.T), Cequence Energy Ltd. (CQ.T) and Imax Corp. (IMAX). BlackBerry ($7.87, down 1.2%) shares are back in negative territory after getting a boost Wednesday from news it’s drawn the interest of distressed-investing specialists including Cerberus Caiptal Management LP. BNK Petroleum (C$1.51, up 24%), in an update on its Caney oil shale operations in Oklahoma, said the Hartgraves 5-3H well has averaged 1,200 barrels of oil equivalent a day in the four days leading up to Wednesday. It said the early production “is more constant and twice as good as the best and previously drilled and fracture stimulated Caney well.” Cequence Energy (C$1.61, up 3.9%) said a unit of Canada Pension Plan Investment Board has agreed to invest C$60 million in unsecured five-year notes of the company, and may invest another C$60 million at a future date. It also said it expects a production exit rate of 12,000 barrels of oil equivalent a day this year, rising to 15,000 for 2014.

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