Shares Fall, But Beat the Street
May 08, 2011
The Toronto Stock Exchange 300 Composite Index declined 6.30 to 5186.70, after gaining 10.90 Friday. In New York, the Dow Jones Industrial Average fell 28.85 to 5693.89, on renewed concerns over signs that members of the U.S. Federal Reserve differ on whether to increase interest rates to control any upward pricing pressure. In Toronto, declining issues edged advancers, 459 to 454. Volume totaled 77.8 million shares valued at 1.1 billion Canadian dollars, up slightly from Friday's total of 76.8 million shares valued at C$995.1 million. Seven of the 14 stock groups fell, with the transportation group dropped most, falling 0.95%. In the group, Laidlaw's B shares fell 0.15 to 13.15. But the pipeline group jumped 1.91%, and the bank sector rose 0.24%. With Canadian bond yields easing Monday, the relatively high dividend yields of both banks and pipelines looked that much more attractive, noted Isaiah Michaele, portfolio manager of ABC funds. Among the pipelines, TransCanada Pipelines rose 0.50 to 22.10, while Bank of Nova Scotia rose 0.20 to 34 to lead the bank sector. Overall, ``I see fundamental strength,'' in the equity market, Mr. Michaele said. And the continued strength of the Canadian dollar in the face of the central bank's low interest-rate policy in Canada underscores this view, he said. The heavily-weighted gold sector played a minor role, edging up 0.19%, even though the New York Mercantile Exchange gold price rose 1.50 U.S. dollars to US$423 an ounce.
VastPress 2011 Vastopolis
