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Ai Driven Investment Strategies
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Posted by Treasure Picks at 12:39 PM
(Refiles to remove extraneous word in fourth paragraph)
* TSX up 106.26 points, nearly 1 pct, at 11,306.43
* Nine of 10 main sectors higher (Updates with details, comments)
By Claire Sibonney
TORONTO, July 7 (Reuters) - Toronto's main stock index rallied for a second day on Wednesday as a rebound in oil prices and a deal by Total SA
French oil major Total agreed to buy UTS for C$1.5 billion ($1.42 billion) in cash, twice the amount it offered for the Canadian oil sands developer 18 months ago. [ID:nSGE66609U]. The news boosted UTS shares 65 percent to C$3.47.
As well, U.S. crude oil futures bounced higher, sending the energy group up 1.8 percent. Suncor Energy
The base-metal mining subsector shot up 4.3 percent while financials edged 0.7 percent higher.
Teck Resources
"Just a little bit of a relief rally after we've had such a negative tone for a while," said Paul Taylor, chief investment officer at BMO Harris Investment Management.
"I think a lot of investors are doing some bottom-fishing here with some valuations that have come back significantly."
At 11 a.m. (1500 GMT), the Toronto Stock Exchange's S&P/TSX composite index <.GSPTSE> was up 106.26 points, almost 1 percent, at 11,306.43. Nine of the 10 sectors were higher. Healthcare stocks fell 0.2 percent.
Worries about a Europe-wide stress test for banks were also in focus as a European committee of bank supervisors was set to outline a methodology for stress tests of about 100 banks. [ID:nLDE6660SG]
($1=$1.05 Canadian) (Reporting by Claire Sibonney; editing by Rob Wilson)
Posted by Treasure Picks at 12:38 PM
* Says not got reason for denial of environmental permit
* Not aware of implications on mine
* Says to approach appeals court, may go to Supreme Court
July 7 (Reuters) - Canada's New Gold
Operations at the mine were suspended in November last year after the country's environment ministry, SEMARNAT, acting on a federal court ruling, revoked the mine's 2006 environmental permit.
New Gold said it had not yet got a written reason for the denial and that it was not aware of the effect on the mine in San Luis Potosi.
New Gold said it would file an appeal in the appeals court after reviewing the full decision and that it may also file an application with the Supreme Court.
The company said it was in talks with both SEMARNAT and PROFEPA, Mexico's environmental enforcement agency, to work towards the uninterrupted operation of the mine.
Shares of the Vancouver, British Columbia-based company closed at C$6.08 Tuesday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Savio D'Souza)
Posted by Treasure Picks at 10:27 AM
* State Street jumps on earnings outlook
* Family Dollar's forecast weighs on retailers
* Indexes up: S&P 500 0.9 pct, Dow 0.8; Nasdaq 0.9 pct
* For up-to-the-minute market news see [STXNEWS/US]
(Updates to open)
By Edward Krudy
NEW YORK, July 7 (Reuters) - Wall Street rose on Wednesday as a higher profit outlook from bank State Street Corp reinforced hopes of a better-than-expected earnings season and trumped fears of slower global economic growth.
Banks rallied after heavy losses in recent weeks, with the KBW bank index <.BKX> up 1.8 percent as State Street's forecast reinforced expectations that banks without exposure to trading would perform well in the coming earnings season.
"The earnings data provided by State Street is one of the key factors boosting the market today," said Nick Kalivas, an analyst at MF Global in Chicago. Kalivas said investors were starting to reposition for earnings season next week.
The Dow Jones industrial average <.DJI> gained 71.30 points, or 0.73 percent, to 9,814.92. The Standard & Poor's 500 Index <.SPX> gained 9.57 points, or 0.93 percent, to 1,037.63. The Nasdaq Composite Index <.IXIC> gained 20.91 points, or 1.00 percent, to 2,114.79.
State Street
The S&P 500 index has fallen around 15 percent since a recent peak on April 23 and is down 7.5 percent since the start of the year as fears about the economy have weighed on stocks. Selling has been heavy in recent weeks on signs of a slowdown in the U.S. recovery.
Bringing its S&P 500 index year-end target more into line with the market, UBS lowered its forecast to a level of 1,150 from 1,350 to reflect modestly weaker earnings growth and longer-term secular headwinds.
Family Dollar Stores Inc
The shares fell 7.8 percent to $36.35 and were a drag on the retail sector.
BP Plc
Posted by Treasure Picks at 10:27 AM