TSX pokes ahead

Apr. 15, 2010 (Baystreet.ca) --

Canadian stocks may witness narrow movements Thursday after rising to a fresh 18-month high in the previous session. While commodities prices were leveling off, the just released economic data from across the border were sending mixed signals. The S&P/TSX Composite Index nipped ahead 15.10 points to begin today's session at 12,219.51 Strong quarterly GDP numbers from China also raised speculation that Beijing will tighten its monetary policy, which could negatively impact commodities prices overall. Earlier today, China reported 11.9% growth in its first-quarter GDP, beating economists' expectations for 11.7% growth. Mining stocks may be in focus after global miner Rio Tinto upped its production guidance for iron ore. The company expects to produce about 234 million tons of iron ore this year from mines in Australia and Canada. In corporate news from Canada, aircraft manufacturer Bombardier Aerospace said it clinched additional orders from Pluna Lineas Aereas Uruguayas S.A., which could increase the total contract value to $370 million from the present $120 million. Merchant banking company Pinetree Capital said Wednesday that it has acquired ownership of about 2.74 million common shares and about 1.37 million common share purchase warrants of Brownstone Ventures Inc. Communications and media company Rogers Communications said it will start offering Apple Inc's iPad by next month. Optical components maker Enablence Technologies said it will acquire Israel based Teledata Networks Ltd., in a cash and stock deal. Residential and commercial building constructor Boyuan Construction Group said it has received a conditional approval to list its common shares and debentures on the Toronto Stock Exchange in the coming weeks. Oil and gas company Universal Power announced that Maria Elliott has been appointed as the Company's Vice-President, Finance and Chief Financial Officer. The Canadian dollar remained ahead of its American cousin, gaining 0.05 cents to $1.0014 U.S. ON BAYSTREET Seven of the 14 TSX subgroups were lower to begin the day. Global base metals were down 0.4%, while information technology and real-estate were off 0.2% each. The half-dozen gainers were led by materials, up 0.3%, while metals and mining stocks and industrials, up 0.2% each. Gold stocks were flat soon after the bell rang. The TSX Venture Exchange climbed 0.45 points to 1,675.33, while the Nasdaq Canada index poked 0.68 points higher to 809.65. ON WALLSTREET In New York, stocks mostly drifted lower Thursday, after closing at their highest levels in more than a year and a-half in the previous session, following a surprise increase in jobless claims. The Dow Jones industrial average dipped 15.95 points to 11,107.16 The S&P 500 index lost 0.85 points at the outset to 1,209.80. The Nasdaq composite tacked on 2.86 points to 2,507.72. Losses were contained on news reports citing Labor Department officials who said the large increase in jobless claims could be partially due to "technical" issues including the Easter holiday. Stocks soared Wednesday on strong earnings and retail sales. The Dow and the S&P 500 both rose to their highest levels in more than 18 months, while the Nasdaq topped the 2,500 mark for the first time since June 2008. Economically speaking, the U.S. Labor Department's weekly jobless claims report said there were 484,000 new claims filed last week, up 24,000 from the previous week. That was the highest level since the week ended Feb. 20 -- a disappointment, as economists had expected new claims to fall to 440,000. Initial claims also showed a surprise surge in last week's report. Separately, a report from RealtyTrac said there were more than 930,000 foreclosure filings in the first quarter of 2010, up 7% from the previous quarter. Filings were up 16% versus the first-quarter of 2009. Government figures are expected to show that capacity utilization is expected to have increased to 73.3% in March versus 72.7% the month before. Industrial production is forecast to have risen 0.7% in March after a 0.1% rise the month prior. The Philadelphia Federal Reserve's regional manufacturing survey was due out at 10 a.m. ET. Economists predict an increase in the index. The benchmark 10-year U.S. Treasury note eased in price, driving the yield up to 3.89% from Wednesday's 3.85%. Bond prices and yields move in opposite directions. The price of a barrel of oil regained 24 cents to $86.08 U.S. Gold prices docked three dollars to $1,157 U.S. an ounce.