Close: Election buoys TSE
Monday's Close: TSE rises, Dow drops
The Liberal federal election victory and a placid day on the New York market eased Toronto stocks to a modest gain Tuesday. Toronto's 300 composite index closed up 26.64 at 6,432.72. In New York, the Dow Jones industrial average rose 22.75 to 7,312.15. Alberta's combined index lost 16.52 to 2,503.22. Montreal's portfolio index rose 17.62 to 3,268.35. Vancouver's index lost 4.48 to 990.08. The Canadian dollar closed at 72.70 cents US on Tuesday, down 0.04 cent. The U.S. dollar stood at $1.3755 Cdn, up 0.07 cent.
Pound sterling was worth $2.2485 Cdn, down 0.03 cent, and $1.6347 US, down 0.01 cent.
"The Liberal majority, however slight it might be, provided that extra degree of comfort," said Fred Ketchen, chief equities trader at ScotiaMcLeod. "Mind you, the U.S. market was stronger and no doubt there was some assistance from that."
TORONTO
Toronto Stock Exchange trading volume was 93.4 million shares, compared with 67.6 million shares Monday.
TSE conglomerates, utilities and banks all gained on the election news and a report indicating the pace of growth in the United States is easing.
Gold stocks got hammered again: the TSE gold subindex lost 1.25 per cent, following a 1.95 per cent loss Monday, as the spot price in New York shed another 70 cents to $343.00 US an ounce.
Inco closed at $44.65, up 25 cents despite a strike by 4,800 workers that began Tuesday at the nickel miner's operations in Sudbury, Ont.
Eleven of 14 index groups rose. Conglomerates led the way, gaining 1.75 per cent, utilities were up 1.32 per cent and merchandising was up 1.14 per cent.
The biggest decline was in gold and silver issues, down 1.25 per cent, followed by industrial products, down 0.26 per cent, and transportation, down 0.05 per cent.
Advancers outnumbered decliners 509 to 447 with 290 unchanged in trading of 93.4 million shares worth $1.4 billion.
The TSE 100 rose 1.73 to 389.64.
George Weston gained $4.50 to $91.50, Potash $2.40 to $113.00. Newbridge Networks lost $2.35 to $55.10, Cognos Inc. $1.80 to $40.85.
Among mines, Euro-Nevada rose $1.00 to $41.50, CS Resources $0.95 to $11.05; Cambior Inc. fell $0.65 to $16.70, Barrick Gold $0.55 to $33.55.
Among oils, Berkely Petroleum climbed $2.10 to $39.00, Amber energy $1.20 to $17.40; Renaissance Energy slipped $0.65 to $42.75, Remington Energy $0.50 to $24.50.
NEW YORK
Stocks were mostly higher Tuesday, bolstered by a drop in interest rates, but the advance was hindered by a weak technology group, which was pressured by more gloomy profit forecasts.
The Dow Jones industrial average managed a decent gain on the day after swinging back from an early 35-point loss.
Advancing issues outnumbered decliners by nearly a 3-to-2 margin, with 1,498 up, 1,026 down and 859 unchanged.
New York Stock Exchange trading volume totalled 526.97 million shares as of 4 p.m., vs. 432.67 million in the previous session.
The Standard and Poor's 500-stock list fell 0.88 to 845.48, and the NYSE's composite index rose 0.82 to 442.36, topping Friday's record high by less than a point.
The Nasdaq composite index fell 19.88 to 1,384.91
The Russell 2000 slipped 0.24 to 383.28. The American Stock Exchange composite index, which is also dominated by smaller companies rose 1.85 to 609.02
Broader indicators were mostly higher, but mounting profit worries weighed down the technology-heavy Nasdaq market. The Russell 2000 index of smaller companies edged lower, snapping a string of seven consecutive record highs.
Just days after Intel's market-jolting warning about its results for the current quarter, the technology sector was jostled anew by discouraging forecasts from Seagate Technology, a leading disk-drive maker, as well as networking concerns Cabletron Systems and Bay Networks.
Cabletron, Seagate and Bay Networks sank sharply as three of the five most active issues on the New York Stock Exchange. In Nasdaq trading, meanwhile, Intel, Cisco Systems, Dell Computer, and Microsoft all posted big losses.
Blue-chip issues started the day lower, but soon turned higher with the bond market, where interest rates fell after a report showing that a key gauge of future economic activity unexpectedly declined in April.
The reading reinforced hopes that economic activity has been moderating enough to keep inflationary pressures without another boost in interest rates by the Federal Reserve.
The Fed, fearful that rising production costs and heavy consumer demand will force prices higher, tried to ease spending in late March by raising one of the central bank's key lending rates. Fed officials left rates alone when they met two weeks ago, calming worries about lower company profits, but could act again when they meet in early July.
The Russell 2000 index of smaller companies posted a small loss, snapping a string of seven consecutive record highs.
ALBERTA
Alberta Stock Exchange trading volume was 12.09 million. Value was $10.9 million.
Declines led advances 179 to 158, with 101 unchanged.
For the top five value traders, Canutilities PFD C was unchanged at 25.000, Oilexco Incorporated lost .020 to .580, Gitennes Exploration was unchanged at 7.500, Spider Resources Inc. was unchanged at .530 and
Tan Range Exploration lost .070 to 1.170.
The top five volume traders were Angoss Software Corp. (down .030 to.270), Oilexco Incorporated, Spider Resources Inc., Nextra Technologies (up .025 to .115) and South Pacific Resources (down .100 to 1.000).
MONTREAL
Montreal Exchange trading volume was 12.5 million shares traded, compared to 10.3 million Monday.
Value was $156,024,231.56.
The banks index rose 34.52 to 5,073.56; mines 1.05 to 3,201.57; oils 11.53 to 2,601.42; forest products 8.84 to 3,003.92; industrials 9.71 to 3,264.92; and utilities 25.85 to 2,923.26.
Advances led declines 200 to 169, with 80 unchanged.
VANCOUVER
Vancouver Stock Exchange trading olume at 2 p.m. PDT was 25.6 million shares.
Decliners edged gainers 232 to 179 while 338 stocks were unchanged.
Among the most active companies, Triant Techs gained $0.24 to $1.65, Kensington $0.23 to $0.65; Mar-West Res lost $0.12 to $2.58, Ultra Pete $0.05 to $4.95.
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