The Canadian Press
June 30, 2008 - 11:37 a.m.
| The electronic board shows lines as it malfunctions for the period of the trading day Monday at the Philippine Stock Exchange in Manila’s financial district of Makati. The composite index lost 6.30 points or 0.3 percent to 2,459.98, a of the present day low in nearly two years on the finally trading day of the first half of 2008. THE ASSOCIATED PRESS/Pat Roque |
TORONTO - The Toronto stock mart took its have the lead of from the make an entry of price of oil as the commodity continued to pester New York investors who panic it force pare consumer spending.
The difference helped split the market direction as the S&P/TSX composite index was up 79.16 points to 14,434.37 near midday for the cause that the energy sector gained 2.2 per cent., and New York tried to overcome a decline.
The August contract for light fair crude went as high as $143.67 overnight, and later was up $1.26 to US$141.47 a barrel on the New York Mercantile Exchange.
Stock in BCE Inc. (TSX:BCE) fell 3.3 for cent on expectations of a dividend suspension and a report that its takeover could be delayed to the time when year-end as banks balk at the terms they agreed to a year ago in support of the purchase by a group led by the Ontario Teachers’ Pension Plan. BCE shares were down $1.22 to $35.54.
The TSX Venture Exchange added 39.52 points to 2,632.92.
The Toronto gold characteristic slipped lower after its strength in recent sessions extended briefly into the morning mercantile. It was up 0.96 per cent as the August bullion narrow on the Nymex edged into disfavor $3.30 to US$928.
On Wall Street, the Dow Jones industrials rose 44.87 points to 11,391.38 after fighting the red earlier in the morning.
The Nasdaq composite index rose 4.36 points to 2,319.99 and the S&P 500 index was up 8.23 at 1,286.61.
Rising prices have pressured stock markets worldwide because of worries that inflation will force consumers and businesses to shave off spending, which would hurt economic activity. In the U.S., consumer spending accounts for more than two-thirds of economic activity so a sharp pullback would prove particularly damaging.
The Canadian dollar lost 0.46 of a cent to 98.49 cents US after Statistics Canada reported the economy rebounded in April, growing 0.4 per cent after declines in February and March.
The Conference Board of Canada warned that domineering commodity prices are papering over Canada’s sliding socio-economic performance relative to other advanced countries.
“We appear to be riding primeval due to global demand for our resources, but this is not a sustainable course for our country,” stated the think-tank’s president, Anne Golden.