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Stocks Lower on Korea Concerns

Aug 10, 2017 (Baystreet.ca via COMTEX) --

Equities in Canada's largest market opened sharply lower on Thursday despite a slew of better-than-expected quarterly results, as investors sought refuge in safe-haven assets amid rising tensions between the United States and North Korea.

The S&P/TSX Composite Index docked 56.46 points to open Thursday at 15,160.87

The Canadian dollar gave back 0.03 cents to 78.74 cents U.S.

Manulife Financial Corp and Sun Life reported second-quarter earnings on Wednesday that beat market estimates, benefiting in part from strong growth in Asia.

Manulife shares diminished 56 cents, or 2.2%, to $25.08, while Sun Life gained 22 cents to $48.72.

Fertilizer giant Agrium reported quarterly profit and revenue on Wednesday that edged past analysts' estimates, helped by higher selling prices for potash. Agrium fell 13 cents to $124.86.

First Quantum Minerals said on Wednesday it plans to suspend operations at its Ravensthorpe nickel mine in Western Australia at the beginning of next month due to persistently weak nickel prices, sending its shares lower.

First Quantum shares doffed three cents to $13.38.

Credit Suisse raised the target price on Pan American Silver to $25.00 from $23.00. Pan American shares sprang to life $2.24, or 11%, to $22.53.

National Bank of Canada raised the target price on Stella-Jones to $48.00 from $42.00. Stella-Jones shares were static at $45.44.

National Bank of Canada cut the target on Tahoe Resources to $8.50 from $9.75. Tahoe shares improved 14 cents, or 2.1%, to $6.69.

On the macroeconomic slate, Statistics Canada reported new house prices eked up 0.2% nationwide in June, due largely to lack of momentum on prices in Southern Ontario.

This was down from a 0.8% increase in April and a 0.7% gain in May.

ON BAYSTREET

The TSX Venture Exchange nicked up 1.64 points to 764.37

Eight of the 12 TSX subgroups were negative, with health-care down 0.9%, information technology off 0.8%, and financials poorer by 0.7%.

The four gainers were led by gold, up 1.1%, materials better 0.4%, and energy 0.2% to the good.

ON WALLSTREET

U.S. equities fell on Thursday as tensions between the United States and North Korea persisted.

The Dow Jones Industrials stumbled 121.36 points to 21,927.34, with Goldman Sachs contributing the most losses.

The S&P 500 got hit 21.01 points to 2,453.01, with information technology and financials leading all sectors lower.

The NASDAQ jettisoned 79.67 points, or 1.3%, to 6,272.66, with Apple, Alphabet, Amazon and Netflix all trading lower.

Wall Street also turned its eyes to retail earnings, as Macy's and Kohl's both reported better-than-expected quarterly results. Dillard's, however, posted much weaker-than-expected results, sending the stock down 14%.

Calendar second-quarter earnings have been mostly better than expected, with growth surpassing initial expectations and most S&P 500 companies topping profit and sales estimates.

Earlier this week, U.S. President Donald Trump said that North Korea would face "fire and fury" if it continued to threaten the States, however North Korea has dismissed these warnings by the U.S. incumbent as a "load of nonsense."

Prices for the benchmark 10-year Treasury note leaped, lowering yields to 2.21% from Wednesday's 2.25%. Treasury prices and yields move in opposite directions.

Oil prices gained 16 cents to $49.72 U.S. a barrel

Gold prices jumped $13.20 to $1,292.50 U.S. an ounce.

********************************************************************** As of Sunday, 08-06-2017 23:59, the latest Comtex SmarTrend® Alert, an automated pattern recognition system, indicated a DOWNTREND on 05-31-2012 for KSS @ $46.59. For more inform

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