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Futures and Commodity Market News

Strong Start for Stocks

Sep 12, 2017 (Baystreet.ca via COMTEX) --

Toronto stock markets began Tuesday positively, led by health-care and energy stocks as Hurricane Irma appeared to have caused less damage than feared and a fertilizer merger got a green light.

The S&P/TSX Composite Index gained 45.27 points to start Tuesday at 15,085.57.

The Canadian dollar dropped 0.34 cents to 82.3 cents U.S.

Britain said it was "vitally important" that a trade dispute between U.S. plane maker Boeing Co and its Canadian rival Bombardier, a major employer in Northern Ireland, was settled.

Bombardier shares inched forward two cents to $2.43.

Canada's competition watchdog said on Monday it will not challenge a proposed merger between Agrium Inc and Potash Corp, saying the transaction was unlikely to substantially lessen competition in the fertilizer industry.

Agrium shares gained $1.47, or 1.2%, to $125.80.

Enbridge's upgrade of its Line 3 crude oil pipeline hit an obstacle on Monday after the U.S. state of Minnesota told a regulatory committee that it has no need for the project, and that the existing pipe should be shut.

Enbridge shares took on 11 cents to $49.66.

CIBC cut the price target on Richmont Mines to $14.25 from $15.50. Richmont shares picked up 28 cents, or 2.4%, to $12.03.

CIBC raised the price target on Tahoe Resources to $8.00 from $7.00. Monday's big winner among individual stocks picked up where it left off, beginning Tuesday up 27 cents, or 3.6%, to $7.88.

ON BAYSTREET

The TSX Venture Exchange progressed 1.56 points to 771.15

All but two of the 12 TSX subgroups gained ground in the first hour, led by health-care, up 1.2%, energy, 0.6% more energetic, and materials, stronger by 0.5%

The two laggards were utilities, tailing off 0.3%, and consumer staples, losing 0.2%.

ON WALLSTREET

U.S. stocks traded higher on Tuesday as Wall Street set its sights on Apple's consumer products event.

The Dow Jones Industrials gained 43.03 points to kick off Tuesday at 22,100.40, with Goldman Sachs contributing the most to the gains.

The S&P 500 improved on Monday's record by gaining 3.83 points to 2,491.94, as materials and financials led advancers

The NASDAQ moved higher 4.93 points to 6,437.19

Apple's event is scheduled to start at 1 p.m. Eastern Time. The tech giant is expected to unveil three new iPhone models, a new Apple Watch and a new Apple TV.

Shares of Apple fell 0.6% erasing earlier gains and following a historical trend. The tech giant's stock was lower 75% of the time on days the company made iPhone announcements.

But for the year, the stock has jumped approximately 40% and one Drexel Hamilton analyst thinks it will benefit from the upcoming iPhone cycle.

Prices for the benchmark 10-year Treasury note stepped back, hiking yields to 2.16% from Monday's 2.14%. Treasury prices and yields move in opposite directions.

Oil prices gaining 19 cents to $48.26

Gold prices slid $3.20 to $1,332.50 U.S. an ounce.

********************************************************************** As of Friday, 09-08-2017 23:59, the latest Comtex SmarTrend® Alert, an automated pattern recognition system, indicated a DOWNTREND on 05-09-2012 for AGU @ $82.28. For more inform

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