Daily Wrap-up: TSX lower again on financials, energy

Daily Wrap-up: TSX lower again on financials, energy

Daily Wrap-up: TSX lower again on financials, energy TSX lower again on financials, energy
Financial and energy stocks declined Thursday and together with some mixed earnings it meant a fairly flat day for many of the world’s major markets. The Toronto Stock Exchange was lower as it has been all week with oil prices weighing heavily on sentiment. Wall Street also ended with losses as earnings failed to ignite optimism. Asian markets closed mixed following a lower lead from Wall Street in the previous session and again commodities and earnings were in focus. A positive start for the European markets following Greece’s parliamentary vote in favour of austerity measures was soon replaced by losses too.

The S&P/TSX Composite Index closed down 41.75 (0.29 per cent)
The NYSE closed lower (Dow down 119.1 / 0.67 per cent)
Oil is trending lower (Brent $55.46, WTI $48.80 at 4.40pm)
Gold is trending lower
The loonie is valued at U$0.7668 (at 4.40pm)
 
Retail sales higher in May
The latest retail figures from Statistics Canada show that sales were up 1 per cent in May to $43 billion. After steep declines in December and January, retail sales increased for the third time in four months to reach a new high. The majority of sectors, 92 per cent of all retail, increased. The highest gain was in electronics and appliance stores which gained 6.1 per cent but failed to make up for losses in April. Sporting goods, hobby, book and music stores (down 1.8 per cent) and clothing and clothing accessories stores (down 0.5 per cent) were the only subsectors to decline in May.
 
Valeant replaces RBC as Canada’s largest company
Newly-released financial results from Valeant Pharmaceuticals revealed a market value of $111.3 billion, replacing Royal Bank of Canada as the largest Canadian firm. RBC’s market value is $103.3 billion. Valeant revised its full-year outlook higher with an expected $10.7 to $11.1 billion of revenue.
 
Store closures at Loblaw
Loblaw will close 52 unprofitable stores according to its latest financial results. CBC reports that the closures are higher than in a typical year but that it will add up to $40 million to the firm’s operating income. Sales in the second quarter were 2.2 per cent higher than the same period last year with $10.54 billion and profit was $185 million compared to a $456 million loss.