The Canadian dollar fell 0.42 of a cent to 104.64 cents US before the Fed announcement that could have a significant impact on the direction of the U.S. dollar.
The news conference, the first of three this year, is part of a long-standing Bernanke campaign to make the central bank more transparent and publicly accessible. Bernanke is the first Federal Reserve chief to begin a series of regular news conferences.
After a solid first-quarter earnings season so far in the U.S., investors might be taking profits given the uncertainty over the effects of Bernanke's comments on markets and the broader economy, said Pat McHugh, senior portfolio manager at Manulife Asset Management.
"My guess is so much money has been made that I suspect people are just a little bit concerned about what Mr. Bernanke might be saying and maybe taking some money off might be worthwhile."
However, McHugh said it seems nervous investors are acting emotionally in advance of Bernanke's comments, as they are unlikely to be negative enough to derail optimism surrounding the economic recovery.
Uncertainty surrounding Bernanke's speech and falling oil prices are likely keeping the TSX in the red — factors that are overshadowing positive earnings from Canadian companies, McHugh said.
Canadian National Railway (TSX:CNR) shares were up 29 to $71.29 after it reported Tuesday adjusted net income was $414 million, or 90 cents a share, above analyst expectations.
Meanwhile, oil prices slipped 34 cents to US$111.87 a barrel on the New York Mercantile Exchange. The energy sector on the TSX lost 0.9 per cent with shares in Canadian Natural Resources (TSX:CNQ) down 41 cents at C$43.45.
Gold prices rose $3.60 to $1,507.10 per ounce.
Copper prices fell six cents to $4.26 a pound on reports that China may make additional moves to rein in its economy and slow resource demand. The base metals mining sector was the biggest decliner on the TSX, down 1.3 per cent, with shares in Teck Resources Ltd. (TSX:TCK.B) down C$1.63 to $51.56.
It is another busy earnings day with many resource companies reporting improved earnings Wednesday morning.
Barrick Gold Corp. (TSX:ABX) said first-quarter net earnings rose 22 per cent to $1 billion, or $1 per share, compared to $820 million, or 82 cents per share, a year earlier. Analysts had predicted an average of $1.04 earnings per share. Shares lost 12 cents to $47.63.
Nexen Inc. (TSX:NXY) posted higher first-quarter profits and revenue on the back of soaring oil prices. Net income rose to $202 million from $141 million a year earlier. Shares lost 31 cents to $23.24.
Cenovus Energy Inc. (TSX:CVE) says its first-quarter profits dropped 91 per cent to $47 million, or six cents per share, compared to $525 million, or 70 cents in the same period a year earlier. Shares lost 80 cents to $35.43.
Sherritt International Corp. (TSX:S) profits soared 116 per cent to $63.6 million or 22 cents per share in the first quarter, compared with $29.4 million or 10 cents per share in the same 2010 quarter. Shares lost 11 cents to $7.64.
Husky Energy Inc. (TSX:HSE) reported first-quarter net income of $626 million, or 70 cents per share, an increase from $368 million, or 43 cents per share a year ago. Shares were up 14 cents to $28.63.
Tembec (TSX:TMB) posted a second-quarter profit of $7 million, or seven cents per share, compared to nil in the same period of 2010. Sales declined to $452 million from $476 million. Shares fell 13 cents to $5.20.
Shoppers Drug Mart (TSX:SC) and Open Text Corp. (TSX:OTC) will also report later in the day.
Rogers Communications Inc. (TSX:RCI.B) reported late Tuesday adjusted net income was 76 cents per share, beating analysts' expectations for 72 cents per share. Rogers shares gained two per cent or 52 cents to $35.26 Wednesday.
Wall Street markets were little changed in advance of Federal Reserve chairman Ben Bernanke's comments on the health of the U.S. economy.
The Dow Jones industrial average gained 2.7 points to 12,598, while the Nasdaq index fell 1.66 points to 2,845.88 and the broader S&P 500 index fell 1.5 points to 1,345.75.
Bernanke is expected to discuss the job market, inflation and the prospects for economic growth on Wednesday. Investors will also be watching for signs that the Fed plans to begin raising interest rates. The central bank's $600 billion bond-buying program is set to end as scheduled in June.
In U.S. corporate news, numerous large players like eBay and Starbucks are releasing their latest earnings Wednesday. Before markets opened, big names such as Boeing Co. and Whirlpool Corp. reported better-than-expected earnings.
In Europe, Britain's FTSE gained 0.04 per cent, Germany's DAX rose 0.6 per cent and France's CAC 40 index was up 0.5 per cent. For the latest updates PRESS CTR + D or visit Stock Market news Today
Related Post:
stock
- Best Vanguard High Dividend Yield 2012
- stock market crash august 8 2011, good trading opportunities
- Stock Market Report Week July 30 2011
- stock market prediction august 2011
- Mexico Stocks Preview july 25 2011
- top risers in the FTSE 100 July 25 2011
- best Stocks to buy july 25 2011
- stock market prediction for week 25 july 2011
- Stocks active trade on Friday july 22 2011, Microsoft, Advanced Micro Devices, Caterpillar, General Electric, Schlumberger, Verizon Communications, Mc
- NASDAQ ARUN stock prices prediction
- ETFs Stock To Watch July 21, 2011
- Top Stocks Pick Trading Ideas july 21 2011
- NASDAQ Stock Market Movers July 21 2011, DTLK, MLNX, HOGS, TRMS, ALTH, FWRD, STX, MKSI, FFIV, TSCO, CAKE, QCOM
- Best stock to Buy July 20 2011, PowerShares , Apple Inc, iShares Russell 2000 Index,
- Best stock to buy july 19 2011, Stocks to Watch
- companies are having unusual price changes in Bogota trading july 18 2011
- best-performing stocks week july 18 2011
- EV Energy Partners Stock prices rose july 18 2011
- Best-Performing Canadian Stocks July 16, 2011
- Ultra Electronics stock predictions
- Best consumer stock picks 2011
- Best-Performing IT Services Stocks week July 16 2011
- Wall Street Stock market Forecast For Week Of July 18 2011
- Zillow price range for IPO per share july 18 2011
- Freeport McMoRan Copper and Gold Inc stock prices analysts
Toronto stock market
- TSX closed down, Commodity prices march 19 2012
- Toronto stock market march 1 2012
- Why TSX down feb 28 2012
- TSX closed february 21 2012
- Toronto stock market feb 17 2012
- Canada Stocks to watch feb 16 2012
- Canadian Stocks market closed january 27 2012
- Toronto stock market january 17 2012
- Toronto stock market december 20 2011
- canadian stock market forecast 2012
- Toronto stock market december 19 2011
- Toronto stock market, commodity prices november 24 2011
- Toronto stock market advances commodities rise november 18 2011
- Toronto stock market september 21 2011
- Toronto stock market sept 20 2011
- Toronto stock market report july 19 2011
- Toronto stock market monday july 11 2011
- Sino-Forest shares prices july 5 2011
- best canadian stock exchange july 5 2011
- Toronto stock market outlook may 13 2011, Mining stocks push TSX higher
- Toronto stock market up monday may 9 2011 , commodity prices stabilize following steep losses
- Australian stock exchange at close data 5 may 2011
- Toronto stock market outlook May 3 2011, oil, gold prices lower
- Toronto stock market Outlook April 27 2011 trims losses after US Fed gives positive
No comments:
Post a Comment