Broad Gains Boost Market
TORONTO -- The stock market ended higher on the day, as speculation
helped fuel big gains in the utility and industrial products groups.
The Toronto Stock Exchange 300 composite index rose 35.05 points to
7737.16. Advances outpaced advances 570 to 466 and trading volume
was 100.6 million shares worth 1.68 billion Canadian dollars.
The utility sector rose 1.41% to lead all others, with telephone stocks
BCE up C$1.25 at C$62.85 and BC Telecom gaining C$1.55 to
C$53.50. "Clearly, we're going to have consolidation" in the telephone
industry, and investors probably figure these companies in particular will
benefit, said Jack Cook, portfolio manager at Scotia Investment
Management Ltd.
Other analysts attributed the gain in the utility sector to an improving
interest-rate environment following the release late last week of U.S.
economic data that indicated interest rates will remain low. However,
bond prices ended down, which signals higher rates.
Meanwhile, a hefty rise in Newbridge Networks' stock helped the
industrial products sector post a 1.23% gain Monday. Analysts attributed
interest in Newbridge's stock to talk that the network equipment supplier
would make some announcements at a trade show in Las Vegas Tuesday.
A company spokesman said announcements were planned for Tuesday,
but declined further comment. Newbridge rose C$2.70 to C$44.80.
Toronto performed roughly in line with New York, where the Dow Jones
Industrial Average rose 45.59 points to a new closing high of 9192.66.
Like I said folks a great start to the week for my stocks. I hope you are all long on NN at least.
Regards, Jeff
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