Another day, another record high for the TSX. We are inching closer to the 13,000 mark on the TSX as financial services and commodity shares power the market higher. An unexpected decline in US oil inventories caused oil prices to reverse an early sell-off. Shares of drug maker Biovail jumped 15% this morning after the company announced a three-fold increase in its dividend and a strategic refocusing of its direction. US technology companies are being hurt this morning after Novellus missed sales estimates, Oracle was downgraded by a major investment bank, and Yahoo! announced a managerial shake-up. The Bank of Canada surprised no-one yesterday by keeping interest rates steady. The accompanying comments would indicate they are in no rush to change interest rates in the near future. The TSX is up 40 pts. The Dow is down 4 pts.
The Loonie is off a quarter-cent to US$.8725. Bond yields are close to all-time lows with the 5-year Canada yielding 3.79% and the 10-year 3.90%. Oil is flat at US.43/barrel. Gold is off .80 to US2.10/oz.. The lowest 5 year mortgage rate available right now is 5.09%.
