Tuesday, August 12, 2008

Stock Market briefing

· TSX -138.55pts to 13,203, pulled down lower again by resource shares, which fell with commodity prices

· Dow +48.03pts to 11,782

· Dollar -.17c to $93.52US Sharply lower oil prices and a broader correction among other major currencies against the greenback has helped push the Canadian dollar down almost 7% since last hitting par with its U.S. counterpart just three weeks ago. And if economic forecasts are correct, the loonie will decline further, boosting the prospects for industries like manufacturing, forest products, information technology and health care.

· Oil after falling $10 last week -$.75 to $114.45US per barrel falling to a new 3 month low as the U.S. dollar extended its rebound and more signs emerged that China's energy demand could be leveling off and traders monitored the conflict between Russia and Georgia that some believe could disrupt supplies

· Gold tanked 4% -36.50 to $820.85US per ounce to its lowest level in a year

· A strong US dollar also caused copper to hit a 6 month low

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