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TSX Down For The Day Up For The Week

The Toronto stock market gave up a modest gain to close little changed Friday while investors looked to the release of a disappointing read on U.S. home sales last month.The S&P/TSX composite index slipped 4.65 points to 14,205.72 at the end of a positive week for the Toronto market. The Canadian dollar continued to pile up losses for a third day, down 0.28 of a cent to 89.82 cents US as Statistics Canada said that December retail sales tumbled 1.8% from November. Economists had expected a drop of just 0.4%. The agency also reported that the Canadian consumer price index was up 1.5% in January compared with a year earlier. U.S. indexes were lacklustre as the National Association of Realtors said existing house sales dropped 5.1% in January following a 0.8% rise in December.

The Dow Jones industrials fell 29.93 points to 16,103.3, while the Nasdaq lost 4.13 points to 4,263.41 and the S&P 500 index dropped 3.53 points to 1,836.25. Techs were the biggest TSX drag as BlackBerry shed 24 cents or 2.3% to $10.17. The TSX ended the week with a solid gain of 1.07%, reflecting general satisfaction with fourth-quarter earnings reports and positive U.S. manufacturing data on Thursday. The Dow faltered somewhat this week, down 0.3% but strong earnings reports have left the index up 2.57% for the month while the TSX has jumped 3.73% so far in February.


Canadians Don’t Understand CPP, OAS

Canadians appear optimistic about their retirement lifestyle, but few have a firm handle on what their cost of living will be and what their pensions will offer, shows a February 2014 survey by Investors Group. More than two-thirds (69%) of people near retirement are unaware of what the maximum monthly payout is for Canada Pension Plan ($1,038 at age 65) and Old Age Security ($551), yet more than 80% of them say they plan to use these programs as a source of retirement income, and more than 33% anticipate this will be their primary source. Employer pension will be a source of income for 60% of those surveyed, and 37% say it will be their primary income source. However, of those who say they have workplace pensions and plan to rely on it as their primary source of income, 55% didn’t know the monthly benefit they could expect.  Nearly three-quarters (72%) of pre-retirement individuals are confident they’ll be able to maintain their current lifestyle in retirement. This number jumps to 91% among those working with a financial advisor. In addition, 66% of Canadians are less confident in governments’ ability to continue to provide an acceptable level of pension and retirement benefits.


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Market Update as of February 21 2014

The TSX closed at 14206, up 151 points or 1.07% over the past week. YTD the TSX is up 4.29%.

The DOW closed at 16103, down -51 points or -0.32% over the past week.YTD the DOW is down -2.86%.

The S&P closed at 1836, down -3 points or -0.16% over the past week.YTD the S&P is down -0.65%.

The Nasdaq closed at 4263, up 19 points or 0.45% over the past week.YTD the Nasdaq is up 2.06%.

Gold closed at 1323, up 4.00 points or 0.30% over the past week.YTD gold is up 9.88%.

Oil closed at 102.27, up 9.34 points or 10.05% over the past week.YTD oil is up 3.71%.

The USD/CAD closed at 1.1124, up 0.0136 points or 1.24% over the past week.YTD the USD/CAD is up 4.63%


Sources:  Bloomberg; Investors; adviser.ca; Investment Executive