Traders may turn cautious ahead of Friday’s monthly employment report from the U.S. and Canada. On Wednesday, the S&P/TSX Composite Index rose to its three-week, adding 62.45 points or 0.53% to 11,845.05.
Crude for September delivery was down $0.54 to $81.93 a barrel. Yesterday, the EIA said gasoline inventories were up by 729,000 barrels, while crude oil inventories decreased by 2.8 million barrels to 358.0 million barrels in the week ended July 30.
Elsewhere, the price of gold is edging up amid a weak U.S. dollar. Gold for December delivery, the most actively traded contract, added $5.80 to $1,201.70 an ounce.
In corporate news from Canada, independent energy company Canadian Natural Resources reported improved second quarter net earnings of C$0.63 per share compared to restated earnings of C$0.59 per share in the comparable period.
Telecommunications company BCE Inc. said its second-quarter net earnings improved to C$0.77 per share from C$0.58 per share a year earlier. The company declared a quarterly dividend of $0.4575 per common share and announced that the annual common share dividend will increase by 5% to $1.83 per share.
Gold miner Kinross Gold reported second-quarter adjusted net earnings of $0.16 per share, up from $0.12 per share, for the same period last year. Analysts were expecting the company to report earnings of $0.16 per share. The company declared a dividend of $0.05 per share and announced the appointment of Brant Hinze as Executive VP & COO.
Gold producer Yamana Gold reported higher second quarter revenues of $351.37 million compared to $236.71 million in the year ago quarter and announced a 33% hike in its quarterly dividend at $0.02 per share.
Life and health insurance services provider Sun Life Financial reported lower second quarter net income of C$0.37 per share compared to C$1.05 per share in the year ago quarter.
Home, auto and business insurance company Intact Financial Corp. reported higher second quarter net income of C$1.04 per share, compared to C$0.62 per share, for the same period last year. The company declared a quarterly dividend of C$0.34 per share.
Engine and fuel injection systems company Westport Innovations reported a narrower first quarter net loss of $0.21 per share, compared to a net loss of $0.25 per share in the prior year quarter.
Airlines operator Air Canada slipped into the red in second quarter, reported a net loss of C$0.72 per share, compared to net income of C$1.55 per share in the year ago quarter.
In economic news from Canada, Statistics Canada said the value of overall building permits totaled C$6.6 billion in June, up 6.5% from May and a 24.9% increase from June 2009. Economists were expecting an increase of only 1.8%, following the 10.8% decline reported in May.
From the U.S., the Labor Department said that initial jobless claims rose to 479,000 in the week ended July 31 from the previous week’s revised figured of 460,000. The increase came as a surprise to economists, who had expected jobless claims to edge down to 455,000 from the 457,000 originally reported for the previous week.
Elsewhere, the European stocks were hovering in positive terrain. As widely expected, the Bank of England has left its bench mark interest rates at a record low of 0.5%, while the ECB also opted to stay pat on rates.
Overnight, Asian markets ended mixed despite forecast-beating earnings from car maker Toyota and chip maker UMC. While the Chinese and Indian markets ended lower, the markets in Japan and Australia closed higher.
People, who desire to invest their money in the share market but do not dare to take steps due to their limited capital, have a golden opportunity to buy penny stocks and make their money double or more. Risk is involved in buying these types of stocks, but there is a risk is in every business at the moment as we have been through a worldwide recession in every field of business in the recent past.
There are many different definitions about penny stocks. According to the Security and Exchange Commission (SEC) stocks that are sold for less than five dollars, are called a penny stock. However, there are also some that say it is a stock that is sold against the penny. Whatever definition it may be, a trade that is performed on the Pink Sheets or Over the Counter Bulletin Board (OTCBB) where stock companies are enlisted, is called the penny stock market.
One should invest his money in top stocks to marginalize the risk. It is very tough for him to find out the top penny stocks as these stock companies are not enlisted in any regular share market and no information is available regarding these companies’ business. This is what the government has made compulsory for all small scale companies that they are bound to submit all their business information like operating expenses, revenue report, board of directors meeting and stockholder votes to the Security and Exchange Commission (SEC). Therefore the investors should go through OTCBB website to access the true information about the stocks they are interested in and gain more details on which penny stocks to watch.
Investors should also be aware about the rules and regulations to comply with in buying penny stocks. As they can be purchased at a very low price, people can buy thousands of good penny stocks and if the price rises are in the same day, they can sell them to make instant money so they can purchase more stocks with the profit of a previous sale. Therefore investors can trade as many times as they want. However, the government has imposed restrictions making sure that one investor can only conduct five trades in a week while his trading account is less than twenty five thousand dollars. If he violates this restriction, his account will be kept on hold for ninety days or until the value of his trading account reaches above twenty five thousand dollars.
Obtaining high profits is what attracts most people into this field of investment. But before pouring all of your hard earned money into buying the stocks of any company, make all the necessary inquiries and look into the prospects of all the companies that you are interested in that are available for investment. It would be better to invest in a company which has great returns and is going to have a stable position over a period of time.
So, if an investor follows these simple guidelines when stock trading and invest their money in top penny stocks, it is not a risky venture but assurance of a much higher return.