Stock market

Tokyo stocks tumble in afternoon trade

Agence France-Presse — Fri, 24 May 2013 06:01:41 +0000

Agence France-Presse

Tokyo stocks lost their early gains on Friday afternoon as they tumbled back into the red, a day after suffering the worst one-session drop since Japan's March 2011 quake-tsunami disaster.

The benchmark Nikkei 225, which on Thursday tumbled 7.3 percent, was down 3.37 percent, or 488.64 points, at 13,995.34 at 0445 GMT, before halving that loss just a few minutes later.

The wild market swings erased a brief morning rally that saw the benchmark index surge more than three percent.

Tokyo stocks surge in morning trade

Agence France-Presse — Fri, 24 May 2013 02:00:53 +0000

Agence France-Presse

Tokyo stocks surged Friday morning, staging a rebound from the previous day's plunge, the worst one-day drop for the benchmark Nikkei index since Japan's March 2011 quake-tsunami disaster.

The Nikkei, which on Thursday tumbled 7.3 percent, was 2.97 percent, or 429.74 points, higher to 14,916.77 by 10:15 am local time (0115 GMT), after jumping more than three percent in the first few minutes of trading.

The broader Topix index of all first-section shares was up 2.47 percent, or 29.31 points, to 1,217.90.

Mass sell-off in Spain's Bankia hit small investors

Thomson Reuters — Thu, 23 May 2013 19:16:01 +0000

Thomson Reuters

MADRID (Reuters) - Small investors in shares of in Spain's nationalized lender Bankia suffered new massive losses on Thursday as the stock plunged by more than 50 percent amid an abnormally high volume of trading which the stock market regulator said would be looked at closely.

Tens of thousands of small savers, who were often missold preference shares and hybrid debt in Bankia, swapped their investment for ordinary shares on Thursday at a an average discount of around 40 percent.

Indian search engine Just Dial IPO scooped up by investors

Agence France-Presse — Thu, 23 May 2013 08:47:09 +0000

Agence France-Presse

Indian search engine Just Dial's initial public offer to raise $174 million was oversubscribed nearly 12 times in what marked the country's biggest IPO this year, stock exchange data showed Thursday.

The figures were released after the share offer, one of the largest to date by an Indian Internet firm, closed Wednesday.

The Mumbai-based firm, which launched in the mid-1990s as a telephone-based directory and later expanded its operations to the Internet, got bids for 157.7 million shares -- close to 12 times the 13.5 million shares available.

European stock markets slide at open after Tokyo dives

Agence France-Presse — Thu, 23 May 2013 07:46:51 +0000

Agence France-Presse

Europe's main stock markets slumped at the start of trading on Thursday, with Frankfurt and Paris down more than 2.0 percent following a plunge in Tokyo.

London's benchmark FTSE 100 index slumped 1.42 percent to 6,743.32 points, Frankfurt's DAX 30 crashed 2.11 percent to 8,351.19 points and in Paris the CAC 40 shed 2.24 percent to 3,953.32.

Tokyo ended down more than seven percent as investors took profits after weak Chinese data and signs the US Federal Reserve could begin tapering off its massive stimulus measures, analysts said.

B.C. securities commission alleges sisters illegally distributed $75,000 shares

The Canadian Press — Thu, 23 May 2013 02:00:04 +0000

The Canadian Press

VANCOUVER - The British Columbia Securities Commission is alleging two sisters committed fraud by misappropriating funds from a joint venture and by transferring shares of the venture without consideration to the benefit of their adult children.

The commission says it will seek to set a hearing date June 25 on the allegations against Siu Mui (Debbie) Wong and Siu Kon (Bonnie) Soo.

The allegations, which have not been proven, involve a joint venture with an Alberta company the sisters co-founded called Wheatland Industrial Park Inc.

financial market-turnover rates

Yonhap News Agency — Thu, 23 May 2013 01:30:20 +0000

Yonhap News Agency

SEOUL, May 23 (Yonhap) -- The South Korean financial market saw its turnover rates fall in March from two months earlier, data showed Thursday, apparently as investors took a wait-and-see stance amid the economic slump.

The country's deposit circulation rate, a barometer of cash flow in the financial market, came to 3.7 times in March, moving down from 4 times tallied in January, according to the data compiled by the Bank of Korea.

Merck signs $5 billion share buyback agreement with Goldman Sachs

Thomson Reuters — Wed, 22 May 2013 09:00:50 +0000

Thomson Reuters

(Reuters) - Merck & Co Inc said it has entered into a $5 billion share repurchase agreement with Goldman Sachs Group Inc, as the drug giant looks to prop up shareholder value in face of stiff competition from makers of less-costly generics.

Under the accelerated share repurchase agreement (ASR), Merck has agreed to repurchase about 99.5 million shares from Goldman Sachs based on current market prices.

Europe stocks trade mixed; London beats 13-year peak

Agence France-Presse — Tue, 21 May 2013 16:15:26 +0000

Agence France-Presse

European stock markets diverged on Tuesday, as London shot past its 13-year peak amid stimulus policies from top world central banks and a barrage of company results, dealers said.

"Global equity markets have held their levels this morning, as the growing appetite for risk assets continues despite the generally weak macro environment," said analyst Matt Basi at traders CMC Markets.

In afternoon deals, London's benchmark FTSE 100 index added 0.18 percent to 6,767.78 points, surpassing the 13-year closing high point reached a day earlier.

Securities Commission approves settlement with analyst over insider trading

The Canadian Press — Fri, 17 May 2013 18:45:16 +0000

The Canadian Press

TORONTO - The Ontario Securities Commission approved an insider trading settlement Friday with a former analyst at BMO Nesbitt Burns who bought shares of five companies he knew were in the midst of takeover deals.

Ming Chao Zhao, also known as Michael Zhao, was ordered to pay a $750,000 administrative penalty, $30,000 in costs and return $416,719 of profits.

"Our insider trading and market abuse team is establishing momentum in detecting and pursuing cases of illegal insider trading," said Tom Atkinson, director of enforcement at the Ontario Securities Commission.

Marketo surges in 1st day of trading, company raises $79.3 million in initial public offering

The Canadian Press — Fri, 17 May 2013 18:45:04 +0000

The Canadian Press

NEW YORK, N.Y. - Shares of Marketo, a provider of cloud-based marketing software, leaped in their trading debut on Friday.

The stock rose $7.70, or 59.2 per cent, to $20.70 in afternoon trading. The shares were priced at $13, at the high end of the expected range of $11 to $13 per share. The broader markets rose just under 1 per cent.

Marketo raised about $79.3 million in the offering.

General Motors stock rises above $33 initial public offering price for first time in 2 years

The Canadian Press — Fri, 17 May 2013 17:01:38 +0000

The Canadian Press

DETROIT - Shares of General Motors reached an important milestone on Friday, closing above their initial public offering price of $33 for the first time in more than two years.

GM shares reached $33.77 Friday before slipping back to close at $33.42, up 3.2 per cent. The auto giant sold shares to the public for $33 in a November 2010 IPO, but they've traded below that price since May 4, 2011.

William Lyon Homes rise 2 per cent in 1st day of trading on the New York Stock Exchange

The Canadian Press — Thu, 16 May 2013 15:46:27 +0000

The Canadian Press

NEW YORK, N.Y. - Shares of homebuilder William Lyon Homes rose 2 per cent after the company's stock was sold to the public Thursday.

The stock, which had been trading over the counter before its debut Thursday on the New York Stock Exchange, closed at $25.50, up 50 cents from its starting price of $25.

Shares of William Lyons that had traded over the counter closed at $29.70 Wednesday after a reverse stock split, which reduced the amount of shares available. The reverse stock split gave investors 1 new share for every 8.25 they owned.

Tokyo stocks down 1.08% by break

Agence France-Presse — Thu, 16 May 2013 00:46:09 +0000

Agence France-Presse

Tokyo stocks lost early gains to close Thursday morning's session down 1.08 percent, despite US shares hitting all-time highs and fresh data that showed Japan's economy grew between January and March.

The benchmark Nikkei 225 index, which closed at its highest level in more than five years on Wednesday, was down 163.08 points to 14,932.95, while the Topix index of all first-section shares declined 1.45 percent, or 18.19 points, at 1,234.66.

US stock prices turn higher in midday trading on Wall Street; Macy's up after earnings rise

The Canadian Press — Wed, 15 May 2013 23:30:36 +0000

The Canadian Press

NEW YORK, N.Y. - Stock prices are shaking off a morning slump and turning higher in midday trading on Wall Street.

Macy's rose 2 per cent, or 97 cents, to $48.36 after reporting a 20 per cent profit increase, despite cool temperatures.

The market got off to a weak start after the Federal Reserve reported that manufacturing slowed last month.

The Dow Jones industrial average was up 45 points at 15,260 as of noon Eastern Daylight Time Wednesday, a gain of 0.3 per cent. It was down 40 points in the morning.

The Standard