TSX jumps on strong data

The Toronto stock market was sharply higher Thursday and commodity prices advanced amid strong showings in manufacturing indexes in China, the U.S. and Canada.The S&P/TSX composite index ran ahead 98.33 points to 12,584.97.Traders also digested big losses handed in by two major gold miners and an announcement from TransCanada Corp (TSX:TRP) that it is going ahead with its Energy East pipeline project to transport crude from western provinces as far east as Saint John, N.B. TransCanada shares were ahead $1.05 to $47.98.The Canadian dollar was down 0.44 of a cent to 96.91 cents US as Royal Bank’s latest purchasing managers index for the manufacturing sector came in at 52 for July, down slightly from the June reading of 52.4. Any level above 50 indicates expansion.China’s official purchasing managers index hit 50.3 last month. That is up only slightly from June’s 50.1 reading but economists had expected a modest decline to below 50, the level which divides contraction and expansion. However, analysts note that the index has held between 49 and 51 for the past 15 months in an indication that the days of double digit Chinese growth aren’t coming back.“And even if it wanted to (grow that much) it can’t because it has an inflation problem,” observed Kash Pashootan, portfolio manager and vice-president at First Avenue Advisory in Ottawa, a Raymond James company. “That inflation challenge that they didn’t have five or six years ago which they have more of now puts downward pressure or sort of a ceiling on the rate on which they can grow.”U.S. indexes got extra lift after the Institute for Supply Management said its manufacturing index for July came in at 55.4, higher than June’s reading of 50.9 and the best level since April, 2011.The Dow Jones industrials gained 122.91 points to 15,622.45, the Nasdaq composite index was ahead 35.85 points to 3,662.22 while the S&P 500 index was ahead 16.27 points to 1,702.Markets sentiment was also boosted by Wednesday’s statement from the Federal Reserve, which wrapped up its two-day meeting without any change to its monetary policy that has supported the economy by keeping interest rates ultra-low. That, in turn, has encouraged lending and spending and also boosted stock markets.There has been much speculation over the last two months about when the Fed might start to wind down a key element of stimulus, its US$85 billion of bond purchases every month. Traders believe that the central bank could move on tapering its purchases as early as its next meeting in September.Commodity prices were mainly higher in the wake of the Chinese data with the September crude contract on the New York Mercantile Exchange up $2.51 to US$107.54 a barrel and the TSX energy sector rose 1.65 per cent. Canadian Natural Resources (TSX:CNQ) rose 62 cents to C$32.45.Imperial Oil Ltd. (TSX:IMO) weighed on the sector as it said its net income was $327 million in the second quarter, a decline from $635 million in the year-earlier period. The main reason cited by the company was a $264-million non-cash charge related to its conversion of a refinery in Dartmouth, N.S. into a fuels terminal. Its net income per share was 38 cents, below analyst estimates of 85 cents. Adjusted earnings were 34 cents per share compared with an analyst estimate of $1 per share and its shares slipped $1.69 to $42.38.The industrials sector advanced one per cent and shares in transport giant Bombardier Inc. (TSX:BBD.B) gained four cents to $5 as it said it had adjusted net income totalling US$158 million in the third quarter, equivalent to nine cents per share and in line with analyst estimates. Bombardier’s revenue was about US$300 million higher than last year, rising to US$4.4 billion, slightly better than the estimate of US$4.34 billion, but the adjusted earnings were down slightly from the second quarter of 2012.Financials also boosted the TSX as CIBC (TSX:CM) climbed 69 cents to $78.62.The base metals sector climbed 0.2 per cent while copper added to Wednesday’s eight-cent rise, up six cents to US$3.18 a pound. Teck Resources (TSX:TCK.B) advanced 26 cents to C$24.32 while HudBay Minerals (TSX:HBM) dropped 47 cents to $6.45 as the miner reported deepening losses. Its second quarter loss came in at $52.7 million or 31 cents a share, compared to a loss of $29.6 million or 17 cents a year ago.The gold sector fell 0.4 per cent while December bullion in New York shed gained $2.40 to US$1,315.40 an ounce. Allied Nevada Gold (TSX:ANV) faded 18 cents to C$6.74.Barrick Gold Corp. (TSX:ABX) posted a US$8.56 billion loss and lowered its quarterly dividend in the wake of lower prices for bullion and copper. Excluding unusual items, Barrick had adjusted earnings of US$663 million or 66 cents in the quarter ended June 30 — better than the analyst estimate but down from 82 cents per share last year and its shares jumped 66 cents to C$17.66.Kinross Gold Corp. (TSX:K) reported a net loss of $3.2 billion for its latest quarter, as it was also hit with a substantial impairment charge related to lower gold price assumptions and suspended its dividend. Adjusted earnings fell to 10 cents a share, beating analyst expectations of seven cents a share. Its shares started off higher but by mid-morning they were off six cents to $5.28.Traders also turned their attention to the release of the U.S. non-farm payrolls report coming out Friday. Economists looked for the data to show that the economy created about 190,000 jobs during July.Overseas, London’s FTSE 100 index edged up 0.6 per cent, Frankfurt’s DAX rose 1.39 per cent while the Paris CAC 40 gained 1.12 per cent. read more

Second chance leads to a nursing degree for Kerri Ann Podwinski

Kerri Ann Podwinski has been on her own since she was 14. Barely a teenager, she moved out and started taking care of herself.Between making ends meet and her high school classes, something had to give. Her grades suffered.“I had no influential adults in my life,” she said, adding she was alone and dealing with mental health issues including anxiety and depression.Podwinski never believed university was within her reach.That changed when she attended the Second Chance program at Beamsville District Secondary School. Her teacher, Jon Bald, encouraged her to apply herself. He told her she was smart. That she could succeed.She believed him.“I worked three jobs saving money for university,” she recalled.Kerri Ann PodwinskiPodwinski went to night classes and completed some online courses to get the grades she needed to attend Brock University.Friday, she graduated with a Bachelor of Science in Nursing degree and earned the undergraduate Board of Trustees Spirit of Brock award.During her time at Brock, Podwinski logged a whopping 2,500 hours of volunteer service at the University and in the community.“I definitely wouldn’t be where I am today without all that volunteer experience. I’ve really grown as a person,” she said. “Brock offers a lot of opportunity for extracurricular involvement.”She spent five years volunteering with the Power Cord program at the Brock-Niagara Centre for Health and Well-Being and said the inspirational and motivated people she met there solidified her commitment to working in health care.Mario De Divitiis, middle, presented the Board of Trustees Spirit of Brock awards to Kerri Ann Podwinski and Joshua Bowslaugh at Friday’s Faculty of Applied Health Sciences afternoon convocation ceremony.She also volunteered with MedPlus, Southridge Shelter, Youth Net Niagara, Niagara Health System and the Migrant Worker Health Interest Group.Joshua Bowslaugh was the recipient of the Faculty of Applied Health Sciences graduate student Spirit of Brock award Friday.He completed his undergraduate and graduate degrees at Brock and was an outstanding student who was heavily involved in non-academic activities.Bowslaugh worked at Smart Start, as a teaching assistant and tutor in the Department of Kinesiology and as a volunteer in the SeniorFit program.Dean’s medals were awarded to Cameron Giles and Laura Wiens.Delivering the convocation address Friday morning was Department of Kinesiology associate professor Jae Patterson, the recipient of Faculty of Applied Health Sciences Excellence in Teaching Award.Professor Jae Patterson gave the convocation address to Faculty of Applied Health Sciences graduates after receiving the Excellence in Teaching Award Friday.He told the students about the importance of always challenging themselves.“Sometimes challenges are uncomfortable and sometimes it doesn’t make you the most popular person in the room, but there’s are a lot of benefits,” Patterson said. “If you look at the experts, the only way for them to get better and maintain their expertise, is for them to put themselves in challenging situations. Not only do you learn in challenge, you maintain your expertise in challenge.”The afternoon speaker was professor of Epidemiology Martin Tammemägi, an internationally recognized expert in the field of cancer screening.The convocation was President and Vice-Chancellor Jack Lightstone’s last before he leaves office at the end of the month. The Faculty of Applied Health Sciences ceremonies from Friday can be watched in full below:MORNING read more

Police reopen investigation into terrorist assassination of Airey Neave Margaret Thatchers trusted

Scotland Yard has reopened its investigation into the murder of one of Margaret Thatcher’s closest confidantes by Irish terrorists, The Sunday Telegraph can reveal. The case was reopened having been left untouched for some 30 years, after Sajid Javid, the Home Secretary, ordered a review in response to calls for the family of the former Army officer to be given answers about who murdered him, and for his killers to face justice. The disclosure comes 10 days after Lyra McKee, a Northern Irish… Police have embarked on “new work” relating to the assassination of Airey Neave, the then shadow Northern Ireland secretary, who was killed by a car bomb in the courtyard of the House of Commons in 1979.