By Commodity News Service Canada
WINNIPEG, Aug. 10 (CNS Canada) – The Canadian dollar moved up slightly this morning to US$0.7883 or C$1.2686 per US$1, at 9 a.m. CDT. It closed Wednesday at US$0.7870, or C$1.2705 per US$1.
The S&P/TSX started greatly lower this morning, having shed 102.0 points in early trading (0.67%). It was at 15,115.35 at 9:11 a.m. CDT. Investors are believed to be searching for safer places to park their money amid rising tensions between the United States and North Korea.
The frustrations and verbal fury between the U.S. and North Korea continue to be felt on trading floors worldwide. Investors are shying away from stocks and moving instead into the Swiss franc, the yen and gold. The yen is posting gains because Japan is the world’s largest creditor nation and Japanese investors usually bring funds home in times of crisis.
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Gold is up US$12.50 at US$1.291.80.
WTI crude is up 22 cents U.S. at US$49.78.
Canadian Tire Corp. has posted a quarterly profit above analysts expectations with net income of C$195.2 million, or C$2.81 per share, an increase of 8.8 per cent. Analysts expected $2.52 per share.
The company credited strong demand for apparel and sports gear with retail sales up three per cent to C$4.1 billion. Marks clothing and footwear stores, which is also owned by Canadian Tire, posted a retail sales increase of four per cent.
