Stocks End Week, July on Wrong Foot

Equities in Toronto stumbled to the finish on Friday, weighed on by cannabis share weakness and bad performance in the energy sector.

The TSX Composite index lost 23.98 points to end Friday at 20,287.80. Over the last five sessions, however, the index gained 95 points, or 0.47%.

The Canadian dollar fell 0.19 to 80.14 cents U.S.

Markets in Canada will be closed Monday for holiday.

As mentioned off the top, cannabis stocks took the biggest body blows, as Tilray fell $1.05, or 5.5%, to $18.13, while Canopy Growth shed 76 cents, or 3.1%, to $23.54.

In the oil patch, Imperial Oil dropped 86 cents, or 2.5%, to $34.01, while Tourmaline Oil dropped 74 cents, or 2.1%, to $34.00.

In financials, BMO fell $2.76, or 2.2%, to $123.38, while TD moved downward 94 cents, or 1.2%, to $82.76.

The half-dozen laggards were led by consumer discretionary stocks like BRP, up $1.36, … Read more

Over 72,000 urgent UK jobs to fill amid pingdemic

Over 1.1 million job vacancies are lying open as the pingdemic worsens the UK worker shortage.

The ‘pingdemic’ is the latest challenge to sectors struggling to hire. There were 1,116,454 advertised job vacancies between 19th – 25th July, marking the 11th consecutive week of over 1 million open jobs.

Nearly 700,000 NHS Covid-19 app users were ‘pinged’ in the week to 21 July, a record high, according to NHS figures.

Retail has been particularly affected, with 30,958 advertised job openings, up 14% compared to just four weeks ago. As a result, July has seen Retail hiring hit its highest peak since November 2018, 31 months ago. This includes 10,282 positions currently available for supermarket workers, and 5,825 openings for retail assistants. Furthermore, the pingdemic has led to supermarket Iceland announcing plans to recruit an extra 2,000 staff to cover staff absences that had led to some stores having to close. … Read more

What Is A Business Advisor And How Can You Hire The Right One?

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S&P Tumbles on Amazon Letdown

U.S. stocks fell on Friday amid a slide in Amazon shares, but the S&P 500 notched its sixth straight positive month.

The Dow Jones Industrials tumbled 149.06 points from Thursday’s all-time record to 34,935.47, despite a jump in Procter & Gamble shares.

On the week, the loss was 108 points, or 0.3%.

The S&P 500 dropped 23.89 points to 4,395.26, from what had also been a fresh high, dragged down by the consumer discretionary and energy sectors. The index lost nine points on the week, or 0.2%.

The NASDAQ lost 105.59 points on the day to 14,672.68. On the week, the descent amounted to 127 points, or 0.8%,

The major averages managed to wrap up a solid month, although volatility has picked up amid concerns about the economic recovery in the face of the spreading delta variant.

The NASDAQ climbed 1.2%, while the Dow added 1.3% in July, while the … Read more

Sales rocket but Amazon growth slows as pandemic restrictions reduce

Amazon signalled last night that its breakneck growth will slow over the coming months as people emerge from pandemic restrictions.

Net sales at the world’s largest ecommerce group rose by 27 per cent to $113.1 billion in the second quarter, boosting net income by 50 per cent to a record $7.8 billion, but its revenues fell short of the $115.42 billion that Wall Street had expected.

Earnings were boosted by further gains at its powerhouse cloud computing division and its fast-growing online advertising business.

However, investors took fright at a striking slowdown at its mainstay online retail business. Sales in North America, Amazon’s largest market, rose by 22 per cent between April and June, about half the rate of the previous four quarters. Amazon’s shares fell by more than 6 per cent in after-hours trading, sliding $229.92 to $3,370, as the results raised concerns that the company would take a … Read more