By James Langton
(September 8 – 13:00 ET) – Markets have been rather quiet today, although the volume has picked up from yesterday’s sluggishness. The TSE 300 currently sits on the downside by just five points. The volume has been impressive at about 62 million shares.
The market’s breadth has been mildly negative. Declines are slightly ahead of the advances. Volume, though, is favouring the buyers about 3:2. Eight of the TSE’s 14 subgroups are on the upside.
Still, there is no real direction on the TSE. Paper stocks are about the only issues making any move, and they are up less than 1%. There are jitters over Friday’s economic data and words out of the U.S. Federal Reserve Board governors. Other economic data due out in Europe and Japan tomorrow is keeping traders rather restrained.
There was a the usual trepidation over a speech by Fed chair Alan Greenspan at Grand Valley University in Michigan today. Greenspan speaks as we write. His comments seem to have little affect on he market. They are directed on the nature of the American economic miracle rather than on market valuations.
The TSE is again seeing some strong trading in the takeover players, such as Rigel and Poco Pete. Dylex is actively trading, as are Internet plays. Bid.com is up heavily after launching its redesigned Web site. The former LatinGold, now known as Travelbuys.com, is attracting a lot of volume.
In Montreal, stocks are down 15 points on weak banks and industrials. The VSE is up less than a point. The ASE is down two.
In New York, markets opened lower on fear of Greenspan. There’s also some superstition about tomorrow’s date, 9/9/99. Some believe it could cause programming glitches. Nostradamus reportedly didn’t like the date either. Nevertheless, the Dow has shrugged off its fear of both oracles, bidding stocks up 70 points at midday. Nasdaq has added eight points and the S&P is up three.