Take Stock – November 20

The Toronto Stock Exchange said Thursday that it has already achieved record levels of financings for the year with a couple of months still to go, indicating improved confidence in the world economy.

TSX achieves record

The Toronto Stock Exchange said Thursday that it has already achieved record levels of financings for the year with a couple of months still to go, indicating improved confidence in the world economy. The TSX said financings totalled were $49.7 billion as of Oct. 31, beating the previous full-year record of $47.6 billion set in 2007. “Achieving record yearly financing, with two months yet to go in 2009, demonstrates both positive investor sentiment as well as issuer optimism that global economic indicators are improving,” Tom Kloet, TMX Group CEO said in a statement. “I think this dramatic surge in financing activity underscores the fact that TSX offers a very robust marketplace that helps our listed companies fuel their growth.” As of Oct. 31, U.S.-based issuers raised $1.6 billion on the TSX and TSX Venture Exchange, a 68 per cent increase over the same period in 2008. TMX Group is headquartered in Toronto with offices in Montreal, Calgary and Vancouver.

Index rises

The composite leading index increased 0.7 per cent in October, its fourth straight advance. Statistics Canada reports eight of 10 components expanded, with housing still the fastest-growing component. The agency says a continued recovery in the U.S. leading indicator has been slow to translate into higher demand for factories in Canada.

The housing index rose 4.2 per cent, its sixth straight increase. The other components of consumer spending posted moderate growth of about 0.5 per cent. Demand, notably for autos and housing, led the U.S. increase in the American leading indicator as it rose 0.9 per cent. Despite the improvement in the U.S. economy, demand for Canadian manufactured goods remained uneven.

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