Home' Trinidad and Tobago Guardian : November 29th 2015 Contents NOVEMBER 29 • 2015 www.guardian.co.tt SUNDAY BUSINESS GUARDIAN
STOCKS | SBG11
Stocks finished mostly higher
Friday as they wrapped up a
quiet week of trading. The
Standard & Poor s 500 index
fluctuated early on, but man-
aged to eke out a small gain
as telecommunications and financial stocks
rose. Disney dragged down the Dow Jones
industrial average after the company said ESPN
lost three million subscribers in the last year.
Oil prices slumped, dragging down energy
The Dow fell 14.90 points, or 0.1 per cent,
to 17,798.49. The S&P 500 picked up 1.24
points, or less than 0.1 per cent, to 2,090.11.
The Nasdaq composite index added 11.38
points, or 0.2 per cent, to 5,127.52.
US markets were closed Thursday for the
Thanksgiving holiday, and closed at 1.00 pm
Stocks didn t have much momentum in a
week of light trading. The market made its
biggest weekly gain of 2015 last week, but this
week the Dow fell 0.1 per cent and the S&P
500 rose less than 0.1 per cent.
Oil prices dropped. Benchmark US crude
fell US$1.33, or 3.1 per cent, to US$41.71 a
barrel in New York. Brent crude, a benchmark
for international oils, gave up 60 cents, or 1.3
per cent, to US$44.86 a barrel in London.
The largest losers on the S&P 500 were
energy stocks. Consol Energy lost 52 cents, or
6.5 per cent, to US$7.48 and Southwestern
Energy gave up 68 cents, or 7.2 per cent, to
Prudential Financial market strategist Quincy
Krosby said oil prices gained a premium this
week because of geopolitical concerns like
increased military action against the Islamic
State and growing tensions between Russia
and Turkey after Turkey shot down a Russian
fighter plane on Tuesday.
Krosby said those gains may not last long.
Next week OPEC will hold a meeting in Vienna,
and the group could send oil prices higher by
deciding to cut back on production. Or, it
could decide to keep producing oil at its present
rate, which might make prices fall further.
That premium on the price of oil "can move
up dramatically but also come down or dis-
sipate just as quickly," Krosby said.
Disney fell US$3.54, or three per cent, to
US$115.13, its biggest one-day loss since
August. Late Wednesday, Disney disclosed
that US subscribers to its ESPN sports channel
fell for the second year in a row, to 92 million
as of October 3, matching the lowest total
since 2006. ESPN s subscriber totals had hov-
ered around 100 million for years.
Disney has said that ESPN has lost sub-
scribers, but investors appeared shaken by the
size of the losses. Small but growing numbers
of people are opting out of traditional cable
TV bundles and buying smaller, less expensive
groups of channels instead. Investors in media
companies are worried about potential losses
of subscribers and revenue.
A dispute over the health and mental capac-
ity of media mogul Sumner Redstone hit shares
of Viacom, the owner of media properties
including Paramount Pictures, Comedy Central,
MTV and Nickelodeon. In a lawsuit filed
Wednesday, Manuela Herzer, Redstone s former
companion, said the 92-year-old executive
can t make informed decisions anymore and
needs medical care at all times. Lawyers for
Redstone, who controls the shareholder vote
at Viacom as well as at CBS, disputed the
Viacom s Class B shares fell US$1.19, or 2.3
per cent, to US$51.16.
Spam maker Hormel didn t miss a beat over
the holiday break, rising US$1.46, or 2.0 per
cent, to US$75.01. Earlier this week Hormel
posted strong-quarterly results and announced
a planned stock split. Its shares rose 10 per
cent this week.
Hewlett Packard Enterprise also continued
to rise. The technology services company, for-
merly part of Hewlett-Packard, saw an increase
in sales of data-center hardware during the
fourth quarter. Its shares added 23 cents, or
1.3 per cent, to US$14.35 after picking up 3.0
per cent Wednesday.
Retail stocks didn t move much on Black
Friday, when millions of shoppers hit the stores
in search of bargains. Target rose 28 cents to
US$73.44 and Wal-Mart Stores dipped 35
cents to US$59.89. Amazon fell US$2.08 to
In other energy trading, wholesale gasoline
fell 0.6 cents to US$1.391 a gallon. Heating oil
fell 5 cents, or 3.6 per cent, to US$1.352 a
gallon. Natural gas tumbled 8.7 cents, or 3.8
per cent, to US$2.212 per 1,000 cubic feet.
Gold fell US$13.80, or 1.3 per cent, to
US$1,056.20 an ounce. Silver declined 15 cents,
or 1.1 per cent, to US$14.008 an ounce. Copper
inched up 0.5 cents to US$2.051 a pound.
US government bond prices rose. The yield
on the 10-year Treasury note fell to 2.22 per
cent from 2.24 per cent late Wednesday. The
euro fell to US$1.0597 from US$1.0617 and
dollar rose to 122.84 yen from 122.72 yen. AP
Asian stocks markets were lower in muted trad-
ing Friday after Wall Street was closed for the
Thanksgiving holiday, and investors continued to
watch for developments in tense relations between
Russia and Turkey.
KEEPING SCORE: Japan s benchmark Nikkei
225 inched down 0.3 per cent to 19,886.35 while
South Korea s Kospi was up 0.1 per cent at
2,031.99. Hong Kong s Hang Seng dropped 1 per
cent to 22,269.02 and China s Shanghai Composite
fell 0.8 per cent to 3,605.64. Other regional markets
were also lower, falling in Taiwan, Australia, the
Philippines, Indonesia and Singapore.
EUROPE BUOYED: Shares rose in Europe on
Thursday on hopes the European Central Bank
might announce further stimulus measures next
week. Britain s FTSE 100 closed up 0.9 per cent
at 6,393.13 while Germany s DAX rose 1.4 per
cent to 11,320.77. The CAC-40 in France ended
1.1 per cent higher at 4,946.02.
RUSSIA AND TURKEY: Markets have been
wary about geopolitical tensions after Turkey
downed a Russian plane that entered its territory
from war torn Syria. Russian President Vladimir
Putin has said his nation is ready to cooperate
with the US-led coalition fighting the Islamic
State group, while criticising the US, saying it
should have prevented its coalition ally Turkey
from making such a move.
ENERGY: Benchmark US crude was down 52
cents to US$42.52 a barrel in electronic trading
on the New York Mercantile Exchange. Brent
crude, a benchmark for international oils, lost 8
cents to US$45.48 a barrel in London.
CURRENCIES: The dollar was little changed
at 122.61 yen from 122.62 yen on Thursday. The
euro rose to US$1.6012 from US$1.0607. AP
How the Dow Jones industrial
average fared on Friday
The Dow Jones industrial average gave
up 14.90 points, or 0.1 per cent, to
The Standard & Poor's 500 index picked
up 1.24 points, or less than 0.1 per cent, to
The Nasdaq composite index added
11.38 points, or 0.2 per cent, to 5,127.52.
For the week:
The Dow retreated 25.32 points, or 0.1
The S&P inched up 0.94 points, or less
than 0.1 per cent.
The Nasdaq rose 22.61 points, or 0.4 per
For the year:
The Dow is down 24.58 points, or 0.1
The S&P is up 31.21 points, or 1.5 per
The Nasdaq is up 391.47 points, or 8.3
inch higher in
Asia stocks lower amid Thanksgiving trading lull
Trader Peter Tuchman, right, works on the floor of the New York Stock Exchange, Wednesday,
November 25, 2015. Stocks are drifting higher in early trading as markets start to wind down
ahead of the Thanksgiving holiday in the US. AP
A man talks on his mobile phone in front of an electronic stock board of a securities firm
in Tokyo Friday, November 27, 2015. Asian stocks markets were lower in muted trading
Friday after Wall Street was closed for the Thanksgiving holiday, and investors continued
to watch for developments in tense relations between Russia and Turkey. (AP)
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