Montreal, Quebec -- (SBWIRE) -- 04/14/2011 -- The major equity averages surrendered early gains to trade flat in early afternoon action, but leadership from the financial sector helped the broader market settle in positive territory.
Early support was helped by gains abroad, where participants in China took yesterday's news of another 25-basis point rate hike in stride upon their return from holiday. News of a successful debt offering by Portugal also helped perpetuate a positive tone. Much later in the day Portugal announced plans to request foreign financial aid.
The generally positive tone to morning trade benefited both blue chips and riskier small-cap stocks. In fact, the Dow extended its two-year high with help from Cisco (CSCO 18.07, +0.85), which scored its best single-session gain in nearly nine months. Meanwhile, the Russell 2000 Small-Cap Index achieved a record high with help from La-Z-Boy (LZB 10.92, +1.08) following an analyst upgrade, but fellow small-cap issue American Superconductor (AMSC 14.47, -10.41) plummeted more than 40% after the company cut guidance and announced that a key customer refused product delivery from the firm.
However, broad market buying interest wasn't strong enough to take the S&P 500 back through resistance at the 1340 line. That left stocks to drift lower before securing support near the neutral line.
Financials proved pivotal in lifting the broader market up from the flat line in afternoon trade. The sector achieved a 1.1% gain.
NYSE Euronext (NYX 39.81, +0.83) was a top performer in the sector after it was reported that the firm has no interest a counter bid for Nasdaq OMX Group (NDAQ 28.83, +0.83), but gains among diversified financial plays had the most impact, due to their collective weight.
Even amid leadership from the highly influential financial sector, the overall market still achieved only a modest gain for the session. As a result, action this week continues to be largely range bound.
Despite the broader market's drift, Treasuries continue to come under pressure. In turn, the yield on the benchmark 10-year Note is nearly at a one-month high of 3.55%.
About Hilbroy Advisory Inc.
Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential.
Our specialists will customize a service package that includes reviewing, identifying and recommending a series of specific action and tasks that help their clients’ management decisions when seeking
• Go Public strategy,
• Debt and or equity financing
• Identify prospective investors
• Hire investor relations firm
• Cross listing decisions
• Planning road-shows and promotional campaigns.
Hilbroy Advisory has established numerous international relationships over the years with Broker Dealers, Hedge Funds, Institutional Investors, High net worth Investors as well as with investor relations firms and consultants. These relationships are made available to all Hilbroy clients and our team will manage the relationships from introduction to post financing activities.
Contact:
Jean François Amyot
HilbroyAdvisory, Inc.
1400 rue Begin
Montreal, QC H4R 1X1
info@hilbroyadvisory.com
http://www.hilbroyadvisory.com
Tel: 514-334-3131
Important Information About Forward-Looking Statements
All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates", "believes", "could", "expects", "intends", "may", "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.