Montreal, Canada (PressExposure) June 29, 2011 -- Hilbroy Advisory Inc. (DeutcheBörse: 2H0) End of the Day, Market wrap up.
For the second straight session broad-based buying on light share volume took stocks sharply higher. Greece's vote on new austerity measures remains on the horizon, however.
Word that Germany backs France's proposal to involve the private sector in Greece's efforts to restore its finances turned the tepid tone of premarket trade into something decidedly more optimistic. Participants' positive response was attributable to the appearance of a unified front in attacking the problems plaguing fiscally woeful Greece. In turn, traders were more dismissive of the uncertainty regarding Greece's vote on a set of austerity measures established by country officials, the EU, and the IMF.
Once trade opened, stocks set out on a steady ascent that took the three major equity averages to gains in excess of 1%. A 2.7% aggregate gain made energy stocks the biggest drivers of the advance. However, Nike surged 10% to book one of the best percentage gains for an individual issue following its upside earnings surprise.
Financials failed to find any meaningful support. The sector settled with a gain of just 0.4%. What's more, that modest move came after the sector had spent some time in negative territory.
Participation was paltry once again. In turn, share volume dwindled, which made it easier for stocks to score outsized gains. Thin trading volume is expected to be an ongoing theme this week, given that many traders are taking vacation ahead of the holiday weekend.
The combination of concerted buying among equities and a disappointing Treasury auction caused Treasuries to be trounced today. The auction of 5-year Notes drew a bid-to-cover of 2.59 and dollar demand of $90.7 billion. The bid-to-cover was the lowest since June 2010, while dollar demand dropped to its lowest level since July 2009.
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.
Jean François Amyot
1400 rue Begin
Montreal, QC H4R 1X1
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