Closing Bell TSX down on political uncertainty as commodities prices move higher

TORONTO — The Toronto stock market closed lower on Wednesday as the European economy was dealt another blow from economic concerns in Portugal alongside political strife in Egypt.Here are the closing numbers TSX — 12,145.68 -32.70 -0.27% S&P 500 — 1,615.41 +1.33 0.08% Dow — 14,988.55 +56.14 0.38% Nasdaq — 3,443.67 +10.27 0.30%The S&P/TSX composite index fell 32.70 points to end the session at 12,145.68.The Canadian dollar rose 0.35 of a cent to 95.15 cents US.Oil prices were driven to their highest level in more than a year partly on the unfolding political crisis in Egypt. The country’s military has ousted embattled President Mohammed Morsi, suspended the country’s constitution and called early elections.Meanwhile, the U.S. Energy Department reported that crude supplies fell by 10.3 million barrels from the previous week. The decline was more than three times what analysts had expected and came partly from lower supplies from Canada after the temporary Enbridge (TSX:ENB) pipeline shutdown at the end of June.Crude rose above US$100 a barrel for the first time since May 2012. The August contract on the New York Mercantile Exchange ended ahead $1.64 at US$101.24 a barrel.TSX energy stocks were up 0.2%.In Portugal, the government teetered on the brink of collapse, reviving criticism over the eurozone’s strategy for dealing with its prolonged financial crisis.Prime Minister Pedro Passos Coelho has defied calls to resign but was running out of options to keep his centre-right coalition government together following the resignations of two key ministers in a spat over austerity.The renewed concerns drove gold prices higher as August bullion lifted $8.50 to US$1,251.90 an ounce on the Nymex.The TSX gold sector was the biggest gainer, up 1.3%, with Goldcorp Inc. (TSX:G) rising 68 cents to $26.02. The base metals sector was down 0.7% while copper prices rose 3.2 cents to US$3.174 a pound for the September contract.Telecom stocks pulled back once again, off 0.9%, after Mobilicity pushed back a vote on the company’s proposed recapitalization plan by a week.The struggling wireless service provider, which has reportedly held talks with U.S. telecom giant Verizon, did not give a reason for the delay Wednesday, other than to say it wanted to consider “potential alternatives.”Shares of Canadian wireless companies have been mostly weaker since rumours emerged of a potential new competitor in the domestic industry. Rogers Communications (TSX:RCI.B) was off 85 cents to $41.52, but Telus (TSX:T) rose two cents to $31.68.The global developments impacted Wall Street to a lesser extent in a shortened trading session that ended at 1 p.m. ET ahead of the Independence Day holiday.The Dow Jones industrials gained 56.14 points to close at 14,988.55. The Nasdaq was up 10.27 points at 3,443.67, while the S&P 500 index was 1.33 points higher at 1,615.41.In earnings, Sandvine Corp, (TSX:SVC) swung to a US$900,000 profit in the second quarter as the Waterloo, Ont.,-based broadband technology provider posted significantly higher revenues in reversing last year’s Q2 loss. Revenues rose 27% to US$23.5 million from US$18.6 million in the same 2012 period. Shares of Sandvine were off nearly 8%, or 16 cents, to $1.95.What investors were watching today:Fears of correction continue to haunt Toronto’s condo alley Big Three telecoms set to challenge parts of CRTC’s new wireless codePortugal, Greece turmoil threatens to reawaken the eurozone beastCanada’s housing boom has pushed one in 10 families deep in debtWHAT’S ON DECK WEDNESDAYU.S. markets closed for Independence Day holiday read more

Wrestling Work pays off for Kyle Snyder who avoids second loss in

Ohio State senior heavyweight wrestler Kyle Snyder faces off against Arizona State’s Austyn Harris. Snyder won the match and the Buckeyes won the meet 31-12 on Nov. 12. Credit: Colin Hass-Hill | Sports EditorEAST LANSING, Mich. — There was only one option for Ohio State heavyweight Kyle Snyder after he lost his first collegiate match since the 2015 NCAA final — to work and work and work to prevent that from happening again. The work paid off at the Big Ten championships in East Lansing, Michigan, on Sunday.After losing to redshirt senior Adam Coon on Feb. 11, Snyder enacted revenge with a 4-2 decision in the heavyweight final. Coon’s size was a mismatch for the Buckeye senior in their first match, with the 6-foot-6 285-pounder providing more physical difficulties than the 5-foot-11 225-pounder usually has to deal with. Snyder was unable to get a shot clean enough to score on Coon, which eventually led to Coon’s winning takedown late in the third period.In the sequel, Snyder was able to make the adjustment that landed him the victory. “That was an immense amount of energy used to score points, that takedown, so congrats to Kyle,” Ohio State head coach Tom Ryan said. In the overtime period, Snyder’s winning takedown went under review, which brought a moment of hesitation into the arena.“Coach Tervel and coach Ryan thought I did. Jaggers thought I did, but they all thought it was close. So, I would’ve been ready to wrestle… but I was happy the two points were up on the board,” Snyder said.With the win, Snyder became the fourth wrestler in school history with three Big Ten championships, including his teammate Nathan Tomasello.“The main thrill I get is the team. The team is my favorite part,” Snyder said. “I feel like at Ohio State we are really unique in the way that we do things, the way that we talk, the way that we dress, the way that we compete. How much we care for each other.”Snyder has been back and forth from international competitions to Big Ten dual meets, along with finishing his senior season as a member of a Big Ten team title with 164.5 points,16.5 more than second-place Penn State. Next up is his last NCAA championship, and yet he stays humble about his accomplishments. “The highs of winning a title, that won’t be my favorite part of it. It’s gonna be the process of getting ready to compete. Hanging out with my friends, and learning more about wrestling,” Snyder said. Following another Big Ten championship for Snyder, the rubble match with Coon looms in Cleveland. Coon replaced Snyder’s ranking after their first match, and Snyder will likely grab it back after winning Big Tens. Snyder will be seeking his third straight national title.“I think next time what I need to do is score earlier so that he has to come after me and then once he comes after me … probably start picking his ankles a little bit better,” Snyder said. Although Snyder’s focus has been individually on Coon, the biggest threat to Ohio State at nationals are the Nittany Lions. Snyder beat Penn State No. 3 Nick Nevills in his semifinal match Saturday night. “They wrestled really, really well at nationals, and beat us at the nationals,” Snyder said. “And then it was all summer, Penn State is unbeatable right? So and we were like ‘we’re gonna be better than we were last year. We thought we were gonna get McKenna.’”This time the Buckeyes were victorious, but history often repeats itself. For what lies beyond the championships in Cleveland, Snyder already has an idea.“I plan on wrestling for a really long time so I plan on being in a lot of more world championships, couple more Olympic games,” Snyder said. read more