TSX heads for slightly higher open amid Syria jitters, positive jobs data + MORE Sep 5th

TORONTO – The Toronto stock market appeared set for a slightly higher open Thursday as caution continues to rule markets amid uncertainty over Syria and ahead of August U.S. jobs data.
The Canadian dollar was up 0.05 of a cent to 95.36 cents US.
U.S. futures were tepid with the Dow Jones industrial futures off five points to 14,919, the Nasdaq futures gained 4.25 points to 3,132.5 and the S&P 500 futures slipped 0.5 of a point to 1,654.
Markets have been preoccupied this week with the prospect of the U.S. leading a military strike against the regime of Syrian president Bashar Assad, which it accuses of using deadly sarin gas against civilians. President Barack Obama is seeking congressional approval for such a strike and a vote could come as soon as next week.
The key economic event of the week occurs Friday when the U.S. Labor Department releases its employment report for August. Economists expect the economy will have cranked out about 180,000 jobs during the month, although some traders to think the number could be much higher as lower numbers of people applied for jobless insurance…

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TORONTO – Realtors say home sales in the Greater Toronto Area shot up 21 per cent in August compared with last year, with strength in all major housing categories.
The Toronto Real Estate Board says 7,569 residential transactions went through its MLS system last month, compared with 66,249 sales in August 2012.
The average selling price for August 2013 was $503,094 — up almost 5.5 per cent from $477,170 in August 2012.
TREB spokesman Jason Mercer says that despite an increase in borrowing costs in the spring and summer, an average priced home in the GTA has remained affordable for a household earning an average income.
With this in mind, tight market conditions are expected to promote continued price growth through the remainder of 2013,” says Mercer, the board’s senior manager of market analysis.
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Top global finance professors—including the University of Toronto’s John Hull—are offering free online personal finance courses at www.academictrader.org. The service’s goal is to empower individuals to invest efficiently on their own without relying on money managers. Course certification is provided, and full undergraduate and MBA curricula will be available soon.

Canadian investors love their big banks. Look at any balanced mutual fund and you’ll usually find at least a few of the Big Five—TD, RBC, Scotiabank, BMO and CIBC—in its top holdings. Barry Schwartz, though, prefers to put his money in another financial institution: National Bank of Canada.
The company, says Baskin Financial Services’ vice-president, is a steal, trading at around nine times earnings, while its peers trade at around 12. Brad Smith, managing director and head of research at Stonecap Securities, adds that the bank usually trades at an 11% discount to the competition; it’s now about 14% cheaper.
There are some good reasons for the lower valuation. While many of the other banks have diversified outside of Canada, National has no non-Canadian locations, leaving it more exposed to domestic ups and downs. If the housing market does crash, the company could be in trouble, says Smith. As well, about 25% of its revenue comes from its capital market business, which, says Smith, is generally less stable than traditional banking…