Business
Stocks take breather
Stocks take breather
About this update from Acadian Timber Corp.
[{"type":"text","content":"\nStocks take breather\n\nT.O. weighed by metals, industrials\n Jan. 5, 2010 (Baystreet.ca) -- Toronto stocks may struggle to extend their recent gains on Tuesday and moved in a narrow range at the open. The prices of commodities are also pausing for a breather, after a good runup on Monday. \n\nThe S&P/TSX Composite Index docked 10.66 points, or 1%, to 11,856.24.\n\nIn the commodities markets, gold edged up marginally, while oil was trading almost flat ahead of API inventory data. \n\nThe Canadian market had a nice run in the previous session as widespread buying lifted the main index to a 15-month high. Oil and gold prices had moved higher on encouraging manufacturing data from the U.S. and China. \n\nIn corporate news, Credit Suisse raised Potash Corp. rating to "outperform" with a price target of $129, citing demand pickup among farmers.\n\nIn brokerage update, Morgan Stanley initiated coverage of Research in Motion with an "overweight" rating. \n\nHealth care provider Shoppers Drug Mart Corp. said it has advised its shareholders not to respond to an unsolicited below market "mini-tender" offer from TRC Capital Corp. to purchase up to two million common shares.\n\nNetworking solutions provider RuggedCom Inc. said it has received purchase orders worth over $2.1 million for a wind power application in China.\n\nForest product dealer Acadian Timber said it would pay one time dividend of 1.7 cents a share on January 29 and start paying five cents a share beginning next quarter.\n\nOn the economic front, Statistics Canada revealed Tuesday that rising oil and metal prices helped Canada's Industrial Product Price Index and Raw Material Price Index to gain 1.0% and 2.2%, respectively, in November. \n\nThe Canadian dollar gained 0.35 cents to 96.36 cents U.S. \n\nON BAYSTREET \n\nOf the 14 TSX subgroups, losers nosed out gainers seven to six. Consumer discretionaries vied with metals and mining stocks for the biggest loss at 0.4% each, while industrials were off 0.3%. \n\nThe half-dozen gainers were spirited ahead by global base metals, up 0.7%, materials, ahead 0.6%, and real-estate, up 0.3%. Telecoms were flat to begin the day. \n\nThe TSX Venture Exchange advanced 4.08 points to 1,548.01, while the Nasdaq Canada index moved forward 7.97 points to 733.53. \n\nON WALLSTREET\n\nStocks started out lower T...