Business
TSX in red
TSX in red
About this update from Appia Rare Earths & Uranium Corp
[{"type":"text","content":"\nTSX in red\n\nOnly telecoms make hay in T.O.\n Jan. 28, 2010 (Baystreet.ca) -- The Toronto stock market was down Thursday, depressed by earnings reports, poor economic data and a stronger U.S. dollar which drove commodity prices lower.\n\nThe S&P/TSX Composite Index was off its triple-digit lows of the day, but still fell 69.91 points to finish at 11,274.20\n\nThe materials sector was down as market heavyweight Potash Corp. of Saskatchewan Inc. reported its fourth-quarter profit was down 69% from a year ago to $243.6 million and sales revenue also fell. The company's shares slipped $5.32 or 4.56% to $111.24.\n\nElsewhere in the fertilizer sector, BHP Billiton Canada Inc. has agreed to pay about $341 million in cash to acquire Athabasca Potash Inc. in a friendly agreement. The offer is the equivalent of $8.35 per Athabasca share. Athabasca shares jumped $1.59 or 23.73% to $8.29.\n\nThe industrials sector was down as Canadian Pacific Railway Ltd reported that its profit in the fourth quarter was up 3% to $194 million from the comparable period of 2008. Total revenue was down 16% to $1.1 billion and its shares dropped $1.61 to $52.80.\n\nThe gold sector stepped back, even though Goldcorp Inc. moved up seven cents to $38.12\n\nThe base metals sector dropped in strength, with March copper down 11 cents at $3.11 U.S. First, Teck Resources were unchanged at $37.05 while Labrador Iron Mines Holdings was up $1.38 or 32% to $5.69.\n\nThe energy sector was off as EnCana Corp. lost 43 cents to $33.01 and Suncor Energy declined 38 cents to $34.33.\n\nThe financial sector slipped with Bank of Montreal $1.15 lower at $52.85.\n\nIn other earnings news, electronics manufacturer Celestica reported a quarterly profit of $31.1 million U.S. or 13 cents per diluted share. That compared with a loss of $822.2 million U.S. or $3.58 per share a year ago, when the company took a one-time charge of $850.5 million U.S. \n\nRevenue was down from $1.94 billion U.S. last year but in line with the average analyst estimate. Its shares were ahead three cents at $10.57.\n\nThe Canadian dollar eased 0.02 cents to 93.75 cents U.S. \n\nON BAYSTREET \n\nAll but one of the 14 TSX subgroups were lower Thursday, weighed mostly by global base metals, down 1.9%, health-care stocks, sliding 1.4%, and industrials, sagging 1.3%. \n\nOnly telecoms forged out some gains, 0.1%...