Business
Optimism lifts TSX
Optimism lifts TSX
About this update from Barrick Mining Corporation
[{"type":"text","content":"\nOptimism lifts TSX\n\nInflation buoys Toronto markets\n\n Apr. 23, 2010 (Baystreet.ca) -- The Toronto stock market moved into solidly positive territory Friday afternoon amid news that inflationary pressures eased considerably last month while retail sales continued to climb.\n\nThe S&P/TSX Composite Index surged 78.77 points to end the day at 12,239.64, a gain of 168.98 points, or 1.4% on the week. \n\nIn economic news, Statistics Canada said the country's annual inflation rate slowed to 1.4% in March from 1.6% the previous month. The agency noted that gasoline prices exerted the most upward pressure on the all-items consumer price for a fifth straight month.\n\nThe Bank of Canada said earlier this week that it could raise its key lending rate as early as June 1 to offset a rapidly improving economy and the potential for inflation that carries with it. Speculation that the central bank could raise its rate by as much as half a percentage point put pressure on markets earlier this week.\n\nHowever, today's inflation report pretty much negates that possibility, according to some experts. \n\nIn another report released today, the agency said retail sales in Canada were up 0.5% in February from the previous month, following January's 0.9% increase. Excluding auto, retail trade slipped 0.1% on a monthly basis compared to the consensus forecast of 0.8% increase.\n\nThe Toronto energy sector gained ground, while shares in Suncor Energy Inc. added 67 cents at $34.53.\n\nThe gold sector jumped while Barrick Gold Corp. shares gained 23 cents to $40.41.\n\nThe base metals sector added strength as the May copper contract on the Nymex gained 2.65 cents U.S. to $3.51 U.S. per pound. Shares in Teck Resources Ltd. fell 22 cents to $43.76 after gaining more than 5% Thursday following an announcement that the company will reinstate its dividend.\n\nThe financial sector was flat as the G20 finance ministers met to discuss a hotly debated proposal for a global bank tax. Shares in Toronto-Dominion Bank slipped 16 cents to $76.80.\n\nIn Canadian corporate news, shares in Cipher Pharmaceuticals Inc. gained 20 cents or 16% to $1.45 after the Toronto-area company said it narrowed its first-quarter loss and increased revenue due to higher prescription sales of Lipofen, which is used to treat a cholesterol disorder.\n\nThe U.S. parent of Sears Canada I...