Business
TSX ahead
TSX ahead
About this update from Barrick Mining Corporation
[{"type":"text","content":"\nTSX ahead\n\nMetals, telecoms power TSX\n Mar. 10, 2010 (Baystreet.ca) -- The Toronto stock market saw fair progress Wednesday, losing earlier momentum as oil and gold prices softened.\n\nThe S&P/TSX composite index ended the day ahead 42.35 points to 11,961.06.\n\nThe TSX Global gold index was on the downside, as Barrick Gold Corp. declined 84 cents to $39.70 while Goldcorp Inc. faded 94 cents to $40.51.\n\nThe energy sector still maintained a gain, as Canadian Natural Resources was up 77 cents to $75.60.\n\nThe base metals sector was up, even as May copper shed three cents at $3.37 U.S. a pound. Teck Resources gained 55 cents to $41.59 while Sherritt International gained 23 cents to $8.90.\n\nThe telecom sector also advanced Rogers Communications gained 66 cents to $35.06.\n\nMedia company Quebecor Inc. said it had a $73.8-million profit in the fourth quarter. The company had a $343.6-million loss in the fourth quarter of 2008 as it wrote down the value of goodwill and other intangible assets. Revenue grew $25.6 million to just under $1.03 billion. Quebecor shares rose $1.45 to $33.67.\n\nThe dollar lost some headway, as currency trading Wednesday came amid a report from CIBC World Markets that said expectations of higher interest rates and investor demand for Canada will help drive the loonie past parity with the U.S. greenback by this summer.\n\nIn Canada, the TSX has been lower all week following a sharp 3% gain last week, finally surpassing the level where it started the year, as investors responded to higher commodity prices and a slew of positive bank earnings.\n\nAnalysts said the back-and-forth action could be a factor in markets for some time.\n\nIn other Canadian corporate news, shares in agribusiness Viterra Inc. ran ahead 23 cents to $9.88 after it announced Wednesday it has a deal to acquire Dakota Growers Pasta Co. Inc. in an all-cash transaction that values Dakota at $240 million U.S.\n\nThe deal for Dakota was announced on the same day that Viterra said it earned $10.7 million in the first quarter, reversing a net loss of $33 million a year ago.\n\nBusiness software company Descartes Systems Group reported net income of $10.3 million U.S. or 17 cents per share for the quarter ended Jan. 31. The profit was down from a year earlier when the company booked earnings of $15.4 million or 29 cents per share. Quarter...