Business
TSX falls hard
TSX falls hard
About this update from Barrick Mining Corporation
[{"type":"text","content":"\nTSX falls hard\n\nOnly metals group gains\n\n May 7, 2010 (Baystreet.ca) -- Stocks markets continued to sell off Friday as fears of a widening sovereign debt crisis in Europe overshadowed strong April job growth in North America that came in far above expectations.The S&P/TSX composite index sank 150 points, or 1.3%, to finish the week at 11,692.43, lower on the week by 4.2%, and below where it closed on New Year's Eve. TSX commodity stocks suffered as investors continued to buy into the safe haven of the U.S. dollar to protect against potential fallout if the European debt crisis can't be contained within Greece and countries such as Portugal and Spain will also need massive aid.But investors also sold bank stocks as tighter credit conditions mounted while demand concerns punished transportation stocks.Suncor Energy lost 49 cents to $31.88.Canadian Natural Resources fell 69 cents to $72.03. The oil and gas producer's president, Steve Laut, said Friday that the company will complete as much engineering work as possible before giving its Kirby oilsands project the green light later this year. Turning a sharper focus to early engineering is a way it hopes to avoid the kind of cost overruns on Kirby that plagued the Calgary company's massive Horizon open-pit mine, which came in billions of dollars over budget.The TSX global gold index fell, as Barrick Gold Corp. was down $1.26 to $44.70.Iamgold Corp. said quarterly net earnings were $58.8 million U.S., up 12% from the $52.2 million U.S. it earned the same 2009 quarter. Revenue was $240.1 million U.S., up from $188.6 million U.S. in Q1 2009 and its shares declined 38 cents to $18.47.The base metals sector was slightly lower with July copper up three cents at $3.14 U.S. a pound. Teck Resources declined 34 cents to $36.34S while FNX Mining gave back 45 cents to $11.15.The industrials sector backed off substantially with Canadian National Railways down 94 cents to $58.16 and Canadian Pacific slipped 88 cents to $56.45.The financial sector gave back ground, as TD Bank lost 39 cents to $71.92 while Royal Bank was down 65 cents to $58.92.In other corporate news, GMP Capital Inc. said it had a $62.4-million net loss in the first quarter as it wrote down the value of its EdgeStone business unit. Without the $80.5 million in charges related to EdgeStone, GMP's adjusted net income was $13.6...