Business
TSX pokes ahead
TSX pokes ahead
About this update from Barrick Mining Corporation
[{"type":"text","content":"\nTSX pokes ahead\n\nT.O. weighed by telecoms, staples\n Mar. 11, 2010 (Baystreet.ca) -- The Toronto stock market was little changed late Thursday morning as tech stocks provided lift and commodity stocks recovered from early declines sparked by higher Chinese inflation data.\n\nThe S&P/TSX composite index approached noon up 8.58 points to 11,969.64, after floundering in the red much of the morning. \n\nThe tech sector rose with Research In Motion Ltd. ahead $1.50 to $78.54.\n\nThe base metal sector found a slight foothold on positive territory with May copper unchanged at $3.37 U.S. a pound.\n\nThere was relatively little reaction to a government report that China's annual inflation rate jumped to 2.7% in February from 1.5% in January.\n\nInvestors have been dismayed twice so far this year after China made moves to cool the economy by tightening banks' reserve requirements in order to rein in lending. They are worried that such tightening could restrain economic growth not just in China, but around the world.\n\nSuch worry is overdone, according to some experts. \n\nDeclines on the Toronto stock market were led by the telecom sector after the component advanced sharply in the previous session. BCE Inc.shed 60 cents to $30.70.\n\nFinancials were also weak as Scotiabank gave back 30 cents to $48.82.\n\nScotiabank and its Thai affiliate, Thanachart Bank, have reached an agreement to acquire nearly 48% of Thailand's Siam City Bank from the country's Central Bank. The deal is worth a reported $984 million. Scotiabank owns 49% of Thanachart.\n\nThe energy sector was down, even as investors also took in major deal-making in the sector.\nBP PLC is partnering with Devon Energy Corp. to develop an Alberta oilsands project as part of a much larger deal in which BP will pay $7 billion U.S. to buy exploration rights in several countries from the American company. BP will sell a 50% stake in its Kirby leases for $500 million U.S. to Oklahoma-based Devon, which already has an oilsands project in the same area.\n\nAnd Paramount Energy Trust has signed a deal to acquire oil and natural gas assets in the Edson area of west central Alberta from an unidentified company for $126 million. The trust will help pay for the deal with a $50-million offering of trust units. Paramount units fell 15 cents to $4.90.\n\nGold stocks were slightly ahead, as Bar...