Business
TSX slides into weekend
TSX slides into weekend
About this update from Barrick Mining Corporation
[{"type":"text","content":"\nTSX slides into weekend\n\nGreek crisis, CPI weighs on markets\n Mar. 19, 2010 (Baystreet.ca) -- The Toronto stock market was negative Friday afternoon as uncertainty over the Greek debt crisis again pushed the American currency higher and helped send oil and gold prices lower.\n\nAt the closing bell, the S&P/TSX Composite Index had lost 92.03 points to 11,947.98 – a descent of 65 points on the week -- after settling above the 12,000 mark in the past five sessions.\n\nThe greenback gained strength on worries about the Greek debt crisis after the country said it might turn to the International Monetary Fund for support if European leaders can't agree to a bailout plan.\n\nE.U. leaders will meet next week to find a deal to help Greece. But Germany, which has the 16-country eurozone's biggest economy, has been reluctant to pledge any direct financial aid.\n\nThe uncertainty undermined the stability of Europe's monetary union and sent investors scurrying for the perceived safety of the U.S. currency.\n\nThe energy sector was down sharply as the April crude contract on the New York Mercantile Exchange fell in price. Suncor Energy dropped 54 cents to $31.59.\n\nThe base metals sector fell with May copper two cents lower at $3.37 U.S. a pound. Teck Resources moved down 89 cents to $40.37.\n\nAmong gold stocks, Barrick Gold Corp. shares were down 19 cents at $40.13 as the world's biggest gold miner said it expects that an initial public offering of its African Barrick Gold spinoff will reap $834 million U.S. in proceeds. \n\nThe IPO for 101 million ordinary shares would be priced at 5.75 British pounds or $8.79 per share on the main market of the London Stock Exchange.\n\nOn the TSX, the tech sector fell, with shares in MacDonald, Dettwiler and Associates Ltd. stumbled $3.04 or 7.3% to $38.40 after it reported earnings of $30 million in its fourth quarter while revenue fell 15%, reflecting lower sales from the company's property information business.\n\nCelestica Inc. was down 20 cents to $10.79.\n\nOil and gas producer Nexen Inc. and partner Shell have made a "significant" oil discovery in the eastern Gulf of Mexico, Nexen said Friday. Calgary-based Nexen said this would be the third discovery in the area and its results "exceeded our pre-drill expectations." Nexen shares were ahead 55 cents at $24.49.\n\nE...