Business
TSX struggles
TSX struggles
About this update from Barrick Mining Corporation
[{"type":"text","content":"\nTSX struggles\n\nCPI, witching weigh on market\n Mar. 19, 2010 (Baystreet.ca) -- Bay Street stocks were lingering in the red in mid-morning deals Friday as a firm dollar put pressure on oil and gold prices.\n\nBy noon, the S&P/TSX Composite Index was down 95.13 points or 0.79% to 11,944.88, after settling above the 12,000-mark in the past five sessions.\n\nMeanwhile, today's inflation data came in higher than expected, raising speculation that Bank of Canada might hike rates sooner than expected. Also strong retail sales numbers reinforced the view that the economy is on recovery path. \n\nThe Energy Index was down, with Encana Corp shedding 2.30%. Celtic Exploration dipped 3.09%. \n\nOil and gas producer Nexen Inc. has made a significant discovery of oil in Gulf of Mexico, partnering with Shell Inc. Nexen eased 0.54%. \n\nOil and natural gas company Iteration Energy was down 2.50%. It reported narrower fourth-quarter net loss of $0.04 per share, compared to $1.48 loss per share last year.\n\nMeanwhile, oil and gas industry services provider Flint Energy Services gained 4.04% after it turned to profit in the fourth quarter, reporting earnings of $0.32 per share, compared to a loss of $4.44 per share in the prior-year period.\n\nAmong gold stocks, Rand Gold was down 2.49%.\n\nAfrican Barrick Gold plc announced that it will raise about $834 million through its initial public offerings of 101.08 million new ordinary shares to institutional investors in the U.K. The net proceeds will be used to repay loans outstanding to Barrick Gold Corp. and its subsidiary companies. Barrick shares were down 1.46%. \n\nGold explorer Eldorado Gold surrendered 3.69% after reporting lower net income of $0.26 per share for the full year 2009, compared to $0.46 per share for 2008.\n\nAgnico-Eagle Mines was down 1.59%. The company announced a private placement of senior secured notes aggregating $600 million.\n\nIn the base metals sector, First Quantum Minerals moved down 2.42%.\n\nFertilizer maker Agrium Inc shed 1.72% to $70.49. UBS hiked its price target on the stock to $83 from $72.\n\nInformation technology solutions provider MacDonald Dettwiler was down 3.86% to C$39.84. Raymond James upped its price target on the stock to $44 from $42.\n\nRetail stores operator Dollarama Inc. eased 0.42%. The company announced the appointment of Michael Ross as...