Business
TSX tails off
TSX tails off
About this update from Barrick Mining Corporation
[{"type":"text","content":"\nTSX tails off\n\n\n May 17, 2010 (Baystreet.ca) -- Fears that the effects of a government debt crisis could wind up pushing Europe into a severe downturn sent the Toronto stock market tumbling Monday.The S&P/TSX composite index collapsed 201.97 points, or 1.7%, to 11,911.66, in a broad-based selloff, which left the Toronto market a handful of points below where it started 2010 trading. The loss surpassed 300 points at some points in the trading day. The TSX energy sector was down as Canadian Natural Resources fell $1.29 to $71.31 while Suncor Energy lost 81 cents to $31.25.The base metals sector was down 6.6% as the July copper contract on the Nymex lost ground for a second day down 20 cents to $2.93 U.S. a pound as concern over growth in China depressed metal prices.China's premier Wen Jiabao has emphasized the need to control surging housed prices, again sparking concern the government could tighten lending, which could slow the economy.A strong Asian rebound has helped the global economy start to recover from recession and in particular has boosted commodity prices and oil and mining stocks on the TSX.Teck Resources declined $2.21 to $33.13 while HudBay Minerals fell 37 cents to $10.91.The TSX global gold sector lost ground, as Barrick Gold Corp. faded $1.21 cents to $45.87 while Kinross Gold Corp. shed 68 cents to $18.89.The industrials sector was down with Bombardier Inc. down 22 cents to $5.17 while Canadian National Railways declined 38 cents to $60.90.In other corporate news, TD Bank Financial Group Inc. said it is expanding its presence in the U.S. Southeast by buying South Financial Group, Inc. for a total of $191.6 million U.S. South Financial has incurred more than $1.3 billion U.S. in losses since the beginning of 2008, primarily as a result of loan charges associated with real estate loans and mortgages. TD shares were off $1.17 to $72.22.In economic news, Canadian Real Estate Association said, on a seasonally adjusted basis, a total of 42,078 existing homes changed hands in April, which was 20.1% higher compared to the same month last year.The Canadian dollar moved down 0.16 cents to 96.76 cents U.S. ON BAYSTREET All but one of the 14 TSX subgroups were down. Metals and mining stocks slid 5.8%, while materials and global base metals capsized 3.8% each. The TSX Venture Exchange tailed off 38.44 points to 1,554.67...