Business
TSX wobbles into positive ground
TSX wobbles into positive ground
About this update from Barrick Mining Corporation
[{"type":"text","content":"\nTSX wobbles into positive ground\n\nWinning subgroups nose out losers\n\n Apr. 21, 2010 (Baystreet.ca) -- The Toronto stock market finished Wednesday afternoon up slightly, even as a variety of concerns outweighed the positive effects of several bright quarterly earnings reports.\n\nThe S&P/TSX Composite Index ended the day ahead 21.03 points at 12,134.56. \n\nA slew of better-than-expected quarterly reports out of Canada and the United States, along with an upbeat economic outlook from the Bank of Canada, have been tempered by uncertainty about banking regulations, concerns that interest rates could soon be headed higher and fears that Greece will be forced to default on its debt as its borrowing costs skyrocket to new highs.\n\nPlus, investors had already priced in a strong first quarter for most companies, meaning the market isn't impressed when expectations are met\n\nEncana Corp. Canada's largest natural gas producer, said Wednesday its first-quarter net profit soared to $1.48 billion U.S., three times higher than it was a year earlier, as the accounting impact of its hedging program more than offset lower market prices for natural gas. Shares in Encana lost 17 cents to $31.60.\n\nAnd Canada's biggest base metals miner, Teck Resources Ltd., earned $937 million in its latest quarter, up sharply from a year ago due to higher revenue and asset sales. The company also said it will make a final debt repayment on the $9.8-billion loan it took to acquire the assets of Fording Coal Trust. \n\nTeck's stock fell four cents to $41.67.\n\nAmong gold stocks, Barrick Gold Corp. shares gained 38 cents to $39.41.\n\nThe base metals sector lost ground as the May copper contract on the Nymex added 2.15 cents to $3.54 U.S. per pound.\n\nAnd the financial sector fell after the International Monetary Fund recommended all G20 countries slap a tax on financial institutions to make them pay for their own bailouts. Federal Finance Minister Jim Flaherty said there is no way Canada will co-operate with attempts to impose a global tax on banks. Shares in Scotiabank regained six cents to $51.98.\n\nIn corporate news, Montreal-based Metro Inc. earned a better-than-expected $80.3 million in its second quarter. Shares in Metro gained a penny to $41.80.\n\nCequence Energy Ltd., a junior Calgary oil and gas company, has struck a friendly deal to buy priva...