Business
Early drop for markets
Early drop for markets
About this update from Biorem Inc.
[{"type":"text","content":"\nEarly drop for markets\n\nMaterials, gold weigh on TSX\n Apr. 13, 2010 (Baystreet.ca) -- Canadian stocks endured a lower opening Tuesday amid falling commodities prices and after a discouraging quarterly numbers from aluminum producer Alcoa. Also, mixed economic data is likely to keep investors guessing on the Bank of Canada's interest rate outlook.\n\nThe S&P/TSX Composite Index plunged 77.63 points to begin Tuesday at 12,071.03\n\nMeanwhile, the Canadian dollar was ticking higher near parity with the U.S. dollar after a survey by Bank of Canada showed corporations expect sales growth over the next year. \n\nMining stocks may be in play after the largest aluminum producer in U.S. Alcoa Inc reported lower than-expected first-quarter sales, after the market closed Monday. \n\nIn corporate news from Canada, dollar stores operator Dollarama said three of its major shareholders will sell at least 10.1 million shares for $24.60 a share in a secondary offer.\n\nBiotechnology company Thallion Pharmaceuticals reported a narrower net loss of $0.08 per share for the first quarter of 2010, compared to $0.10 per share in the year-ago quarter. The company attributed this to reductions in R&D expenses.\n\nMedical devices maker Neovasc Inc. reported significantly narrower full-year consolidated net loss of $0.18 basic loss per share compared to $2.95 basic loss per share in the prior year period.\n\nNatural gas focused energy trust Paramount Energy Trust said that it has agreed to sell three non-core properties for total proceeds of $34.1 million.\n\nAutomobile dealer AutoCanada Inc. said it has completed the purchase of the assets of the dealership formerly known as Future Hyundai.\n\nOil and gas explorer Zone Resources said that it has arranged a non-brokered private placement of up to three million units at a price of $0.15 per unit for total proceeds of up to $450,000\n\nOil and gas explorer Gale Force Petroleum announced the closure of $1.74 million private placement.\n\nPetroleum and natural gas explorer NuLoch Resources swung to profit in the fourth quarter, reporting net earnings of $0.02 per share, compared to a loss of $0.01 per share in the prior-year quarter.\n\nCoal miner CIC Energy slipped into the red in the first quarter, reporting net loss of $0.06 per share compared with a net profit of $0.01 per share in the prior-year per...