Business
Stocks trading flat on Bay St
Stocks trading flat on Bay St
About this update from Birchcliff Energy Ltd.
[{"type":"text","content":"\nStocks trading flat on Bay St\n\nCanada retail sales up 0.4% to $35.3 billion\n Feb. 19, 2010 (Baystreet.ca) -- The Toronto stock market was trading flat Friday morning as investors had a muted reaction to a move by the U.S. Federal Reserve decision to bump up the ''discount'' lending rate charged to banks by one-quarter point to 0.75%.\n\nThe S&P/TSX composite index was up 1.71 points, to 11,696.55. \n\nThe discount rate is used for emergency loans to banks. And even though the Fed said the step should not be seen as a signal that it will soon boost interest rates for consumers and businesses, investors worry that the days of interest rates near zero are coming to an end.\n\nThe U.S. dollar shot higher following the Fed announcement, sending the Canadian dollar down 0.79 of a cent to 95.23 cents US.\n\nIn corporate news -- a second bidder has emerged for the broadcasting assets of struggling media giant Canwest Global Communications (TSX.V:CGS). Catalyst Capital Group said it is leading a bid alongside Canwest's founding family, the Aspers. The announcement comes on the day that Shaw Communications (TSX:SJR.B) was headed to a Toronto courtroom to seek approval for an offer to buy 20 per cent of Canwest for an undisclosed sum, which some analysts estimate is worth least $65 million. Catalyst's offer is valued at nearly $120-million.\n\nShaw shares added 6 cents to $20 while Canwest shares ran up 2 cents to 16.5 cents on the Venture Exchange.\n\nThe Canpotex marketing agency that represents three of Saskatchewan's major potash producers has reached a contract to sell about US$222 million worth of the fertilizer ingredient to a consortium of buyers in India.\n\nCanpotex is the international marketing organization owned by Potash Corporation of Saskatchewan (TSX:POT), Calgary-based Agrium Inc. (TSX:AGU) and a Canadian subsidiary of Mosaic Co. (NYSE:MOS). Potash shares gained $1 to $120.90 and Agrium added 11 cents to $68.93.\n\nIn other news -- Brookfield Asset Management Inc. (TSX:BAM.A) shares gained 36 cents to $24.30 after it reported it had a smaller profit in the fourth quarter and year ended Dec. 31. Net income fell to US$102 million or 15 cents per diluted share in the fourth quarter, down from US$171 million or 27 cents per share a year earlier. Annual income fell to US$454 million or 71 cents per share in 2009, down fro...