Business
Lackluster day on markets
Lackluster day on markets
About this update from Bombardier Inc. Class A
[{"type":"text","content":"\nLackluster day on markets\n\nEnergy stocks down on TSX\n Apr. 7, 2010 (Baystreet.ca) -- The Toronto stock market lost ground for a second session on Wednesday, with investors disinclined to push prices higher amid a lack of market-moving news and ahead of the first-quarter earnings season.\n\nThe S&P/TSX Composite Index lost 45.81 points to 12,110.90. \n\nThe market is up about 2.3% year-to-date, including a solid increase in the wake of strong economic data from Canada and the United States.\n\nGovernments in Canada and around the world began spending heavily last year to stimulate economic activity and offset the banking sector's worst crisis in decades in late 2008 and the global recession that ensued.\n\nEnergy stocks led Toronto decliners as oil dropped in price after the U.S. Department of Energy reported a sharp rise in crude inventories last week. Stockpiles rose by two million barrels, against the 1.5 million that had been expected.\n\nCrude rose more than eight per cent last week as positive economic reports encouraged expectations of rising demand.\n\nOn the TSX, Suncor Energy was down 58 cents to $34.59 and Canadian Natural Resources was down $1.07 to $78.12.\n\nTalisman Energy Inc. shares fell 43 cents to $17.40 after it said that it will sell a number of non-core assets in Canada through five separate transactions for a total of $1.9 billion. The Calgary-based oil and gas producer says it will sell its properties in Ontario as well as land in western Canada where Talisman has its main Canadian base.\n\nThe base metals component of the TSX was off while May copper in New York was three cents lower at $3.59 U.S. a pound. Teck Resources declined $1.35 to $45.40 while Labrador Iron Mines Holdings was down 31 cents to $6.78.\n\nInmet Mining Corp. says workers at its Ok Tedi mine in Papua New Guinea have been on an illegal strike over bonus distributions since April 1. As a result, the company expects its full-year copper production has been hurt so far by 0.4% and gold output will be at least 1% below target. \n\nInmet shares declined 57 cents to $59.93.\n\nBut blue chips also made strong contributions to the malaise with the industrials sector down in price. \n\nBombardier Inc. fell back nine cents to $5.54 while Canadian National Railways declined 61 cents to $60.87.\n\nFinancials were down with Manulife Financial d...