Business
Rally gathers steam
Rally gathers steam
About this update from Bombardier Inc. Class A
[{"type":"text","content":"\nRally gathers steam\n\nAccounting rule changes contribute\n Apr. 2, 2009 (Baystreet.ca) -- 01:00 pm EST\nStock markets continued to rally Thursday morning amid positive news from the G20 conference in London and a change to U.S. accounting rules that could boost damaged banks' balance sheets.The S&P/TSX Composite Index continued its rise at noon, having gained 172.59 points to 9,114.41\nShares in transportation giant Bombardier Inc. rose 31 cents to $3.35 after the Montreal-based company said it is cutting 10%, or 3,000 of its aerospace division workers. Declining aircraft sales have prompted Bombardier to reduce its business and regional jet production outlook for the coming year.The announcement also came as the Montreal-based company reported financial results that show an increase in both profits and revenues for Bombardier's fourth quarter and full business year.The Toronto market got added lift from rising crude prices. The energy sector climbed as EnCana Corp. gained $1.48 cents to $55.03 and Suncor Inc. ran ahead $1.41 to $29.96.The financial sector gained as TD Bank advanced $1.10 to $45.65 and Scotiabank rose 56 cents to $32.69.The gold sector was the biggest TSX drag, as Barrick Gold Corp. faded $2.62 to $40.18 while Goldcorp Inc. was down $3.42 to $40.58.H&R Real Estate Investment Trust says it has obtained $425 million worth of financing for its Bow tower, a massive skyscraper project that is to serve as headquarters for energy giant EnCana Corp. Its units gained 37 cents to $7.97.On the economic front, there were signs of agreements at the G20 conference to give more money to the International Monetary Fund, clamp down on tax havens and tighten regulation over freewheeling hedge funds.Canadian sources told The Canadian Press the group will likely approve giving more than $500 billion U.S. in total to the International Monetary Fund so it can increase loans to struggling governments.Other sources close to the negotiations said France and Germany had persuaded leaders to back tougher language in the final statement on stronger financial regulations to avoid a repeat of the current crisis.On the economic front, Bank of Canada Governor Mark Carney, who won support from Prime Minister Stephen Harper to implement extraordinary monetary measures, is likely to say policy makers are ready to buy commercial paper a...