Business
Stock markets shake off losses
Stock markets shake off losses
About this update from Bombardier Inc. Class A
[{"type":"text","content":"\nStock markets shake off losses\n\nJobs report casts cloud\n Mar. 12, 2009 (Baystreet.ca) -- 12:30 pm EST\nNorth American markets moved higher for a third session Thursday with leadership again coming from the financial sector.Toronto's S&P/TSX composite index was pumped 77.21 points to 8,088.23The turnaround in sentiment in the banking sector followed a surge in optimism after a report Tuesday that American financial giant Citigroup was profitable in the first two months of the year. The recent gains have been spread across most sectors, particularly energy as oil prices have firmed around $45 U.S. a barrel.Analysts say the rally has also been fed by short covering, which occurs when investors need to buy stock to replace shares that were borrowed and then sold on expectations of a market decline.The TSX financial sector was up again, as Scotiabank gained 47 cents to $29.47 while Bank of Montreal climbed $1.13 to $31.23.Financials were supported in part by a comment from a senior U.S. lawmaker who said Congress will have to act to improve accounting rules that force banks to value assets at current prices unless regulators immediately do so. Rep. Paul Kanjorski, chairman of a House panel, held out the threat Thursday of legislation to pressure the Securities and Exchange Commission.The energy sector rose as Petro-Canada was up 58 cents to $29.39 and Suncor Inc. rose 50 cents to $30.86.The gold sector was up, as Barrick Gold Corp. climbed $1.24 to $36.58.Industrials were also supportive as Bombardier Inc. gained seven cents to $2.78 and Canadian National Railways advanced 49 cents to $42.33.Nortel Networks Corp. shares were off 1.5 cents to 8.5 cents after the Wall Street Journal said the telecom maker is in talks to sell its two main businesses to rivals, a sign the company could break itself apart rather than emerge from bankruptcy restructuring under court protection from creditors as planned.Vancouver-based silver producer Silver Wheaton Corp. has reached a deal to purchase Silverstone Resources Corp. in an all-stock deal valued at $190 million. Silver Wheaton shares gained 15 cents to $8.09 while Silverstone shares ran ahead 21 cents to $1.46.Health services company MDS Inc. said Thursday its restructuring efforts are yielding positive results as the company reported a quarterly profit of US$2 million, down sharply fro...