Business
Stocks rally Monday
Stocks rally Monday
About this update from Bombardier Inc. Class A
[{"type":"text","content":"\nStocks rally Monday\n\nUtilities, telecoms perform best\n Mar. 1, 2010 (Baystreet.ca) -- The Toronto stock market was higher mid-afternoon on Monday amid signs that Canada's economy was surprisingly strong at the end of 2009 and a well-received report on the U.S. manufacturing sector.\n\nThe S&P/TSX composite index began March with a bang, climbing 98.43 points to 11,728.06. \n\nThe telecom sector advanced, with BCE Inc. ahead 80 cents to $30 while Telus Corp. gained 58 cents to $35.11.\n\nThe industrials sector was up with Canadian National Railways ahead 87 cents to $56.17 and Bombardier Inc. up 17 cents to $5.86.\n\nThe gold sector was up, as Barrick Gold Corp. rose 40 cents to $40.05.\n\nThe base metals sector was ahead, as commodity stocks turned higher with copper hitting its highest level in 11 months.\n\nThe May copper contract on the New York Mercantile Exchange gained eight cents to $3.35 U.S. a pound, after earlier shooting as high as $3.47 U.S.\n\nMany mines in Chile have been affected by a massive quake that registered 8.8 on the Richter scale. Analysts say mines have been particularly affected by damage to infrastructure, especially electricity.\n\nTeck Resources said "its Chilean operations were not damaged, have been minimally affected and are operating normally." Teck shares rose $1.24 to $39.94 on the TSX.\n\nShares in Breakwater Resources which operates mines in Chile, Honduras and Canada, were up half a cent to 43.5 cents. Its preliminary assessment was “no damage to infrastructure” at its Toqui mine site.\n\nElsewhere in the mining sector, Anglo-Australian miner Rio Tinto said Monday it has acquired 15 million additional shares in Ivanhoe Mines Ltd., increasing its ownership in the Canadian company to 22.4 per cent. Rio Tinto bought each share at $15.50, for a total investment of $244 million. Ivanhoe shares gained 16 cents to $16.97.\n\nRio Tinto and Ivanhoe Mines are development partners for the Oyu Tolgoi copper project in Mongolia.\n\nThe energy sector gained ground as oil prices fell. Canadian Natural Resources gained $1.06 to $71.94.\n\nSouth Korea's Korea Gas Corp. is investing $565 million in two Canadian natural gas plays. It has signed a three-year farm-in deal with EnCana Corp. for 50% interests in properties within the Montney and Horn River Basin shale formations in nor...