Business
The rally rolls on
The rally rolls on
About this update from Bombardier Inc. Class A
[{"type":"text","content":"\nThe rally rolls on\n\nG20 to help out\n Apr. 2, 2009 (Baystreet.ca) -- 04:40 pm EST\nToronto and New York indexes registered solid, triple-digit advances Thursday amid positive news from the G20 conference and a change to U.S. accounting rules that had forced banks to value their assets at current prices.The S&P/TSX Composite Index gained 131.32 points to end the session at 9,073.14. The strong showing extended a rally that started March 10 and, as of Wednesday's close, had lifted the TSX and the Dow industrials about 18% from multi-year lows.Markets reacted positively to the final communique of the G20 summit in London, where leaders pledged an additional $1.1 trillion U.S. in financing to the International Monetary Fund and other global institutions and declared a crackdown on tax havens and hedge funds. The leaders announced the creation of a supervisory body to flag problems in the global financial system - but did not satisfy calls from the U.S. and others for new stimulus measures.The Toronto market got added lift from rising crude prices. The energy sector climbed as EnCana Corp. gained $1.69 to $55.24 and Suncor Inc. ran ahead $1.41 to $29.96.The financial sector gained as Manulife Financial bounded ahead $1.57 to $16.65 and Bank of Montreal moved up 46 cents to $34.38.The industrials sector gained with shares in transportation giant Bombardier Inc. up 28 cents to $3.31 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.Elsewhere in the group, Canadian National Railways advanced $1.84 to $47.06.The gold sector was the biggest TSX drag, as Barrick Gold Corp. faded $2.34 to $40.46 while Goldcorp Inc. was down $3.34 to $40.66.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 EnCana. H&R's units gained 60 cents to $8.20.On the economic front, Bank of Canada Governor Mark Carney, who won support from Prime Minister Stephen Harper t...