Business
TSX continues tumble
TSX continues tumble
About this update from Bombardier Inc. Class A
[{"type":"text","content":"\nTSX continues tumble\n\nResources plunge\n Jan. 21, 2010 (Baystreet.ca) -- The bears remained in control of Bay Street for a second day Thursday, signaling the equities may be in correction mode following a broad-based advance to yearly highs.\n\nThe S&P/TSX Composite Index tumbled 148.29 points, or 1.3%, by noon to 11,531.03 \n\nResource stocks led a mid-morning plunge as commodity prices remained depressed. Financials also weighed heavily on Toronto's main index amid speculation U.S. President Barack Obama will propose new regulation on American banks.\n\nThe central bank said the country's growth will peak in the next quarter at a 4.3% annual rate only to gradually ease to 2.2% at the end of 2011. The bank also maintains its stand on the Canadian dollar saying it would trade at an average of 96 U.S. cents through 2011. \n\nThe Gold Index shed strength, as Randgold Resources slipped 2.09% and Iamgold Corp. surrendered 2.75% after announcing 2009 gold production of 939,000 ounces in line with guidance. \n\nKinross Gold eased 0.88% after reports said Russia's second- richest man, Roman Abramovich, will gain about 1.5% in the company in exchange for two gold deposits in the Arctic Chukotka region.\n\nMeawhile, gold producer Medusa Mining gained 4.76% after reporting gold production of 21,108 ounces for December quarter, up from 12,158 ounces in the prior year quarter and said its exploration budget for 2010 is increased to $18 million.\n\nCanadian Oil Sands Trust rose 1.66% and Canadian Natural Resources gained 0.84%. \n\nMineral explorer South Gopi Energy Resources edged up 0.61% after it said it will price its previously announced 27 million common share offering at $17 per share.\n\nMining company Strateco Resources slipped 1.08% after it said it reached a final agreement for a $15 million private placement with The Sentient Group. \n\nAgri-business company Viterra lost 1.32% after it reported fourth-quarter net loss of $920,000 or breakeven per share, compared to net income of $46.8 million or $0.20 per share last year. It also announced plans to reduce the short-term debt of its Australian operations by $300 million, by the end of January 2010.\n\nBombardier Inc. surrendered 1.5% to $5.26 after CI Capital initiated coverage of the stock with an "Outperform" rating and set a price target of $7.\n\nTelus Corp. move...