Business
Stocks hold onto early gains
Stocks hold onto early gains
About this update from Calian Group Ltd.
[{"type":"text","content":"\nStocks hold onto early gains\n\nToronto led by gold, materials\n Jan. 6, 2010 (Baystreet.ca) -- Bay Street is hovering in positive terrain in early morning deal Wednesday, as buying has spread across sectors, albeit modestly. The Canadian market is advancing for the third day in a row, continuing its decent runup seen since the first trading session of the year. \n\nThe main index had witnessed a triple-digit gain on Monday.\n\nThe S&P/TSX Composite Index added 48.03 points by midday to 11,936.11\n\nGold stocks are on the buyers' radar as the price of gold is rebounding. Barrick Gold is moving up 1.69% and Aurion Resources is gaining 3.15%. \n\nDespite a marginal decline in the price of oil, energy stocks are also moving higher. Imperial Oil is adding 1.04%. \n\nOil and natural gas explorer Twin Butte Energy Ltd. is up 9.28% after it said that it would be divesting certain non-core assets for $13.3 million. It also revealed 2010 capital program of $38 million.\n\nEnergy explorer Niko Resources is edging up 0.63% after announcing that it will drill six wells in India this year.\n\nContract operator Xtreme Coil Drilling Corp. is gaining 4.01% after announcing that it would buy back up to 2.64 million common shares in the next 12 months.\n\nBombardier Inc. is up 0.82% after JP Morgan hiked its rating on the stock to "overweight" from "neutral". \n\nTechnology service provider Calian Technologies is up 0.97% after it announced the winning of $29 million worth from Department of National Defense.\n\nThe Canadian dollar continued its march to parity with its U.S. cousin, regaining 0.54 cents to 96.79 cents U.S. \n\nON BAYSTREET \n\nOf the 14 TSX subgroups, eight were in positive country by lunch time. Gold zoomed ahead 2.6%, while materials picked up 2.2%, and metals and mining issues added 2.1%. \n\nThe half-dozen laggards were weighed by telecoms, off 0.7%, health-care and consumer staples, which slid 0.5% each. \n\nThe TSX Venture Exchange advanced 21.52 points to 1,573.20, while the Nasdaq Canada index eased back 3.42 points to 726.53. \n\nON WALLSTREET\n\nIn New York, stocks tiptoed higher near midday Wednesday as investors mulled reports showing signs of stabilization in the jobs market and the services sector of the economy.\n\nThe Dow Jones Industrials approached noon ahead 17.76 points, to 10,589.78. The...