Business
Stocks flat by noon
Stocks flat by noon
About this update from Cameco Corporation
[{"type":"text","content":"\nStocks flat by noon\n\nFord news doesn't penetrate TSX\n Nov. 2, 2009 (Baystreet.ca) -- The Toronto stock market was flat late Monday morning following last week's retreat and despite good U.S. economic news and a solid profit from Ford Motor Co.\n\nAs of noon nour, the S&P/TSX composite index was off 53.29 points to 10,857.46. \n\nFresh doubts about the strength of the economic recovery pushed the main index down more than 4% last week, leading to the first monthly loss since February.\n\nRIM shares fell $4.23 or 6.6% to $59.59 after Citigroup analyst Jim Suvam reduced his rating on the stock to "sell" from "buy" because of the impact of competing smart phones, especially Motorola Inc. phones using Google Inc.'s Android operating system.\n\nTSX gains were led by the gold sector, as the December bullion contract on the New York Mercantile Exchange gained ground. Barrick Gold Corp. gained 49 cents to $39.45.\n\nThe base metals sector advanced even as December copper was unchanged at $2.96 U.S. a pound. \n\nInmet Mining Corp. gained $1.74 to $59.08.\n\nThe energy sector was flat as But EnCana Corp. rose 54 cents to $60.54.\n\nThe financial sector was off with Royal Bank down 54 cents to $54.26.\n\nUranium miner Cameco Corp. shares declined 41 cents to $29.75 after it reported that net income rose to $172 million or 44 cents per share in the third quarter, up from $135 million or 39 cents per share in the same period of 2008. Adjusted net income was $104 million or 26 cents per share, down from $127 million or 37 cents per share in the third quarter of 2008. Revenue was $694 million, down from $729 million.\n\nOn Friday, Cameco said it has resumed draining its flooded Cigar Lake project and expects to have the mine pumped out sometime next year.\n\nThe Canadian dollar gained 0.70 cents to 92.90 cents U.S. \n\nON BAYSTREET \n\nThe 14 TSX subgroups were evenly divided between winners and losers. Gold led the seven gainers, picking up 1.3%, followed by health-care stocks, up 1%, and global base metals, ahead 0.8%. \n\nInformation technology was the weightiest of the seven downward groups, off 2.1%, real-estate was off 1.2% and metals and mining stocks were down 0.5%. \n\nThe TSX Venture Exchange was up 10.50 points to 1,301.91, while the Nasdaq Canada index faded 22.30 points to 609.79. \n\nON WALLSTREET\n\nIn Ne...