Business
T.O. takes a dive
T.O. takes a dive
About this update from Canfor Corporation
[{"type":"text","content":"\nT.O. takes a dive\n\nU.S. digests housing plan\n Feb. 10, 2009 (Baystreet.ca) -- 04:38 pm EST\nThe Toronto stock market sustained a steep, triple-digit slide for a second day Wednesday, the decline led by falling bank and health-care stocks.New York markets moved lower despite the announcement of a plan from U.S. President Barack Obama to deal with the home foreclosure crisis.The S&P TSX Composite Index plunged 194.38 points to 8,184.32The Toronto financial sector was off, as investors worry about the global financial system. In recent days, investor fears have been focused on the ability of banks in Eastern Europe to repay or roll over $400 billion U.S. this year. The banks have borrowed $1.7 trillion U.S., much on short-term maturities.CIBC fell $1.35 to $42.25, Royal Bank lost 77 cents to $27.38 while insurer Manulife Financial eased 42 cents to $15.25.The TSX energy sector declined as oil prices stabilized. EnCana Corp. declined $1.83 to $49.47 and Petro-Canada gave back $1.16 to $26.14.Mining stocks also dragged with the base metals sector down. Teck Cominco Ltd. lost 35 cents to $4.09 after it said Tuesday it is looking at all options reduce a suffocating debt load largely acquired when it paid $14 billion U.S. for Fording Canadian Coal Trust last fall.Rogers Communications Inc. shares fell $2.76 or 8% to $31.59 after it said a decrease in the value of its television division generated impairment charges that propelled the company to a fourth-quarter loss of $138 million.The result marks a sharp drop from a profit of $254 million recorded in the same quarter a year earlier.Grocery chain operator Loblaw Companies Ltd. posted fourth-quarter profit of $188 million, up from a year-earlier $40 million, as sales jumped 11%, helped by one-time gains and an extra week in the accounting period.Sales rose to $7.75 billion from $6.97 billion and its shares moved 10 cents lower to $33.30.Research In Motion Ltd. also helped keep the TSX negative, falling $2.90 to $53.64. The stock has been falling since last week after it said its fourth-quarter profits will come in at the lower end of the company's previous guidance and a Credit Sussex analyst cut his rating on the Blackberry maker to under perform from neutral and slashed his earnings expectations for the February 2010 fiscal year.Other market heavyweights taking the TSX lower ...