Business
Energy wreaks havoc on TSX
Energy wreaks havoc on TSX
About this update from Celestica Inc.
[{"type":"text","content":"\nEnergy wreaks havoc on TSX\n\nToronto falls from monthly high\n Oct. 23, 2009 (Baystreet.ca) -- The Toronto stock market was down sharply mid-afternoon Friday led by a selloff in energy stocks as oil prices fell and despite strong earnings reports in the U.S. tech sector.\n\nSoon before the closing bell, the S&P/TSX Composite index had let go of 173.44 points, or 1.5%, to 11,359.93. \n\nThe Canadian dollar was down a day after Bank of Canada Governor Mark Carney said the sharply higher currency is putting a brake on the country's economy recovery.\n\nAnd he made it clear that "intervention is always an option" to control the rise of the loonie, which came within about 2.5 cents of regaining parity with the U.S. dollar a week ago.\n\nThe TSX energy sector slipped as the December crude contract on the New York Mercantile Exchange fell. Crude prices had shot up more than three per cent earlier this week to a one-year high on optimism an economic recovery is taking root.\n\nEnCana Corp. lost $1.81 to $63.06.\n\nMining stocks were little changed as the December copper contract in New York rose 3.6 cents to $3.03 U.S. a pound while December bullion was off. \n\nThe tech sector fell, with market heavyweight Research In Motion Ltd. down $1.30 to $69.53.\n\nShares in electronics manufacturer Celestica Inc. fell 72 cents to $8.93 as the firm generated a small third-quarter loss, reversing a year-earlier profit, as revenues took a hit from the recession and the company booked higher restructuring costs from earlier job cuts.\n\nOther earnings reports included an advance warning from fertilizer company Agrium Inc., which said it expects third-quarter earnings will be 90-95% below what they were a year ago when the full report is issued on Nov. 4.\n\nAgrium attributes the decline to lower prices and margins for all three categories of fertilizer that it produces and its shares fell $4.30 or 7.2% to $55.43.\n\nShaw Communications Inc. shares fell 72 cents to $19.85 as it said net income was $124 million or 29 cents a share for the three months ended Aug. 31, down 6.3% from $132.3 million or 31 cents a share in the year-ago period. Annual net income was $535.2 million, down 20.3% from $671.6 million in fiscal 2008.\n\nEarlier this week, Canadian National Railway reported a 13% drop in third-quarter profit. Its shares were down $1.1...