Business
TSX down by midday
TSX down by midday
About this update from Celestica Inc.
[{"type":"text","content":"\nTSX down by midday\n\nU.S. confidence plunges\n Feb. 23, 2010 (Baystreet.ca) -- Toronto's main index opened in the negative territory Tuesday, and extended losses in mid-morning deals, weighed down by weakness in financials, resources and technology stocks.\n\nThe S&P/TSX composite index was down 113.26 points, or 1%, by lunchtime to 11,521.39. The index had risen over 5% in eight days since February 8, before ending the spell of gains on Monday. A downbeat consumer confidence report from the U.S. also dampened the sentiment.\n\nThe Financials Index was down, with Laurentian Bank of Canada losing 1.03% and Royal Bank of Canada easing 1.47%. Intact Financial Corp. gained 1.13%.\n\nThe Energy Index lost ground, as Cenovus Energy Inc. was down 3.71% and Suncor Energy Inc. shed 1.58%.\n\nEnergy infrastructure company TransCanada Corporation, which reported fourth-quarter net income applicable to common shares of $381 million, compared to $277 million for the prior-year quarter, added 0.20%. \n\nAmong gold stocks, Goldcorp Inc. gave in 2.57% and Iamgold Corp. lost 3.48%. \n\nThe Diversified Metals Index was down, with Equinox Minerals Ltd. losing 4.64% and Teck Resources Ltd. gave in 3.85%. \n\nIn the technology sector, Celestica Inc. lost 1.17% and Research In Motion eased 0.55%. \n\nMOSAID Technologies Inc., which announced the closing of its previously announced bought deal financing for aggregate gross proceeds of approximately $31.0 million, shed 2.62%.\n\nSears Canada Inc. rose 0.97% after the multi-channel retailer reported a rise in fourth quarter net earnings to $128.2 million from $99.1 million last year.\n\nChariot Resources Ltd. surged 7.27% after the Toronto-based miner said it started exclusive negotiations with a third party regarding a potential takeover of the firm.\n\nThe Canadian dollar slid 0.81 cents to 95.09 cents U.S. \n\nON BAYSTREET \n\nAll 14 TSX subgroups suffered losses by midday in Toronto. Metals and mining stocks took the biggest dive, at 2.1%, followed by materials and gold stocks, off 1.8% each. \n\nThe TSX Venture Exchange stumbled 10.74 points to 1,517.73, while the Nasdaq Canada index lost 12.54 points to 733.34.\n\nON WALLSTREET\n\nIn New York, equities slumped Tuesday morning after a key measure of consumer confidence plunged sharply, reflecting investors' growing pessimism about the strength o...