Business
TSX keeps bearings
TSX keeps bearings
About this update from Celestica Inc.
[{"type":"text","content":"\nTSX keeps bearings\n\nGold flying high\n\n May 6, 2010 (Baystreet.ca) -- Bay Street stocks were hovering in positive territory in mid-morning deals Thursday amid positive earnings reports from a few big Canadian companies.The S&P/TSX composite index remained ahead 21.50 points by midday to 11,896.63A rebound in the country's building permits in March and encouraging economic data from across the border also helped lift sentiment.Magna International rallied 17.78% after it was announced stockholders will vote on a plan to end founder Frank Stronach's control of the largest North American auto parts maker.Additionally, Magna turned to profit in first-quarter, reporting net income $1.97 per share, compared to a loss of $1.79 per share in the prior year quarter. Analysts were expecting the company to report net income of $0.80 per share this quarter. The company declared a dividend of $0.18 per share.Among gold stocks, Barrick Gold gained 2.26% and Lihir Gold was up 3.19%.Red Back Mining added 0.73% to $25.00. Yesterday the company said it will sell 24 million shares to Kinross Gold for $25 each in a private placement. Kinross edged up 0.16%.In the information technology space, MacDonald Dettwiler surged 13.62%. Yesterday, after the markets closed the company announced that it earned $0.71 per share in the first quarter, up from $0.60 in the year ago period. Celestica Inc. rose 1.48%.Wireless communications services provider BCE Inc. edged up 0.86% after reporting improved first-quarter net earnings of $0.79 per share, compared to $0.48 per share for the same period last year. The company declared a quarterly dividend of $0.435 per common share.Financial services company Sun Life Financial added 1.92% after it swung to profit in first-quarter, reporting net income of $0.72 per share compared to a loss per share of $0.38 in the first quarter of 2009. The company announced a quarterly dividend of $0.36 per common share. Sun Life maintained its outlook for adjusted earnings from operations in a range of $1.4-$1.7 billion. Wealth management services provider Manulife Financial Corp. surged nearly 5%. The company turned to profit in first-quarter, reporting net income of $0.64 per share compared with a loss of $0.67 per share in the previous year. The company declared a quarterly dividend of $0.13 per share.Global asset management comp...