Business
Rally continues in Toronto
Rally continues in Toronto
About this update from Cenovus Energy Inc.
[{"type":"text","content":"\nRally continues in Toronto\n\nReal-estate leads TSX subgroups\n Feb. 2, 2010 (Baystreet.ca) -- Canadian stocks extended their early gains Tuesday morning as gauges of most sectors edged higher for a second day.\n\nHowever, energy stocks were struggling to move up convincingly as traders were digesting earnings reports from major oil companies Suncor and BP PLC\n\nThe S&P/TSX Composite Index continued its climb by noon hour, gaining 87.69 points to 11,405.24 \nThe prices of oil and gold both advanced. \n\nThe Gold Index added strength, as Eldorado Gold rose 2.87% and Harmony Gold gathered 3.79%. \n\nMeanwhile, Candente Gold slipped 8.11%. The company revealed the appointment of John Foulkes as Vice President of Corporate Development. Foulkes has over 10 years of experience managing Corporate Development and Investor Relations programs for Canadian and US public companies.\n\nInformation technology plays continued to be under the buyers' radar, with Blackberry maker Research In Motion rising 1.54% after a recent research report said that worldwide smart phones sales grew 30% in the fourth quarter. \n\nEnterprise content management solutions provider Open Text added 1.25%.\n\nIn news from the oil patch, the country's largest oil company Suncor Energy reported that it had swung to profit in fourth quarter but missed consensus estimates. Also Europe's biggest oil company, BP Plc missed consensus estimates, despite swinging to profit in fourth quarter. \n\nAmong energy plays, Encana Corp. rose 1.13% and Canadian Natural Resources gained 1.55%. \n\nIntegrated oil company Cenovus Energy edged up to $25.92. The company recommended its shareholders to reject an unsolicited offer made by TRC Capital Corp. The offer price was $23.55 per common share. \n\nSuncor Energy erased 2.41% after reporting fourth-quarter net earnings of $0.29 per share, compared to a net loss of $0.24 per share in the fourth quarter of 2008. \n\nFirst Uranium dwindled 22.87% after it said it will go slow in its expansion plans in South Africa.\n\nPrinting papers dealer Catalyst Paper Corp. slipped 5.66% upon announcing that it will defer its $100-million rights issue, pending search for a new CEO.\n\nToronto Stock Exchange operator TMX Group slipped 1.78% after it said a reduction in stock trading fees for 'penny stocks' would cost it about $15 million a year.\n\nC...