Business
Stocks approach noon down
Stocks approach noon down
About this update from Cenovus Energy Inc.
[{"type":"text","content":"\nStocks approach noon down\n\nMetals, gold slump\n Feb. 12, 2010 (Baystreet.ca) -- Snapping their three-day rally, Canadian stocks dipped in mid-morning deals Friday amid lingering concerns about the euro zone and easing commodity prices.\n\nThe S&P/TSX Composite Index greeted the luncheon bell down 53.29 points -- though off its lows of the day -- to 11,382.20. \n\nNews that growth in the German economy stalled in the fourth quarter of 2009 and China increasing its reserve levels for banks to curb inflation weighed on sentiment.\n\nLosses were most pronounced among base metal stocks, with the index shedding 3.03%. Inmet Mining was down 1.66% and First Quantum Minerals lost 4.14%.\n\nNatural resources explorer Teck Resources gave in 1.72%. RBC upped its rating on the stock to an "outperform" from "sector perform".\n\nSilver explorer Silver Standard Resources plunged 6.55% after it said it would raise approximately $100 million through a public offering of its common shares. \n\nContract drilling operator Precision Drilling Trust trimmed 2.27% after the company slipped in to the red. It reported a fourth quarter net loss of $0.09 per unit, compared to net income of $0.66 per unit last year.\n\nInsurance companies Sun Life Financial and Manulife Financial Corp. continued to move down for the second day, shedding around 2% each, after reporting their quarterly numbers yesterday. \n\nSun Life said its fourth quarter profits more than doubled to $0.52 per share from $0.23 per share in the year-ago quarter. Manulife reported a fourth-quarter net income of $0.51 per share, compared to a loss of $1.24 in the same period last year. Interestingly, RBC cuts Sun Life price target to $37 from $38 and Manulife rating to "sector perform" from "outperform".\n\nAmong gold plays, Anglo Gold was down 2.38% and Lihir Gold surrendered 3.81%. \n\nIn the energy sector, Cenovus Energy lost 0.86%. Meanwhile, oil and natural gas explorer Niko Resources rose 0.74% after reporting third quarter net income of $0.29 per share, as against a loss of $0.04 in the same quarter last year. \n\nSpecialty pharmaceutical company Labopharm plummeted 19.91%. The company today announced that it has priced an underwritten public offering of 11,764,706 newly issued units at a public offering price of $1.70 per unit. Gross proceeds ...