Business
TSX has spotlight to self
TSX has spotlight to self
About this update from Cenovus Energy Inc.
[{"type":"text","content":"\nTSX has spotlight to self\n\nStocks take 1% drop\n Nov. 26, 2009 (Baystreet.ca) -- Canadian stocks are on a bull run of late, but got off to a difficult start to Thursday's session after Asian shares tumbled and commodity prices turned lower.\n\nThe S&P/TSX Composite Index dropped 113.58 points, or 1%, to begin the day's trading at 11,523.32. Yesterday, the Index rose 97.27 points or 0.84% to close at 11,636.90. Miners led the way as gold prices soared to a new record high near $1,200 U.S.\n\nHowever, gold and other metal prices are pulling back this morning after the dollar retraced some of its losses following a drop to yearly lows versus basket of major counterparts.\n\nThe corporate and economic news flow is expected to be slow today.\n\nOil company EnCana Corp. said its shareholders voted more than 99% in favour of the proposed corporate reorganization to split EnCana into two highly focused energy companies: Cenovus Energy Inc., an integrated oil company and EnCana Corporation, a pure play natural gas company.\n\nIn merger news involving a Canadian junior, Ryland Oil Corp. announced it will to acquire Denver-based Eternal Energy Corp. in a deal valued at more than $6 million. \n\nEnergy shares may struggle today, with the price of oil dipping toward $77 a barrel in pre-trade\n\nReports out of Europe said Thursday that Canada's Magna International wants at least 400 million euros ($600 million) from Porsche for canceling a deal where Magna would build the Boxster.\n\nThe Canadian dollar fell back 0.81 cents to 94.85 cents U.S. \n\nON BAYSTREET \n\nAll but two of the 14 TSX subgroups began the day in negative country. Metals and mining took the biggest hit at 1.7%, materials were off 1.3% and energy stocks slid 1.1%. \n\nThe two gainers were health-care stocks, gaining 0.2% and utilities, nosing up 0.03%. \n\nThe TSX Venture Exchange gave back 7.80 points to 1,427.35\n\nThe price of a barrel of oil lost $1.27 to $76.80 U.S. \n\nU.S. markets are shut down today for Thanksgiving. They will trade in an abbreviated session Friday.\n\n\n\n","length":2214,"tagName":"div"}]