Business
TSX moves toward daylight
TSX moves toward daylight
About this update from Cenovus Energy Inc.
[{"type":"text","content":"\nTSX moves toward daylight\n\nEnergy stocks still weigh on market\n Apr. 7, 2010 (Baystreet.ca) -- Falling energy prices weighed on the Canadian stock market in mid-morning deals Wednesday. \n\nThe S&P/TSX Composite Index veered toward breakeven, but was still five points short by lunch time to 12,151.71. \n\nAlso, worries over the sustainability of the economic recovery in the euro zone and renewed concerns over the Greece debt situation depressed sentiment. \n\nEasing energy prices overshadowed news of over $3 billion worth of asset restructuring announced today by two oil companies.\n\nThe Canadian dollar continued to test parity versus the greenback in morning deals.\n\nThe Energy index slipped, with Petrobakken Energy losing 1.38% and Cenovus Energy shedding 2.14%. \n\nInternational oil and gas explorer Heritage Oil surrendered 8.02%. The company said today it received necessity approvals to sell its stake in two Ugandan oil fields for more than $1.35 billion.\n\nIn other similar deal, oil and natural gas company Talisman Energy said it would sell a number of non-core assets in Canada for total proceeds of about $1.9 billion, through five separate transactions. The stock lost 1.85%.\n\nOil and gas company KFG Resources plummeted 13.3% after announcing the withdrawal of its private placement of up to 30 million units at $0.065 per unit. \n\nAmong financial stocks, CIBC was down 0.83% and National Bank surrendered 1.25%. \n\nMetals mining company Lundin Mining lost 2.12% after it voluntarily filed a Form 15F with the U.S. SEC to terminate the registration of its common shares.\n\nMineral properties dealer Khan Resources lost 7.69%. The company announced that CNNC Overseas Uranium Holding, China has extended its offer to acquire all of the outstanding common shares of Khan at $0.96 in cash per share. \n\nThe Global Gold Index was the major gainer, gathering 1.51%. Eldorado Gold and Lihir Gold rose over 3% each. \n\nBlackberry maker Research In Motion moved up for a second session, adding 0.51%.\n\nIn economic news, Statistics Canada said value of building permits edged down 0.5% to $5.7 billion in February on month-on-month, but was 56.7% higher than that of February 2009.\n\nThe Canadian dollar slid 0.19 cents to 99.70 cents U.S. \n\nON BAYSTREET \n\nOf the 14 TSX subgroups, 10 were still negative by noon. Energy stocks were...