Business
TSX points downward
TSX points downward
About this update from Cenovus Energy Inc.
[{"type":"text","content":"\nTSX points downward\n\nMetals stocks lead losers\n\n Apr. 19, 2010 (Baystreet.ca) -- \nBay Street stocks were lingering in the red in mid-morning deals Monday amid falling commodities prices and on worries over the repercussions tied to the SEC charges against Goldman Sachs, a major player in commodities markets. \n\nThe S&P/TSX Composite Index had tumbled 82.46 points by noon to 11,988.20\n\nAlso, China said over the weekend it would take more steps to level off real estate prices, which have been rising sharply for months. \n\nFriday, the U.S. Securities and Exchange Commission (SEC) accused Goldman Sachs of defrauding investors by misstating and omitting key facts about a financial product tied to sub-prime mortgages.\n\nAmong energy stocks, Cenovus Energy was down 3.88% and Suncor Energy slipped 3.59%. \n\nIndependent energy company Excelsior Energy nosedived 8.93% after it said it has entered into an agreement to privately place about 41.67 million units at $0.36 per unit for aggregate gross proceeds of up to $15.0 million.\n\nAmong gold stocks, Kinross Gold lost 2.37% and Goldcorp gave in 2.75%. \n\nGold producer LNG Energy eased 1.18% after it said it has entered into an agreement with InterOil Corp. to buy 2D seismic on LNG's 100% working interest PPL 319 in Papua New Guinea \n\nMeanwhile, encouraging earnings reports from major banks from south of the border helped financial stocks to stay afloat in morning deals. \n\nCitigroup Inc. said Monday it earned $0.14 per share in first quarter, as against the Street estimates for a breakeven. Earlier last week, Bank of America and JP Morgan reported encouraging quarterly earnings that bet consensus estimates.\n\nTD Bank announced that it has acquired certain assets and liabilities of Riverside National Bank of Florida, First Federal Bank of North Florida and AmericanFirst Bank from the Federal Deposit Insurance Corporation (FDIC), effective immediately. It also said it will consider more FIDC assisted acquisitions in Florida. TD Bank edged up 0.24%.\n\nScotiabank and Bank of Montreal added around 0.50% each.\n\nPrecious metal explorer KWG Resources rallied 8.70%. The company announced that it has closed a second tranche of non-brokered private placement through the sale of FT units at $0.125 each for proceeds of approximately $2.8 million.\n\nIn economic news, Statistics Can...