Business
Flat open for markets
Flat open for markets
About this update from Descartes Systems Group Inc.
[{"type":"text","content":"\nFlat open for markets\n\nGM shakeup, U.S. payroll figures in focus\n Dec. 2, 2009 (Baystreet.ca) -- Bay Street stocks saw a lackluster open on Wednesday as traders mulled over the first of several key employment reports from the U.S. The market is looking to hold yesterday's sharp gains. \n\nThe S&P/TSX Composite Index was slightly ahead, 11.41 points to 11,718.48.\n\nIn commodities, crude oil has lost strength ahead of the Energy Information Administration's weekly inventory report at 10:30 a.m. ET. On the other hand, gold extended its record high. \n\nIn corporate news, Agrium announced that it intends to nominate a slate of directors to stand for election at CF Industries Holdings 2010 annual stockholder meeting. \n\nRival Potash will resume operation at a Sussex-area mine on Sunday, following a temporary shutdown, according to the Canadian Press.\n\nLogistics services provider Descartes Systems Group reported its third-quarter net income declined to $988,000 or $0.02 per share from $2.32 million or $0.04 per share in the previous year. \n\nCanadian National Railway made a new offer to the Teamsters Canada Rail Conference or TCRC, in an effort to break the impasse with the TCRC and end the strike. \n\nLater in the week, employment data will be unveiled on both sides of the border. \n\nTraders also awaited earnings reports from the financial sector later this week. Toronto Dominion, CIBC and National Bank are expected to report on Thursday with Royal Bank on Friday's agenda\n\nThe Canadian dollar gained 0.05 cents to 95.62 cents U.S. \n\nON BAYSTREET \n\nOf the 14 TSX subgroups, 10 were positive to start the day. Materials and gold had gained 1.8% each, while global base metals were up 1.4%. \n\nThe four losing groups were weighed by financials, off 0.3%, consumer staples, down 0.2%, while energy was off 0.1%. \n\nThe TSX Venture Exchange gained 8.41 points to 1,458.90, while the Nasdaq Canada advanced 8.37 points to 675.48. \n\nON WALLSTREET\n\nIn New York, stocks churned in early trading as investors weighed mixed readings on the labour market, the management shakeup at General Motors and record gold prices above $1,210 U.S. an ounce.\n\nThe Dow Jones Industrials lurched upward 9.9 points, to begin the day at 10,481.48. The S&P 500 index gained 1.31 points to 1,110.17, while the Nasdaq was up 9.73 points to 2,185.54. \n\nS...