Business
TSX stays solid
TSX stays solid
About this update from Descartes Systems Group Inc.
[{"type":"text","content":"\nTSX stays solid\n\nBOC decision drives dollar\n\n Apr. 20, 2010 (Baystreet.ca) -- Canadian stocks were hovering in the green in mid-morning deals Tuesday amid buying across a variety of sectors. \n\nThe S&P/TSX Composite Index approached noon ahead 42.79 points to 12,415.76\n\nEncouraging quarterly earnings reports by major banks from south of the border and the Bank of Canada's decision to leave interest rates at a record low helped lift sentiment.\n\nToday, the central bank announced that it is maintaining its target for the overnight rate at a record low of 0.25%. The bank rate was left unchanged at 0.5% and the deposit rate at 0.25%. The bank now projects that the economy will grow by 3.7% in 2010 before slowing to 3.1% in 2011 and 1.9% in 2012.\n\nIn the energy space, Petrobakken Energy gathered 2.42% and Suncor Energy was up 1.41%. \n\nMeanwhile, oil and gas company Provident Energy Trust eased 1.14% after it said it will combine its upstream business with Midnight Oil Exploration in a $460-million transaction. Midnight Oil rallied 8.57%.\n\nAmong base metals stocks, First Quantum Minerals gained 2.56%. Teck Resources rose 1.11% ahead of its quarterly earnings report due out after the market close.\n\nClose on the heels of consensus beating earnings reports from JP Morgan, Bank of America and Citibank, Goldman Sachs reported first quarter net earnings of $5.59 per share. Analysts were expecting the company to record earnings of $4.01 per share this quarter. \n\nScotiabank was up 0.65% and RBC gained 0.46%. \n\nWood pulp maker Tembec rallied 13.33%. The company announced that its European subsidiary, Tembec SAS has signed a share purchase agreement with Paper Excellence B.V for the acquisition of 100% of the shares of Tembec Saint-Gaudens SAS and Tembec Tarascon SAS. Tembec will record a gain of about $23 million in its financial results for the quarter ending June 2010. \n\nFertilizer maker Potash Corp. added 1.73% after Soleil Securities Corp upped its rating on the stock to "Hold" from "Sell", based on valuations.\n\nIMAX Corp. gained 4.80% after announcing a new joint venture agreement with Tokyu Recreation to install five digital IMAX theater systems in Japan.\n\nIn the gold space, Barrick Gold lost 0.73% and Lihir Gold shed 0.50%. \n\nAmong information technology stocks, blackberry maker Research...