Business
Markets drain gains
Markets drain gains
About this update from Dollarama Inc.
[{"type":"text","content":"\nMarkets drain gains\n\nAll TSX subgroups fall\n Apr. 8, 2010 (Baystreet.ca) -- Toronto's main stock index opened substantially lower on Thursday as oil prices declined for a second day, hurting the weighty energy sector, but losses may be offset by gold prices that are close to three-month highs.\n\nThe S&P/TSX Composite Index began the day by losing 105.43 points to 12,005.47. \n\nThe index could also follow global stocks and U.S. futures, which edged lower as relentless fears over Greece's public finances unsettled investors worried about sovereign debt defaults in Europe.\n\nOn the macro front, shares may extend losses after the number of U.S. workers filing new claims for unemployment insurance rose unexpectedly last week.\n\nToronto's main stock index ended lower for a second straight session on Wednesday, pulled down in a broad selloff that was led by the energy group.\n\nOil slipped for a second day below $85 U.S. a barrel, pressured by a stronger dollar and a rise in U.S. crude stockpiles to their highest level in nearly 10 months. \n\nGold steadied in Europe close to the near three-month highs it hit in the previous session, as the dollar's rise versus the euro capped gains in the precious metal. \n\nCopper dropped to a one-week low in the absence of fresh impetus to keep its rally going and on doubt by investors that supply and demand fundamentals justified prices around $8,000 U.S. a tonne. \n\nMarkets pounded Greek bonds and banking stocks, driving the country's borrowing costs to new highs and pushing it closer to tapping a last-resort safety net. \n\nThe Canadian dollar fell further back from parity with the U.S. currency on Thursday as oil prices retreated further and euro zone worries persisted. \n\nIn company news, Dollarama Inc. said on Thursday its quarterly profit rose more than 400% as recession-weary shoppers flocked to Canada's largest operator of dollar stores. \n\nCanada's Pacific Northern Gas Ltd. said it will buy a hydro-electricity generation facility from Kiewit Hydropower Investors Inc and Renewable Power for about $17 million to boost its asset base. \n\nCanadian cable and telecommunications company Cogeco Inc. and its subsidiary Cogeco Cable Inc posted a second-quarter profit, helped by a growth in revenue-generating units in the cable business.\n\nThe Canadian dollar slid 0.46 cents to 99.10 ce...