Business
Toronto in narrow range
Toronto in narrow range
About this update from Eldorado Gold Corporation
[{"type":"text","content":"\nToronto in narrow range\n\nMetals, industrials lead T.O.\n Jan. 8, 2010 (Baystreet.ca) -- Toronto stocks are unable to sustain any direction in early morning dealings Friday, as traders are digesting the employment reports from both sides of the border. \n\nThe S&P/TSX Composite Index was up by 27.84 points at noon, to 11,915.35. Bay Street is moving in a tight range, after snapping its five-day rally in the previous session on easing oil and commodity prices.\n\nThe Industrial Index is gaining and Consumer Staples Index is adding strength, too On the other hand, gold and energy stocks are down marginally. \n\nAmong gold plays, Lihir Gold is slipping 1.79% and Eldorado Gold is losing 2.36%. \n\nGoldcorp Inc. is easing 0.44% even after its price target was hiked by $0.50 to $53.50 at UBS.\n\nCanplat Resources is shedding 6.29% after its board reiterated support for Gold Corp's $280 million takeover offer.\n\nSoftware maker Coral Corp. is surrendering 6.39% after announcing plans to reduce it global workforce by about 20%.\n\nOn the gainers' list, Canadian drugstore chain Jean Coutu Group is rising 3.29% after swinging to profit in the third quarter, reporting earnings of $0.19 per share compared to a loss of $1.66 per share in the year ago period.\n\nSimilarly, DragonWave Inc. is adding 8.40% after it said it turned to profit in Q3 2009 reporting $0.37 per share compared to a loss of $0.01 in the prior year period. \n\nCanada Pacific Railway is adding 1.03%. Engineering and construction play SNC Lavalin Group is up 1.33%.\n\nIn economic news, Statistics Canada reported today that employment unexpectedly fell by 2,600 in December. Jobs in transportation and warehousing companies and public employment fell by 45,500, while healthcare jobs rose 35,300. The unemployment rate was unchanged at 8.5%.\n\nThe Ivey Purchasing Managers' Index, released Thursday, revealed that Canadian business and government spending surprisingly declined in December. The index fell to 48.4 in December from 55.9 in November. The Canadian economy had edged up 0.4% in 2009's third quarter, snapping a recession in the previous three quarters.\n\nThe Canadian dollar gave back 0.13 cents to 96.52 cents U.S. \n\nON BAYSTREET \n\nAll but four of the 14 TSX subgroups were higher by the lunch break. Metals and mining led the charge, up 1.6%, followed by industrial...