Business
TSX drops by noon
TSX drops by noon
About this update from Eldorado Gold Corporation
[{"type":"text","content":"\nTSX drops by noon\n\nGDP figures released\n Jan. 29, 2010 (Baystreet.ca) -- As in the past few days, Canadian stocks were struggling to sustain any direction in mid-morning deals Friday. Positive news in the form of GDP numbers from both sides of the border failed to enthuse investors, with the main index dawdling between positives and negatives. \n\nThe S&P/TSX Composite Index had settled back into the red by noon, losing 29.74 to 11,244.46\n\nThe Energy Index was up, as Canadian Oil Sands Trust rose 0.82% despite reporting a 23% drop in its fourth-quarter net profits at $0.20 per unit, compared to $0.26 a unit in the year-ago period. \n\nEncana Corp. moved up 1.30%. \n\nPetrobakken Energy gained 1.77% despite its price target was trimmed to $41.50 from $42.50 at Raymond James.\n\nTechnology stocks were trading higher, after briefly pausing in the previous session. Open Text added 1.88%. Meanwhile, Research In Motion pared its early morning gains, shedding 0.07%. \n\nMortgage insurer Genworth Mi Canada rose 1.72% after reporting that its fourth quarter net income rose to $0.74, per share from $0.66 per share reported a year ago.\n\nOn the other hand, the Gold Index eased, with Eldorado Gold trimming 1.74% and Anglo Gold slipping 1.36%.\n\nCoal miner SouthGobi Energy dwindled 8.75% after its Hong Kong listed stocks drifted over 10% on their debut today.\n\nOil pipeline maker Enbridge Inc. slipped 0.32% after announcing $250 million expansion plans to handle increased activities from Canadian oil sands.\n\nConstruction material dealer Norbord Inc. eased 0.18% after reporting a narrower fourth-quarter loss of $0.25 per share compared to a loss of $1.88 per share last year.\n\nSemiconductor and electronics dealer DALSA Corp. eased 0.12% after reporting fourth-quarter net loss from continuing operations of $0.06 per share, compared to a net income of or $0.23 per share in the prior year.\n\nIn economic news, Statistics Canada said today that the country's economy grew in November for the third month in a row. Elsewhere, StatsCan said its Industrial Product Price Index fell 0.1% and its Raw Material Price index by 1.7%, due to lower petroleum prices.\n\nThe Canadian dollar was flat at 93.76 cents U.S. \n\nON BAYSTREET \n\nOf the 14 TSX subgroups, nine had turned negative by midday. Gold slid 1.6%, while materials settled 1.5% and t...