Business
TSX in the doldrums
TSX in the doldrums
About this update from Eldorado Gold Corporation
[{"type":"text","content":"\nTSX in the doldrums\n\nScotiabank disappoints\n Dec. 8, 2009 (Baystreet.ca) -- Canadian stocks are notably lower again Tuesday, dragged into the red by a disappointing earnings report from Scotiabank and lower commodity prices.\n\nAt noon ET, the S&P/TSX Composite Index was off its lows of the morning, but still down 69.90 points to 11,419.73. \n\nMeanwhile, the Bank of Canada maintained its key interest rate at a record low of 0.25% and reiterated that it expects to leave the rate at its current level until the end of the second quarter of 2010.\n\nFinancials are down, as Scotiabank has slipped 2.2% after the company reported fourth quarter net income of $853 million or $0.83 per share, compared to $283 million or $0.28 per share last year. Analysts were looking for EPS of $0.87. \n\nQuest Capital Corp. is up 0.9% after the company announced that it has made a second $10 million payment toward the repurchase and retirement of its First Preferred Shares, Series A, leaving an outstanding balance of $20 million of Preferred Shares.\n\nUTS Energy Corp said effective December 31, Dennis Sharp will step down as Chairman and will continue to serve as a director of UTS. Sharp has been Chairman of the UTS Board of Directors since 2006. The stock is down 0.9%.\n\nEldorado Gold announced that Earl Price will retire as the company's Chief Financial Officer, effective December 31. The company has appointed Ed Miu as his successor. Shares are down 1.2%. \n\nEquinox Minerals has added 1.5% after the company announced that it has appointed Colin Johnstone as the company's chief operating officer, effective from January 2010.\n\nTeck Resources has slipped 0.8% after the company said it expects coal production of 20 million tonnes and sales of 19.5 to 20 million tonnes for 2009, at the lower end of previously announced guidance.\n\nMeanwhile, the Canada Mortgage and Housing Corporation reported Canadian housing starts rose to 158,500 units, from 157,400 in the prior month.\n\nThe Canadian dollar stumbled 0.74 cents to 94.29 cents U.S. \n\nON BAYSTREET \n\nAll but four of the 14 TSX subgroups remained in negative country by midday. Financials were the worst off, losing 1.4%, followed by gold, off 1.2% and energy, retreating 1.1%. \n\nThe three gainers were information technology, which was ahead 0.6%, health-care, 0.2% stronger, and telecoms, i...