Business
TSX lurches lower
TSX lurches lower
About this update from Eldorado Gold Corporation
[{"type":"text","content":"\nTSX lurches lower\n\nHealth-care weighs on markets\n\n May 7, 2010 (Baystreet.ca) -- Bay Street stocks opened lower Friday, despite a recovery in energy prices and after recent selloffs that trimmed over 3% from the main index.The S&P/TSX composite index sank 64.92 points to begin Friday at 11,777.51Encouraging jobs data from both sides of the border may help lift sentiment, however. While Canada surprised markets by reporting jobs growth of over five times consensus estimates, job creation in the U.S. came in much higher than economists' expectations. However, lingering worries over the euro-zone fiscal situation may weigh on sentiment, capping big gains.International gold company Eldorado Gold reported that its first-quarter net income was $0.10 per share, up from $0.04 per share in the first quarter of 2009. Analysts were expecting the company to report earnings of $0.07 per share this quarter. The company also announced an annual dividend of $0.05 per common share.Gold producer Iamgold Corp. reported first-quarter net earnings of $0.16 per share, compared to $0.17 per share in the year ago quarter.Precious and base metal explorer New Gold reported first-quarter net income of $17.5 million, compared to net income of $12.1 million in the prior-year quarter. On a per-share basis, net income was $0.04, down from $0.06 in the same quarter last year. Analysts were expecting the company to post income of $0.04 per share this quarter.Gold mining company Richmont Mines said its first-quarter net earnings grew to $0.07 per share from $0.05 per share in the prior year period. The company said it will acquire an additional 30% of the issued and outstanding shares of Louvem Mines Inc. Energy company Canadian Natural Resources reported improved first-quarter net earnings of $1.60 per share, compared to $0.56 per share in the same quarter last year. The company said it would subdivide its common shares on a two-for-one basis.Food products company Premium Brands Holdings reported first-quarter earnings of $0.10 per share, compared to $0.12 per share last year.Information technology and business processing services provider CGI Group said it will acquire Stanley Inc. through a cash tender offer at $37.50 per share, representing an enterprise value of around $1.07 billion.Real estate company MI Developments reported lower first-quarter fund...