Business
TSX retreats from highs
TSX retreats from highs
About this update from Eldorado Gold Corporation
[{"type":"text","content":"\nTSX retreats from highs\n\nCommodities weigh on Toronto\n\n Apr. 16, 2010 (Baystreet.ca) -- Bay Street stocks were lingering in the red in mid-morning deals Friday, amid easing commodities prices and on renewed concerns over the euro-zone debt issues.\n\nThe S&P/TSX Composite Index had tumbled 135.56 points, or 1.1%, by noon to 12,075.96\n\nTraders overlooked another batch of encouraging earnings reports from south of the border.\n\nBank of America reported first quarter earnings of $0.28 per share, beating consensus estimates by a notable margin. Wednesday, JP Morgan reported first quarter net income of $0.74 per share, beating consensus estimates for a earnings of $0.64 per share.\n\nGeneral Electric Co said Friday that excluding one time items it earned $0.21 per share in the first quarter, beating analysts' expectations for a net income of $0.16 per share. \n\nIn the energy space, Petrobakken Energy shed 1.68% and Cenovus Energy dipped 1.49%. \n\nAmong gold stocks, Eldorado Gold surrendered 2.0% and Jaguar Mining slipped 6.56%.\n\nGold company Avion Gold lost 5.13% after it said it entered into an agreement with Canaccord Financial Ltd. to sell 35.80 million common shares for gross proceeds of $25.06 million.\n\nGold explorer Alder Resources moved down 3.13%. The company said it plans to complete a non-brokered private placement financing of 12 million common shares at $0.25 per share, for gross proceeds of $3 million. \n\nBase metals stocks were also under the sellers' radar, with the index shedding 1.0%. Teck Resources gave in 2.22%. Ivanhoe Mines moved down 1.38%.\n\nLogistics technology solutions provider Descartes Systems Group trimmed 1.26%. The company's wholly-owned subsidiary, Dexxcartes bvba, completed the acquisition of Zemblaz NV.\n\nMeanwhile, financial stocks were marginally higher following an upbeat earnings from Bank of America.\n\nBank of Montreal added 0.86% and RBC gained 0.54%.\n\nSpace science products maker COM DEV International rose 0.67%. The company said it bought substantially all of the assets of Routes AstroEngineering, a privately-owned company specializing in the design and manufacture of advanced instruments for space science research applications.\n\nIn economic news, Statistics Canada said manufacturing sales edged up 0.1% to $ 44.10 billion in February, with most of the sales increases in...