Business
TSX sneaks into green
TSX sneaks into green
About this update from Eldorado Gold Corporation
[{"type":"text","content":"\nTSX sneaks into green\n\nStaples, IT weigh markets lower\n Apr. 8, 2010 (Baystreet.ca) -- The Toronto stock market moved slightly higher Thursday morning as commodity prices fell, both oil and gold losing ground as the spectre of Greece defaulting on its debt raised doubts about the stability of European economic recovery.\n\nThe S&P/TSX Composite Index recovered from 100 points in the hole during morning trading to finish the day ahead 2.63 points to 12,113.53. \n\nGreek borrowing costs spiked to a record high on Thursday. The spread between Greek and German 10-year bond yields widened to 4.48 percentage points earlier, its highest level since the euro was introduced in 1999. The higher the spread, the less confidence markets are showing in Greece's ability to pay.\n\nGreek shares took another battering -- the benchmark ASE composite index was down around 5%.\nThe new round of worry comes barely two weeks after the EU finally agreed to a backstop bailout mechanism for the debt-laden country that would also involve the International Monetary Fund.\n\nThere are concerns that debt problems in Greece and other European nations could upend a global economic recovery and damage the euro.\n\nThe U.S. dollar rose against the euro and other major currencies, including the Canadian dollar.\nThe TSX energy sector was higher as Suncor Energy tacked on 74 cents to $35.33\n\nIn the gold sector, Eldorado Gold added 13 cents to $13.80.\n\nCenterra Gold shares were down 64 cents to $11.35 after it said Wednesday its flagship Kumtor gold mine in Kyrgyzstan had so far been unaffected by the violence that led to the overthrow of the government in the small impoverished Central Asian nation. An opposition coalition proclaimed a new interim government Thursday.\n\nThe base metals sector lost ground while the May copper contract in New York was off five cents to $3.55 U.S. a pound. Teck Resources was down 18 cents to $45.22.\n\nAn early major decliner was Shoppers Drug Mart. Its shares fell $4.25 or 9.8% to $38.92 after it said it would have to restructure dramatically under a plan by the Ontario government to cut the price of generic medications to 25% of the equivalent brand-name drug, from 50%.\n\nIn other corporate news, the Cogeco Inc. cable and media business reported a $10.5-million profit for its most recent quarter, rebounding from the $11...