Business
TSX still in red
TSX still in red
About this update from Eldorado Gold Corporation
[{"type":"text","content":"\nTSX still in red\n\nSelling pressure widespread\n Jan. 27, 2010 (Baystreet.ca) -- After opening lower, Canadian stocks continued to linger in the red in mid-morning deals Wednesday. Selling pressure was seen across a variety of sectors, with the gauges of gold and diversified metals drifting lower. \n\nAs the clock approached noon, the S&P/TSX Composite Index gave back 30.54 points to 11,330.65. \n\nThe main index had managed to close just above the unchanged line in the past two sessions, despite dawdling in negative zone in the morning sessions. \n\nSelling pressure was seen across a variety of sectors, with the gauges of gold and diversified metals drifting lower. The main index had managed to close just above the unchanged line in the past two sessions, despite dawdling in negative zone in the morning sessions. \n\nAmong diversified metal plays, Ivanhoe Mines lost 2.57% and Major Drilling shed 2.18%. \n\nThe Energy Index skidded as Baytex Energy trimmed 2.03% and Encana Corp. gave in 1.33%. \n\nAmong gold stocks, Rand Gold slipped 0.80% and Eldorado Gold lost 2.01%.\n\nBarrick Gold moved down 0.89% after it said it will stop shipping ore from its Cortez mine in Niveda, till it gets environmental clearance from the U.S. Bureau of Land Management.\n\nYamana Gold shed 1.25% after RBC trimmed its price target on the stock to $14 from $15. \n\nCanadian National Railway lost 0.79% after reporting fourth quarter net income of $1.23 per share, up from $1.21 per share in the year-ago quarter. Macquarie hiked its price target on the stock to $61 from $58.\n\nPotash Corp eased 0.95%. BofA-Merrill reinstated the stock with a "buy" rating and a price target of $140. Fertilizer maker Agrium surrendered 0.84%.\n\nOn a positive note, information technology stocks continued their previous session's up move, as Celestica Inc. gathered 1.73%.\n\nInformation technology service provider CGI Group rose 1.09% after reporting first-quarter net income of $0.37 per share, up from $0.26 per share in the same quarter last year.\n\nHeavy oil development and production company Ivanhoe Energy edged up 1.62% after it said it has raised $125 million through a private placement of Special Warrants.\n\nAlso, an upbeat comment by the International Monetary Fund (IMF) on the Canadian economy may help lift sentiment. The IMF has upped its growth fore...