Business
TSX in red
TSX in red
About this update from Endeavour Silver Corp.
[{"type":"text","content":"\nTSX in red\n\nGold slumps\n Mar. 24, 2010 (Baystreet.ca) -- Bay Street stocks were down in mid-morning deals Wednesday amid selling among a variety of sectors. \n\nThe S&P/TSX Composite Index settled 44.09 points by noon to 12,000.45. \n\nTroubling news on the European debt situation and profit taking at higher levels, as the main index was hovering near its calendar year high, put pressure on Canadian stocks. \n\nToday, Fitch Ratings downgraded Portugal by one notch to AA- and said the country's prospects for recovery were weaker than its peers in the euro zone. The euro slipped to a 10-month low versus the dollar, dragging commodities prices lower.\n\nThe Material Index slipped, as Inmet Mining lost 0.96% and Pan American Silver shed 2.08%. \n\nPrecious metals explorer Endeavour Silver trimmed 1.77%. The company turned to profit in its fourth quarter, reporting net earnings of $3.1 million compared with a net loss of $5.2 million in the year ago period. \n\nAmong gold stocks, Eldorado Gold moved down 2.02%.\n\nBarrick Gold Corp. said the initial public offering for African Barrick Gold plc or "ABG" garnered around $834 million. The stock slipped 2.28%.\n\nBase metals stocks were under pressure right from the word go. FNX Mining surrendered 2.71% and Quadra Mining lost 2.59%. Yesterday, Quadra and FNX agreed to merge in a $1.51-billion all stock deal.\n\nMeanwhile, Teck Resources recovered from early morning losses, gaining 0.82%.\n\nIn the energy sector, Encana Corp was down 1.62%. \n\nSuncor Energy said that it reached an agreement to sell certain natural gas properties for about $235 million. The stock eased 0.29%.\n\nOil fields services provider Black Diamond Group surrendered 3.92% after reporting lower earnings of $4.2 million for the fourth quarter, compared to $5.9 million in the year-ago quarter. \n\nHowever, looking ahead, the company expects new project deployments and the expanded fleet and operating platform to be accretive to earnings in the next two quarters.\n\nOil and natural gas explorer Rock Energy was down 5.98% after reporting fourth-quarter funds from operations $0.20 per share, compared to $0.21 per share in the previous year.\n\nWestFire Energy eased 0.33% despite reporting improved net income for the fourth quarter of $0.43 per share, compared to $0.06 per share for the year-ago quarter.\n\n...