Business
Another plus day for TSX
Another plus day for TSX
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":"\nAnother plus day for TSX\n\n\n May 12, 2010 (Baystreet.ca) -- The Toronto stock market racked up a solid gain Wednesday as investors set aside concerns about growing European debt problems and sent stocks higher across all sectors.The S&P/TSX composite index sailed ahead 195.47 points -- or 1.6% -- to end the day at 12,196.08Markets have risen the past two days since the European Union announced an aggressive $1-trillion U.S. plan to stop Greek debt problems from spreading across Europe, which could derail a global economic recovery and possibly destroy the euro.Investors were encouraged by data showing that Germany's economy, Europe's largest, grew by a better-than-expected 0.2% in the first quarter as a global recovery boosted demand for its high-value exports.And the news that Spain aims to cut its budget deficit by a further 1.5 percentage points to 6% of the country's gross domestic product in 2012 has also helped calm jittery markets.Spanish Prime Minister Jose Luis Rodriguez Zapatero outlined a raft of measures including cuts in public sector pay.But some doubts remain about the E.U. rescue package, as shown by gold prices that went further into record territory Wednesday.Eldorado Gold Corp. announced it is buying Brazauro Resources Corp. for $122.4 million in a share-swap deal. Brazauro owns the Tocantinzinho gold project in Brazil. Its shares jumped 60 cents or 87% to $1.29 while Eldorado shares moved up 15 cents to $18.19.All TSX sectors were higher, with gains led by the tech sector, which was up ahead of earnings after the close from networking and data centre giant Cisco Systems. Celestica Inc. was ahead 48 cents at $10.10 while CGI Group gained 65 cents to $16.40.Transportation stocks pushed the industrials sector up almost two per cent as Canadian National Railways was $1.72 higher at $62.42, while Bombardier Inc. advanced 19 cents to $5.44.The financials sector was ahead, as Bank of Montreal was up $1.31 at $61.65 and CIBC was $1.47 higher at $73.95.Power Financial Corp. a Montreal-based holding company that owns Great West Lifeco, Investors Group and other major companies, reported its first-quarter net profits doubled to $389 million on a sharp jump in revenues. Its shares were up 14 cents at $29.52.The base metal sector advanced as the May copper contract on the Nymex edged three cents lower to $3.18 U.S. a ...