Business
Big drop for TSX
Big drop for TSX
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":"\nBig drop for TSX\n\nMetals take bruising in Toronto\n Oct. 30, 2009 (Baystreet.ca) -- Canadian stocks fell sharply lower in Friday afternoon trading, mirroring drops seen in the U.S. and Europe. Traders also mulled data showing the Canadian gross domestic product unexpectedly fell in August.\n\nScant minutes before the closing bell, the S&P/TSX composite index had plummeted 194.89 points, or 1.8%, to 10,880.33. \n\nMining stocks fell as copper saw a notable decline on the Comex. Inmet lost 5.5% to $57.73, HudBay was down 4% to $14.01 and First Quantum dropped 2.2% to $74.05. \n\nAmong gold stocks, New Gold plunged 4.4% to $3.90, Agnico-Eagle Mines was down 5.4% to $57.88 and Iamgold dropped 1.8% to $14.21. \n\nCenterra Gold went down 0.9% to $8.42 after the company reported its third-quarter net earnings were $20.2 million U.S., 20% higher than $16.9 million U.S. in the previous year. Earnings per common share for the recent quarter grew 15% to $0.09 U.S. from $0.08 U.S. a year ago.\n\nEldorado declined 2% to $11.96, although the company reported its third-quarter net income of $30.15 million U.S. or $0.08 U.S. per share, compared with $17.04 million U.S. or $0.05 U.S. per share last year.\n\nEnergy stocks also lost ground, as Suncor dropped 3.5% to $35.67 and Canadian Oil Sands is down 1.2% to $29.10. \n\nTelecommunications stocks were up after the Canadian Radio-television and Telecommunications Commission ruled Globalive Wireless does not meet Canadian ownership laws to become the nation's fourth major cellphone provider. \n\nRogers Communications climbed 2.6% to $31.78, Telus added 3.4% to $33.97 and BCE advanced 1.1% to $25.89. \n\nIn other corporate news, Tim Hortons lost 3.3% to $30.75 after the company announced third quarter net income attributable to Tim Hortons of $61.18 million or $0.34 per share, compared to $78.76 million or $0.43 per share last year.\n\nDomtar Corp. added 7.7% to $45.34 after the company reported net earnings of $183 million U.S. or $4.24 U.S. per share for the third quarter, compared to $43 million U.S. or $1.00 U.S. per share for the third quarter of 2008.\n\nGLG Life Tech Corp. gained 2.5% to $2.85 after the company said its third-quarter net income after income taxes and non-controlling interests was $1.39 million compared with a loss of $950,000 in the comparable period. The company reporte...