Business
Big gains for N.A. stocks
Big gains for N.A. stocks
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":"\nBig gains for N.A. stocks\n\nStimulus buzz works way west\n Mar. 4, 2009 (Baystreet.ca) -- 04:45 pm EST\nStock markets moved sharply higher Wednesday, buoyed by hopes that more economic stimulus will be aimed at the Chinese economy and data suggesting an improving manufacturing sector in the world's third-largest economy.Toronto's S&P/TSX composite index ran ahead 180.17 points to 7,811.79 The upward swing followed three days of losses that carved more than 500 points from the main index, sending it down to 2003 levels. The TSX was supported by sharp rises in commodity stocks as investors hope for increased Chinese demand for oil and metals.The base metals sector ran ahead with First Quantum Minerals up $1.89 to $33.30 while Equinox Minerals climbed eight cents to $1.51.The TSX energy sector gained as EnCana Corp. gained $2.44 to $49.82 and Suncor Inc. advanced $1.72 to $26.73.The TSX financial sector, which had dropped 7% this week in the wake of the AIG loss, was up today. Shares in Sun Life Financial were down $1 to $16.44 following reports that U.S. Hartford Financial Services Group Inc. is in talks to sell most of its life insurance unit to the Canadian insurer.But Bank of Montreal climbed 64 cents to $28.28 and Royal Bank advanced $1.06 to $30.72.Laurentian Bank reported that first-quarter net earnings rose to $25 million from $19.1 million a year ago. Its shares were down $2.45 to $27.90 as it also said its return on equity rose to 10%The gold sector was the leading declining sector, as Barrick Gold Corp. declined $1.51 to $35.20.Agnico-Eagle Mines Ltd. a Toronto-based gold producer, says it has raised its estimate of gold reserves by 8% to a record 18.1 million ounces after the company spent $72 million on exploration last year. Its shares were off $2.64 to $59.65.In economic news, Tuesday's Bank of Canada decision to cut interest rates to almost zero and consider extraordinary steps to boost credit raises new concerns that the country's recession won't be as mild and short as policy makers predicted. Governor Mark Carney yesterday lowered the rate on overnight loans between commercial banks to 0.5% from 1% and said he may reduce it again. Canada's economy shrank at a 3.4% annual pace in the fourth quarter, the most since 1991 and more than the 2.3% drop the bank had predicted. The Canadian dollar gained 1.13 cents...