Business
Indexes march forward
Indexes march forward
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":"\nIndexes march forward\n\nTrying to leave car woes behind\n Mar. 31, 2009 (Baystreet.ca) -- 12:26 pm EST\nNorth American stock markets were positive Tuesday on the last day of first-quarter trading, as investors took in data showing yet another month of economic contraction in Canada and a disappointing reading on American consumer confidence.The S&P/TSX Composite Index gained 127.29 points by noon to 8,723.51, clawing back a chunk of Monday's 225-point tumble. Since falling to multi-year lows March 9, the TSX's main index is still up about 14% while the Dow industrial average has risen about 15%. However, it has been a miserable first quarter on stock markets. Toronto is still under water by about 3.5% year to date while the Dow is down about 13%.But the news on the economic front is somewhat distressing. Statistics Canada said gross domestic product declined 0.7% during January, on top of a 1% drop in December and a 0.7% slide in November.The January decline matched expectations "but in what should end up being the country's darkest hour, GDP has dropped at an annualized 9% rate since October," said Avery Shenfeld, chief economist at CIBC World Markets."A few more months like that and we would be talking about a depression, but there are reasons to believe that milder monthly retreats lie ahead."Other data from Statistics Canada showed that the Industrial Product Price Index rose 0.4% in February compared with January. It attributed the modest increase to both the depreciation of the Canadian dollar against its U.S. counterpart and increases in the prices for precious metals and petroleum products.Sun Life Financial Inc.'s negotiations to buy parts of Hartford Financial Services Group Inc. are "currently off," the Globe and Mail reported, citing unidentified people familiar with the talks. Sun Life President Jon Boscia told investors recently that Canada's third-largest insurer won't take any "gambles" that could compromise current capital levels, the newspaper said. Canaccord Capital Inc., Canada's largest independent brokerage by assets, plans to fire about 75 brokers - or about 20% of its broker roster - as part of a cost-cutting plan announced last month.The TSX financial sector was up as Bank of Montreal improved $1.32 to $32.87 and Manulife Financial headed 39 cents higher to ...