Business
Markets positive at midday
Markets positive at midday
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":"\nMarkets positive at midday\n\nDow shrugs off earnings figures\n Feb. 4, 2009 (Baystreet.ca) -- 12:22 pm EST\nThe Toronto stock market ran ahead more than 150 points late in the morning in a broad-based advance led by commodity and financial stocks.The S&P TSX Composite Index remained ahead 109.85 points by lunch time, to 8,738.48The market has been trading in a range between roughly 8,200 and 8,900 since mid-January and some analysts were hard put to explain the sharp rise.The TSX energy sector maintained a 2% rise even as U.S. crude inventories jumped a much more than expected 7.2 million barrels last week as overall demand for motor fuel continued to slide. Suncor Inc. gained $1.22 to $24.75 and EnCana Corp. advanced 68 cents to $54.88.The gold sector leapt 2%, as Goldcorp Inc. rose $1.37 to $36.17 and Barrick Gold Corp. gained $1.60 to $45.72.The base metals sector climbed as the price of copper rose two cents to $1.55 U.S. a pound. Teck Cominco Ltd. advanced 34 cents to $4.86 and First Quantum Minerals ran up $2.95 to $26.75.Shares in HudBay Minerals Inc. were six cents lower at $4.69 after the company said that the unions at its operations in Flin Flon and Snow Lake, Man., have voted to ratify new three-year collective agreements effective Jan. 1, 2009.The financial sector moved ahead 1% with Royal Bank up 56 cents to $31.41 while National Bank was ahead $1.07 to $35.45.The Dutch parent company of ING Canada Inc. is selling a $2-billion stake in the Canadian subsidiary. The sale will not affect ING Group's current ownership of ING Bank of Canada, known as ING Direct, which is a separate and distinct company from ING Canada. ING Canada shares tumbled $4.11 or 12% to $29.68.Shares in Research In Motion improved $1.56 to $69.83 after top executives reached a deal to settle a dispute with the Ontario Securities Commission over the company's past stock option practices.The OSC will hold a hearing Thursday to consider the settlement that includes co-chief executives Jim Balsillie and Mike Lazaridis and several other executives and directors. The OSC has accused several individuals, including Balsillie and Lazaridis, of receiving back-dated stock options.Maple Leaf Foods Inc. shares were unchanged at $10.66 after it said Tuesday that it plans to restate and refile its 2007 consolidated annual financial statements to lower it...