Business
Rally in works for TSX
Rally in works for TSX
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":"\nRally in works for TSX\n\nGold shines bright – again!\n Nov. 23, 2009 (Baystreet.ca) -- Canadian stocks turned emphatically back to the upside early Monday morning, following the lead of U.S. and European markets, as commodity prices are in the green. \n\nThe S&P/TSX Composite Index leaped out of the gate 123.89 points, or 1.1%, in the first half-hour of trading to 11,703.22\n\nIn commodities, gold and crude prices have added strength (see below) and copper added 4.8 cents to $3.182 U.S. \n\nEconomically speaking, Stats Canada reported retail sales rose 1% in September, compared to a 0.95% jump in the previous month. A rise of 0.4% was forecast. Excluding autos, sales were up 1.1%, compared to a revised 0.65% jump in August. \n\nIn corporate news, First Quantum Minerals has reached a deal to acquire Kiwara in a cash and stock deal with GBP 43.68.\n\nNorthland Resources announced the resignation of Arden Morrow as president and chief executive officer. Morrow will continue as a member of the board of directors.\n\nThe Canadian dollar gained 1.32 cents to 94.80 cents U.S. \n\nON BAYSTREET \n\nAll 14 TSX subgroups began the day in the green. Metals and mining stocks led the parade, up 2%, while gold and energy stocks closely pursued them, ahead 1.9% each. \n\nThe TSX Venture Exchange raced ahead 24.70 to 1,432.76, while the Nasdaq Canada picked up 9.29 to 663,74. \n\nON WALLSTREET\n\nIn New York, stocks opened sharply higher Monday, joining overseas markets, as the surge in commodity prices -- including another record for gold -- continued.\n\nThe Dow Jones Industrials sprung ahead 117.07 points, or 1.1%, to begin a short week at 10,435.23. The S&P 500 index righted itself 14.94 to 1,106.32, while the Nasdaq added 27.57 points to 2,173.61. \n\nThe U.S. markets are coming off a lackluster week in which the Dow finished up about a 0.5%, the Nasdaq dropped 1%, and the S&P ended slightly lower.\n\nU.S. markets will be closed Thursday for Thanksgiving and will open for only a half-session on Friday.\n\nAfter the closing bell, Hewlett-Packard will formally announce its quarterly financial results. \n\nLast week, the tech giant pre-announced those results, saying it earned $1.14 U.S. per share, excluding charges, on revenue of $30.8 billion U.S. \n\nOn the economic front, the National Association of Realtors was to ...