Business
Stocks off on G7, CAE suspense
Stocks off on G7, CAE suspense
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":"\nStocks off on G7, CAE suspense\n\nU.S. consumer confidence down\n Feb. 10, 2009 (Baystreet.ca) -- 12:30 pm EST\nTraders were still in a selling mood at noon Friday, gripped by suspense on what the politicians were going to provide in the way of relief. The S&P TSX Composite Index was off 55.86 by noon, to 8,722.92. Investors are hopeful that economic leaders from the United States, Canada, Japan and other industrialized nations will come up with clear, specific ways to repair the global financial system at their meeting this weekend.Officials from the Group of Seven, gathering in Rome on Friday, plan to discuss new rules for financial markets, as well as concerns about protectionist measures in stimulus plans.Investors have been discouraged most of the week since U.S. Treasury Secretary Timothy Geithner revealed plans to assess financial institutions' health and remove their toxic assets with the help of private investors - but gave few details about how the process would work. The market did not respond enthusiastically, either, to the $789-billion U.S. economic stimulus plan agreed to by Congress.A 74-seat Q400 Bombardier aircraft operated by Manassas, Va.-based Colgan Air crashed into a house just outside Buffalo, N.Y. Thursday night, killing all 49 people aboard and a person in the home. It was first fatal crash of a commercial airliner in the U.S. in 2 1/2 years. Bombardier Inc. has dispatched a team to the crash site. Bombardier shares were down 16 cents to $3.37.Desjardins Securities maintained its buy rating on the stock with a $6.50 target price.The Toronto market's energy sector rose almost as oil prices headed higher after closing Thursday at a two-month low. EnCana Corp. gained 82 cents to $54.23.The market also found support from the base metals sector, with First Quantum Minerals ahead $2.51 to $31.36.NovaGold Resources Inc.and Teck Cominco Ltd. have a new agreement for funding their stalled Galore Creek copper-silver project in northwestern British Columbia. Nova Gold shares were off a penny to $4.32 while Teck shares gained four cents to $5.04.The gold sector was down, as Goldcorp Inc faded 47 cents to $39.15.Research In Motion Ltd. was also a weight on the TSX. Its shares fell $3.62 to $59.43, wiping out most of Thursday's gain. The stock took a 15% hit Wednesday after it said its fourth-quarter profits wi...