Business
Stocks repair after losses
Stocks repair after losses
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":"\nStocks repair after losses\n\nMining shares stronger in Toronto\n Oct. 26, 2009 (Baystreet.ca) -- Canadian stocks have moved notably higher in early trading on Monday morning, boosted by strength in mining sector. With the rally, the market recovered most of its losses from the previous session.\n\nMinutes away from noon Monday, the S&P/TSX remained 55.37 points in the black to 11,437.50. \n\nMining stocks are up as copper is up on the Comex. First Quantum has gained 2.1%, Teck Resources has added 1.8% and HudBay is up 1.6%.\n\nIamgold Corp. announced it now projects 2009 production of about 940,000 - 950,000 ounces of gold, an increase of 30,000 ounces over its prior guidance issued in June 2009.\n\nDDi Corp. said it has offered to acquire all the outstanding shares of Coretec for $0.20 per share, or approximately $3.6 million.\n\nCanfor Pulp Income Fund reported its third quarter net income of $18.3 million or $0.26 per share, compared to $11.1 million or $0.15 per share in the same period last year.\n\nLater in the week, Canadian Pacific Railway and Nexen are among the companies reporting quarterly earnings results.\n\nThe Canadian dollar dropped 0.47 cents to 94.55 cents U.S. \n\nON BAYSTREET \n\nAll 14 TSX subgroups were still in positive territory by noon. Global base metals continued to lead, up 1.7%, followed by information technology, ahead 1.6%, and metals and mining gained 1.3%. \n\nThe TSX Venture Exchange slipped 2.75 points to 1,331.16, while the Nasdaq Canada index gained seven points to 705.64. \n\nON WALLSTREET\n\nIn New York, stocks rallied early Monday, in a broad-based advance, as investors used last week's selloff as an opportunity to jump back into the market at a modestly lower level.\n\nThe Dow Jones Industrials gained 55.77 points to 10,027.95. The S&P 500 index advanced 5.77 points to 1,085.37. The Nasdaq composite index picked up 20.63 points to 2,175.10.\n\nInvestors appeared ready to get back in the market after a recent retreat. U.S. stocks ended last week lower, breaking a two-week run. Stocks ended lower Friday as the market couldn't sustain early gains driven by upbeat results from Microsoft and Amazon.com, and a big rise in existing home sales. \n\nGiven the lack of economic indicators on Monday, he said there was little reason to propel stocks upward, except as a reaction to the over-zealous ...