Business
Toronto ekes out gain
Toronto ekes out gain
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":"\nToronto ekes out gain\n\nHealth-care stocks big winner\n Mar. 22, 2010 (Baystreet.ca) -- The Toronto stock market was little changed Monday afternoon, held back by falling commodity stocks as the U.S. dollar gained strength amid persistent worries about the ability of Greece to repay its debt.\n\nThe S&P/TSX Composite Index ended Monday's session by gaining 19.19 points to 11,967.17. \n\nThe Greek debt crisis continued to attract investor attention after Germany's chancellor said yesterday that a bailout for Greece won't be discussed at a European summit this week.\n\nGreece is running unsustainably high deficits and needs support from other European countries so it can borrow money at lower interest rates. And the government has said if it doesn't get that support from Europe, it might turn to the International Monetary Fund for help.\n\nInvestors are worried about the effect on the global economic recovery if Greece and some other European countries that use the euro -- such as Spain and Portugal -- falter in their struggle to pay down their heavy debt.\n\nThe energy sector was down, as Canadian Natural Resources shed 67 cents to $72.56.\n\nThe tepid performance in the energy sector came amid a report from the Conference Board of Canada predicting profits in the natural gas sector will increase in 2010. It added that higher prices will offset lower production. Nexen Inc. moved down 18 cents to $24.23.\n\nThe base metals sector was iffy as May copper also recovered early losses and was unchanged at $3.38 U.S. a pound. Sherritt International fell eight cents to $8.62 and First Quantum Minerals fell $2 to $87.28.\n\nAmong gold stocks, Goldcorp Inc. was off 23 cents at $39.22.\n\nThe financials sector was weak, with selling focused on insurers. Manulife Financial was down 19 cents at $19.95.\n\nThe telecom sector was up with the Canadian Radio-television and Telecommunications Commission set to rule Monday on the so-called TV tax or fee for carriage. Cable companies say such a fee could add $10 a month to consumers' bills if the regulator rules they have to pay broadcasters for their local signals. The decision is expected after the market close. \n\nTelus Corp. was the big gainer, up 60 cents at $37.08 while Rogers Communications ticked two cents lower to $35.35.\n\nTraders focused on health stocks because the bill passed by th...