Business
TSX backs off peaks, finishes ahead
TSX backs off peaks, finishes ahead
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":"\nTSX backs off peaks, finishes ahead\n\nResources power T.O.\n Nov. 11, 2009 (Baystreet.ca) -- Bay Street stocks remained slightly higher on Wednesday after giving back most of its daily gains. Resource stocks remained higher, offsetting a drop in the energy sector. \n\nThe S&P/TSX Composite Index finished 13.01 points up to close at 11,439.75. \n\nMaterials stocks were up 0.9% and gold stocks gained 0.7% as the precious metal extended its record high. Pan American Silver gained 2.4% after the company reported third quarter income of $17.38 U.S. million or $0.20 U.S. per share, compared to $6.40 million U.S. or $0.08 U.S. per share in the year-ago quarter.\n\nEnergy stocks were down, as Baytex Energy Trust dropped 2.4% and Encana was down 1.8%. \n\nIn corporate news, First Quantum Minerals slid 1% after the company posted third quarter net income of $123.8 million U.S. or $1.50 U.S. per share versus $147.5 million U.S. or $2.13 U.S. per share reported in the prior-year period. \n\nGrey Horse climbed 3.6% after the company said its third-quarter net income and comprehensive income rose to $1.63 million from $1.28 million in the year-ago period. \n\nTSO3 plunged 16.6% after the company reported its third-quarter net loss widened to $2.29 million from $1.85 million in the year-ago quarter.\n\nCAE Inc. dropped 2.9% after the company reported net earnings for the second quarter declined to $39.1 million or $0.15 per share from $49.2 million or $0.19 per share in the previous year. \n\nBerens Energy slipped 2.75% after the company said its third-quarter net loss for the latest quarter was $3.56 million or $0.04 per share versus a profit of $8.17 million or $0.09 per share in the year-ago period.\n\nBoralex slipped 0.7% after the company reported net income for the third quarter of $698,000 or $0.02 per Class A share, compared to $5.68 million or $0.15 per share in the year-ago quarter.\n\nRona Inc. rose 2% after the stock was upgraded to "outperform" from "neutral" and had its price target upped to $20 from $13 at Credit Suisse.\n\nThe Canadian dollar improved 0.34 cents to 95.60 cents U.S. \n\nON BAYSTREET \n\nOf the 14 TSX subgroups, eight were higher, led by information technology, up 0.7%, materials, gaining 0.4% and financials, up 0.3%. \n\nThe half-dozen losing groups were weighed mostly by real-estate, off ...