Business
TSX continues advance
TSX continues advance
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":"\nTSX continues advance\n\n\n May 11, 2010 (Baystreet.ca) -- Toronto's main index extended early gains in afternoon trade Tuesday, amid solid advance by gold stocks and moderate recovery in financial and energy sectors.The S&P/TSX composite index improved 52.71 points to end the day at 12,000.61. The benchmark index retreated nearly 5% after touching a 19-month high on April 26, but recovered 2.18% on Monday in its biggest single-day gain since the start of 2010. Safe-haven buying kept gold prices near record high as traders pondered if the $1-trillion U.S. loan package unveiled by European policy makers would suffice to ensure long-term financial stability in the euro-zone. However, speculations that China may adopt monetary tightening measures to cool its booming economy kept sentiment in check. Data showed the country's inflation grew in April at the fastest pace in 18 months. The Global Gold Index gained as Barrick Gold rose 4.2% to $46.85 and Kinross Gold advanced 7.2% to $19.13. Encana gained 0.9% to $32.40 and Canadian Natural Resources slid 1%, even as crude oil prices edged higher. Ivanhoe Energy shed 5.5% to $2.74. The Vancouver-based heavy oil producer said its first-quarter loss narrowed to $2.57 million U.S. from last year's $12.27 million U.S., benefiting from lower operating expenses. Among financial stocks, BMO docked 0.2% to $60.35 and Scotiabank gathered 0.3% to $51.63.Wealth management company CI Financial, which reported a 23% rise in first-quarter profit to $74.9 million, added 1.2% to $19.94.Meanwhile, base metal stocks bucked the trend. The Diversified Metals and Mining Index fell, with Teck Resources down 7.7% to $36.48.First Quantum Minerals dropped 5.1% to $69.75 even after reporting a surge in first-quarter profit to $146.2 million U.S. from $10.9 million U.S., driven by higher copper prices.George Weston added eight cents to $73.75. The bakery and grocery giant reported first-quarter profit fell 95% to $42 million, reflecting the absence of a $883-million gain in the year-ago quarter from the sale of its U.S. fresh baked-goods business. On the economic front, the IBD/TIPP Economic Optimism Index increased 0.6% in May to a reading of 48.7 from 48.4 in the previous month. The consensus estimate was for a rise to 48.9. Any reading below 50 indicates pessimism.The Canadian dollar gained 0.26 cents to 97.9...