Business
TSX points higher
TSX points higher
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":"\nTSX points higher\n\nGold leads T.O.\n Mar. 16, 2010 (Baystreet.ca) -- Bay Street stocks were in the green in mid-morning deals Tuesday as commodity prices rose on a weaker greenback, and on encouraging economic data released today. \n\nBy noon, the S&P/TSX composite index had advanced 69.58 points to 12,078.38. \n\nStatistics Canada said manufacturing sales rose the most in January along with improving labor productivity. Moreover, easing worries over the Greece debt situation and better than expected housing starts data from across the border helped lift sentiment.\n\nAmong energy stocks, Baytex Energy rose 0.93% and Pacific Rubiales added 1.84%. \n\nOil and natural gas company Serica Energy Plc was up 2.73% after it turned to profit in fourth-quarter reporting net income of $0.11 per share, compared to a loss of $0.16 per share in the prior year quarter.\n\nNatural gas explorer ProspEx Resources rallied 7.78% despite the company slipping into the red in the fourth quarter, reporting net loss of $0.02 per share, compared to net earnings of $0.01 per share in the prior year quarter.\n\nAmong financial stocks, CIBC and TD Bank rose to their respective 52-week highs. \n\nBase metals and materials stocks were also in the limelight. \n\nMineral explorer First Quantum Minerals gathered 2.35% after it swung to profit in its fourth-quarter reporting net earnings of $2.67 per share, compared to a loss of $7.19 in the year ago quarter. Further, the company expects its 2010 production to increase to 385,000 tonnes of copper and 240,000 ounces of gold.\n\nQuadra Mining moved up 2.64%.\n\nAmong gold issues, gold explorer Kinross Gold was up 2.45%. The company has entered into an agreement with Underworld Resources to offer 0.141 of a Kinross common share, plus $0.01 in cash for each common share of Underworld.\n\nIntermediate gold producer Alamos Gold gained 3.78% after reporting improved fourth-quarter earnings of $0.18 per share, compared to $0.10 per share in the same period a year ago. \n\nLihir Gold rose 4.36%.\n\nPhotovoltaic energy product maker Day4 Energy rallied 9.76% after it turned to profit in the fourth quarter, reporting net income of $0.02 per share compared to a loss of $0.79 per share last year.\n\nMeanwhile, life sciences company MDS Inc. eased 0.23% after the company slipped into the red in the first quarter, reportin...