Business
TSX salvages day
TSX salvages day
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":"\nTSX salvages day\n\nGold races ahead in T.O.\n Feb. 5, 2010 (Baystreet.ca) -- The Toronto stock market managed to make its way into the green late Friday, after floundering much of the day, on mixed employment reports and concerns about mounting debt problems in Europe.\n\nThe S&P/TSX Composite Index recovered 94.36 points on the day, to finish the week at 11,223.12, even as worries continued over whether Greece, Portugal and Spain can successfully deal with huge deficits. \n\nOn Friday, Portugal's opposition parties defeated a government austerity plan and passed their own bill allowing the country's autonomous regions to rack up even more debt. That raised new questions about European countries' ability to control their swollen budget deficits, which are undermining faith in the region's euro currency. \n\nGreece and Spain are also grappling with massive budget deficits.\n\nThe base metals sector was down, as March copper gave back two cents to $2.86 U.S. a pound. Teck Resources lost a penny to $33.88 and First Quantum Minerals lost $2.44 to $69.77.\n\nThe TSX energy sector slid as oil prices continued to head lower after falling almost $4 U.S. on Thursday. Canadian Natural Resources lost $1.09 to $69.01 while EnCana Corp. fell 43 cents to $32.53.\n\nThe financial component was off, with Manulife Financial down 24 cents to $19.20 and Royal Bank lost 15 cents to $52.86.\n\nThe April bullion contract on the Nymex declined, but the gold sector rose, as Barrick Gold Corp. advanced $1.56 to $38.01 while Goldcorp Inc. gained $2.16 to $37.74.\n\nBrookfield Properties Corp. reported Friday that net income tumbled nearly 60% in the fourth-quarter, compared to a year earlier when it booked one-time tax gains. The New York-based spinoff of conglomerate Brookfield Asset Management -- which reports in U.S. dollars -- said earnings were $181 million U.S., or 35 cents U.S. per share, for the quarter ended Dec. 31. \n\nBrookfield Properties shares gained 43 cents to $13.61 while Brookfield Asset Management shares were ahead 35 cents at $22.65.\n\nOilsands developer UTS Energy Corp. says it will be able to access less bitumen than previously thought because of environmental restrictions. UTS says the Fort Hills and Frontier projects have had a total of nearly 150 million barrels removed from their contingent resource estimates. UTS has a 20%...