Business
TSX surges ahead
TSX surges ahead
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":"\nTSX surges ahead\n\nMining, energy strongest on TSX\n Dec. 14, 2009 (Baystreet.ca) -- Toronto stocks have gained more than 1% on Monday as credit worries have eased after Abu Dhabi offered help to Dubai. Strength in the mining and energy sectors has led the way\n\nThe S&P/TSX Composite surged 121.76 points to end the week's first session at 11,545.69 \n\nMining stocks gained as copper moved higher on the Comex. Inmet rallied 5.2% to $64.44, Teck Resources was up 4.5% to $39.16 and First Quantum gained 2.2% to $80.75. \n\nEnergy stocks were up as EnCana has jumped 5.1% at $31.55, Canadian Natural Resources is up 2.1% to $70.22 and Suncor has gained 2.2% to $37.09. \n\nHusky Energy gained 1.7% to $28.98 after the company announced its $3.1 billion capital expenditure program and production guidance for 2010.\n\nGendis declined 1.5% to $1.28 after the company reported third-quarter net income of $555,000 or $0.04 per share compared to a net loss from operations of $5.86 million or $0.41 per share last year. \n\nCanadian Pacific gained 1.9% to $57.74 after being upgraded to "hold" from "underweight" at BB&T Capital Markets.\n\nMeanwhile, a report from RBC Economics predicted the Canadian economy will see a rebound in 2010. Real gross domestic product is expected to rise 2.6% next year and by 3.9% in 2011, according to RBC.\n\nElsewhere, in economic news, Statistics Canada reported Canadian industries operated at 67.5% of their production capacity in the third quarter. This was down marginally from 67.7% in the second quarter.\n\nThe Canadian dollar was up one-10th of a cent to 94.48 cents U.S. \n\nON BAYSTREET \n\nAll but three of the 14 TSX subgroups ended the day higher. Metals and mining proved the strongest, up 2.9%, global base metals picked up 2.6%, followed by energy stocks, surging 2.2%. \n\nThe three losing groups were telecoms, down 2.2%, health-care stocks, down 0.2%, and information technology, off 0.1%. \n\nThe TSX Venture Exchange picked up 7.97 points to 1,425.08, while the Nasdaq Canada index was skidded 1.43 points to 692.60\n\nON WALLSTREET\n\nIn New York, stocks gained Monday, with the three leading indexes finishing at new 14-month highs, after Citigroup said it will repay its government bailout funds and Dubai received $10 billion U.S. to cover its debt, easing worries that the emirate migh...