Business
TSX topples 200
TSX topples 200
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":"\nTSX topples 200\n\nResources bruised\n Jan. 21, 2010 (Baystreet.ca) -- The Toronto stock market was sharply lower for a second day Thursday as economic concerns pressured commodity stocks while financials were negative after U.S. President Barack Obama called for tougher regulations on banks.\n\nThe S&P/TSX Composite Index tumbled 210.22 points, or 1.8%, to 11,469.10\n\nThe financial sector was down as TD Bank lost $1.59 to $62.27 while Scotiabank fell $1.25 to $44.70.\n\nEarlier, data from China raised fresh concerns about how much that country can help developed countries pull out of a severe economic slump.\n\nChina's economic growth came in at 10.7% in the fourth quarter of 2009 and 8.7% for the entire year. The rapid growth reinforced concerns that Beijing will move to cut lending and tighten monetary policy to put a lid on inflation, which could dampen the global economic rebound.\n\nThe base metals sector was down as March copper eased six cents at $3.29 U.S. a pound. First Quantum Minerals lost $5.21 to $90.49 while Teck Resources fell $1.73 to $39.74\n\nInmet Mining Corp. said Wednesday that copper production in 2009 was slightly below estimates, while zinc and gold production were both slightly higher than last estimated. The company said copper production fell short of expectations because lower than expected results from its Las Cruces project. Its shares dropped $10.57 to $58.05.\n\nAmong gold stocks, Barrick Gold Corp. faded $1.39 to $38.31.\n\nIamgold Corp. shares fell $1.28 to $15.09 after saying it expects to record a non-cash impairment charge of between $85 million and $100 million in the fourth quarter -- primarily due to political uncertainty affecting its Camp Caiman project in French Guyana.\n\nThe energy sector lost ground, as Suncor Energy dropped 76 cents to $35.85.\n\nHusky Energy Inc. said Wednesday it has managed to shave more than $1 billion off the price tag of its Sunrise oilsands project, part of a joint-venture with British energy giant BP PLC. The Calgary-based company said it now expects Phase 1 of the project to cost $2.5 billion, down from earlier estimates of $3.8 billion to $4 billion. Husky shares lost 62 cents to $28.08.\n\nIn Canadian earnings news, shares in Viterra Inc. fell 52 cents to $10.06 as the major grain handler and fertilizer supplier reported a loss of $900,000 in the four...