Business
Stocks in freefall
Stocks in freefall
About this update from Fnx Inc.
[{"type":"text","content":"\nStocks in freefall\n\nAuto uncertainty major factor\n Mar. 30, 2009 (Baystreet.ca) -- 12:30 pm EST\nMonday remained a uniformly disappointing day on equities markets throughout North America, with the increased likelihood of bankruptcy for General Motors and Chrysler. This, after the Obama administration said neither automaker submitted acceptable plans to get more bailout money.The U.S. government has also forced out GM CEO Rick Wagoner and gave Chrysler a 30-day window to complete a proposed partnership with Italian automaker Fiat.The S&P/TSX Composite Index fell 321.18 points by the noon hour to 8,499.88 following Friday's round of profit-taking. The TSX financial sector backed off as Royal Bank fell $1.39 to $35.60 while Scotiabank lost $1.54 to $30.34.The Toronto market was under additional stress from the energy sector, as the rally on oil markets also ran out of gas. EnCana Corp. gave back $1.22 to $50.78 and Suncor Inc. fell $1.22 to $28.14.The base metals sector retreated with Teck Cominco Ltd. down 57 cents to $7.16.FNX Mining Company Inc shares retreated 77 cents to $4.08 as it reported a fourth-quarter loss of $397.4 million compared to a year-earlier profit of $32.3 million.The gold sector was the only positive sector, as Barrick Gold Corp. gained $1.40 to $41.10.Shares in Bombardier Inc. were up three cents at $3.03 after the aerospace division of the transportation manufacturer won another order for its in-development CSeries aircraft, this one worth about $1.44 billion U.S. based on list prices. Bombardier said the firm order from Lease Corporation International Aviation Ltd., which leases aircraft to major airlines, comes with options for a further 20 of the regional jets.On the economic front, Prime Minister Stephen Harper said the worsening slump requires the use of "everything necessary" to spark growth, including possible steps by the Bank of Canada to inject money into the economy. The recession is deepening and outweighs concerns that steps taken now could fuel inflation, Harper said. He didn't rule out additional fiscal stimulus, indicated global leaders are near consensus on rules for financial markets and said he's in close contact with President Barack Obama's administration on help for the automotive industry. Canada's economy shrank at a 3.4% annual pace in the fourth quarter, the fas...