Business
Bears rule TSX
Bears rule TSX
About this update from Fortis Inc.
[{"type":"text","content":"\nBears rule TSX\n\nEnergy, metals weigh heaviest\n Feb. 5, 2010 (Baystreet.ca) -- Succumbing under selling pressure for the second session, Canadian stocks lingered in the red in mid-morning deals Friday. \n\nBy noon, the S&P/TSX Composite Index slid another 81.90 points to 11,046.86. \n\nThe gauges of a majority of sectors were in negative terrain, with the heavily weighted financials and energy stocks turning in particularly poor performances. \n\nTraders were digesting mixed cues from the employment numbers from both sides of the border. Moreover, concerns over the financial troubles in the countries in euro region also weighed on sentiment.\n\nThe prices of oil and gold edged down marginally, after huge selloffs in the previous session. \n\nThe Energy Index gave ground, as Baytex Energy surrendered 2.46% and Encana Corp was down 1.85%.\n\nAmong financials stocks, National Bank of Canada lost 1.20% and Canadian Imperial Bank slipped 0.51%.\n\nInformation technology play RDM Corp. surrendered 7.78% even after reporting a narrower loss. \n\nThe company said today its first-quarter net loss and comprehensive loss was down to $0.02 per share from $0.08 per share last year.\n\nFull-service retail drug store operator Shoppers Drug Mart eased 0.14% to $42.78 after UBS trimmed the price target on the stock to $50 from $52. \n\nSimilarly, Fortis Inc. edged down 0.36% to $27.66 after its price target was trimmed by $1 to $30 at RBC.\n\nBucking the negative trend, commercial real estate company Brookfield Properties rose 3.79% after it said its fourth-quarter funds from operations increased to $222 million from $191 million in the year-ago period.\n\nOpen Text moved up 1.72% after it reported better earnings numbers yesterday. \n\nBombardier Aerospace gained 2.27% after announcing that it has delivered 302 aircraft for the fiscal year ended January 31, 2010 versus 349 aircraft deliveries made in the previous fiscal year 2008-09.\n\nCanadian stock exchange operator TMX Group edged up 0.36% even after its price target was trimmed to $32 from $33 at RBC.\n\nIn economic news, Statistics Canada said the economy created more jobs in January than expected, with employment rising by 43,000 month, against the consensus estimates for a rise of 15,000. \n\nWith this, the unemployment rate fell to 8.3%.\n\nThe Canadian dollar settled back 0.12 cen...