Business
TSX starts positive
TSX starts positive
About this update from Fortis Inc.
[{"type":"text","content":"\nTSX starts positive\n\nCommodity prices lift markets\n\n Apr. 30, 2010 (Baystreet.ca) -- Bay Street stocks held onto recent gains Friday morning amid firm commodities prices and on increasing hopes for a quicker resolution for the Greece debt crisis.The S&P/TSX composite index leaped 61.33 points at the outset to 12,261.65Just released GDP data from the U.S. and Canada confirmed that economies on both sides of the border continue to rebound, albeit at a slower pace than previous readings. However, profit taking at higher levels may cap gains, as the main index was near its 18-month highIn corporate news, gold producer Agnico-Eagle Mines reported lower first quarter net income of $0.14 per share, compared to $0.35 per share in the same quarter last year. Analysts were expecting the company to post net income of $0.29 per share in the quarter. The company attributed the reduction in income to a non-cash foreign currency translation loss of $0.06 per share, and a non-cash stock-based compensation expense of $0.11 per share in the quarter.Mining company Boliden AB said it has acquired Kemira's sulphuric acid plant and business in Kokkola, Finland, effective May 1. Property and casualty insurance company Fairfax Financial Holdings swung to profit in the first quarter, reporting net income of $14.02 per share, compared to a loss of $3.55 per share in the same quarter last year. Enterprise content management solutions provider Open Text reported lower third-quarter net income of $0.23 per share, compared to $0.41 per share in the year ago period. Analysts were expecting the company to record $0.74 per share for the quarter.Paper manufacturer Domtar Corp. swung to profit in first quarter, reporting net earnings of $1.34 per share, compared to a net loss of $1.05 per share last year.Logistic business solutions provider Canadian Utilities reported first-quarter earnings of $1.18 per share compared to $1.16 per share for the quarter in 2009.Distribution utility company Fortis Inc. said its first-quarter net earnings increased to $0.56 per common share from $0.52 per common share in the prior-year quarter. In addition, the company said that the corporation's significant capital program, which is expected to be about $1.1 billion in 2010 and approach $5 billion over the five-year period from 2010 through 2014, should drive growth in earnin...