Business
TSX points up as economy grows
TSX points up as economy grows
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[{"type":"text","content":"\nTSX points up as economy grows\n\nMetals up in T.O., gold suffers\n Jan. 29, 2010 (Baystreet.ca) -- Canadian stocks opened higher Friday amid strong GDP numbers from both sides of the border. \n\nThe S&P/TSX Composite Index started the day ahead 29.83 to 11,304.03\n\nStatistics Canada said today that the country's economy grew in November for the third month in a row. Bottom fishing after the main index fell over 4% in this year so far, could also help stocks gain. \n\nTechnology shares may be in play after Microsoft reported 60% jump in its second-quarter earnings. Technology shares were on the up move during this week, barring a small correction in the previous session. \n\nEnergy stocks could attract buyers as crude prices edged up. \n\nMeanwhile, the price of bullion was flat after the U.S. dollar marginally strengthened against some of its counterparts. \n\nIn mining sector news, world's biggest miner, BHP Billiton said it chalked out a $1.93-billion capital expenditure to cope up with rising demand for iron ore from China.\n\nCoal miner SouthGopi Energy failed to attract Hong Kong investors on its debut, with the stock price falling over 10% in the Hong Kong stock market. The company had priced its offer at HK$126.04 a share and raised $439 million through its IPO. Today, the stock closed at HK$112 after dipping to an intraday low of HK$105.60.\n\nCanadian Oil Sands Trust reported a 23% drop in its fourth-quarter net profits at $0.20 per units, compared to $0.26 a unit in the year ago period. \n\nOil pipeline maker Enbridge Inc. plans a $250-million expansion to handle increased activities from Canadian oil sands.\n\nConstruction material dealer Norbord Inc. reported a narrower fourth-quarter loss of $0.25 per share compared to a loss of $1.88 per share last year.\n\nBringing an end to a prolonged acquisition drama, Canplats Resources announced that its shareholders have approved the previously announced acquisition of Canplats by Goldcorp.\n\nFirstgold Corp. said that it has filed for Chapter 11 protection under the United States Bankruptcy Code. \n\nMortgage insurer Genworth Mi Canada reported that its fourth quarter net income rose to $0.74 per share from $0.66 per share reported a year ago.\n\nZenn Motor Company reported narrower fourth-quarter net loss of $0.10 per share, compared to net loss of $0.07 per share in t...