Business
Selloff continues
Selloff continues
About this update from Genesis Ai Corp
[{"type":"text","content":"\nSelloff continues\n\nOnly metals group gains\n\n May 7, 2010 (Baystreet.ca) -- Canadian stocks were lingering deep in the red in mid-morning deals Friday as fears over the Greece contagion spreading to a few other nations in the region overshadowed positive jobs data from both sides of the border.The S&P/TSX composite index sank 176.42 points, or 1.5%, by Friday noon to 11,666.01Also, falling crude prices continued to weigh on energy shares. Meanwhile, traders were speculating a more imminent interest rate hike after Canada created more jobs than expected in April.Among energy plays, Baytex Energy lost 5.50% and Pacific Rubiales was down 7.23%. Canadian Natural Resources surrendered 3.70% even after reporting improved first-quarter net earnings of $1.60 per share, compared to $0.56 per share in the same quarter last year. The company said it would subdivide its common shares on a two for one basis.Among base metals stocks, FNX Mining and Major Drilling shed around 4% each. In the gold space, Lihir Gold slipped over 4% and Nova Gold lost over 5%.International gold company Eldorado Gold shed 2.43%. The company reported first-quarter net income of $0.10 per share, up from $0.04 per share in the year ago quarter. Analysts were expecting the company to report earnings of $0.07 per share this quarter. The company also announced an annual dividend of $0.05 per common share.Gold producer Iamgold Corp. was down 2.65%. The company reported first-quarter net earnings of $0.16 per share, compared to $0.17 per share in the year ago quarter. Analysts were expecting the company to record earnings of $0.13 per share this quarter. Precious and base metal explorer New Gold moved down 2.70% after reporting first-quarter net income of $17.5 million, compared to net income of $12.1 million in the prior year quarter. On a per share basis, net income was $0.04, down from $0.06 in the same quarter last year. Analysts were expecting the company to post income of $0.04 per share this quarter.Meanwhile, gold mining company Richmont Mines gained 1.06% after it said its first-quarter net earnings grew to $0.07 per share from $0.05 per share in the prior year period. The company also said it will acquire an additional 30% of the issued and outstanding shares of Louvem Mines Inc. Among financial stocks, TD Bank moved down 1.58% and Canadian Western Bank gav...