Business
Stocks flatline
Stocks flatline
About this update from Genesis Ai Corp
[{"type":"text","content":"\nStocks flatline\n\nEnergy tails off in T.O.\n Mar. 15, 2010 (Baystreet.ca) -- The commodities sector led the way to a decline on the Toronto stock market Monday amid concerns over sovereign debt ratings in some of the world's most powerful countries and worries that the Chinese economy could slow.\n\nThe S&P/TSX composite index, despite a late charge Monday, still trailed Friday's close by 5.02 points, to 12,008.50. \n\nOil and metal prices fell after credit rating agency Moody's raised the spectre of a debt downgrade for the U.S. and Britain while fears of further monetary tightening by Chinese authorities continued to discourage investors.\n\nMoody's said debt affordability is "most stretched" in the U.S. and Britain among countries with the top triple-A rating. A drop in the credit rating could make it more expensive for the governments to borrow money. For now though, Moody's said the triple-A governments don't face an immediate threat to their top ratings as debt servicing remains manageable.\n\nThe energy sector was down per cent as worries about lower demand sent the April crude contract on the New York Mercantile Exchange lower. On the TSX, Canadian Natural Resources declined $1.50 to $72.23 and Suncor Energy shed 81 cents to $31.03.\n\nThe base metal sector was off as the May copper contract on the Nymex moved down seven cents to $3.31 U.S. a pound. On the TSX, Teck Resources slipped 62 cents to $40.96 while Sherritt International fell a dime to $8.84.\n\nThe TSX global gold index stepped back as Goldcorp Inc. slipped 18 cents to $39.91 while Kinross Gold Corp. was down 26 cents to $17.94.\n\nDeclines spread outside commodities as transport giant Bombardier Inc. helped send the industrials sector lower, losing a nickel to $5.86.\n\nOn the earnings front, Pacific Rubiales Energy Corp. shares were off 12 cents to $18.93 after it said that its operational profits came in at $77.2 million U.S. in the year ended Dec. 31, lower than the $175.7-million profit it generated the year before. \n\nPacific Rubiales, which calls itself the second largest oil producer in Colombia, did not indicate any net earnings nor per share information on its release, though it said net sales increased $639.2 million versus $579.1 million.\n\nKirkland Lake Gold Inc. shares slipped 15 cents to $7.34 as it reported a third-quarter net lo...