Business
Stocks retreat early
Stocks retreat early
About this update from Genesis Ai Corp
[{"type":"text","content":"\nStocks retreat early\n\nGM, China jitters to blame\n Mar. 5, 2009 (Baystreet.ca) -- 10:29 am EST\nStock markets were lower Thursday morning amid an indication that China won't embark on a fresh stimulus program after all while fresh concerns were raised about the future of General Motors Corp.Toronto's S&P/TSX composite index slid 61.62 points in the first half-hour to 7,753.12, following a triple-digit advance Wednesday, on hopes that China would use the start of the National People's Congress' annual session to announce new economic measures, in addition to the promised spending of $585 billion U.S. outlined in November.But there was a sense of letdown after Chinese Premier Wen Jiabao said Thursday the government would help the world's third-largest economy grow by 8% this year, but stopped short of promising new measures.The TSX energy sector lost amid falling oil prices and earnings reports from some of the oilpatch's heavyweights - while another company filed for creditor protection.Natural gas explorer and producer Canadian Superior Energy Inc. says it has filed an application with the Court of Queen's Bench of Alberta for protection from creditors under the federal Companies' Creditors Arrangement Act. Its shares plunged 16 cents to 33 cents.Canadian Natural Resources Ltd. shares were down a penny to $38.53 after it said Thursday it was reducing its 2009 capital spending budget by $800 million in anticipation of a turbulent year marked by low commodity prices. The Calgary-based oil and gas company recorded net earnings of $1.8 billion during the fourth quarter, up from year-earlier profits of $798 million.Canadian Natural also said it was raising its annual dividend by 5% to 42 cents per share.Shares in Talisman Energy Inc. drifted nine cents lower to $11.39 after it said Thursday that net earnings for the latest quarter came in at $1.2 billion, up sharply from year-earlier profits of $656 million.Talisman said it benefited from the high oil prices that prevailed throughout much of the year, reporting a 69% surge in 2008 profits to $3.5 billion from year-earlier net earnings of $2 billion.Peyto Energy Trust units moved up eight cents to $6.93 as quarterly profits were $50.7 million, a 31% decrease from a year earlier.In news concerning base metals stocks, Mongolia has submitted a draft agreement to allow Canadian mi...