Business
TSX leaps from starting blocks
TSX leaps from starting blocks
About this update from Genesis Ai Corp
[{"type":"text","content":"\nTSX leaps from starting blocks\n\nMarkets emit Dubai sigh\n Dec. 1, 2009 (Baystreet.ca) -- Bay Street stocks took off like a Saturn rocket in early trading on Tuesday, following the lead of U.S. and European markets, amid restructuring talks between Dubai World and major banks that have eased worries over the Dubai credit crisis.\n\nThe S&P/TSX Composite Index started the day 164 points, or 1.4%, higher, at 11,611.20\nResource stocks saw some strength as commodities have moved into the green. Gold extended its record high again. Copper is up 1.45 cents to $3.1945 U.S. and crude oil has added strength. \n\nFinancials will also be in focus with big banks on the earnings calendar later in the week. Toronto Dominion, CIBC and National Bank are expected to report on Thursday with Royal Bank on Friday's agenda. \n\nIn other corporate news, EXFO Electro-Optical Engineering, said Monday that it now expects net earnings for the first quarter to be $0.00 U.S. to $0.01 U.S. per share.\n\nRutter reported net earnings for the fourth quarter of $310,000, compared to a loss of $18.40 million in the previous-year quarter.\n\nBSS II Ltd. announced that it has acquired nearly three million common shares of Insignia Energy under a Private Agreement Exemption with three separate parties. BSS paid cash consideration of $2.10 per common share of Insignia Energy.\n\nCanadian Pacific said it will make a $500-million voluntary payment to its pension plan as rival Canadian National Railway deals with a strike. \n\nOn the economic front, traders will watch for key employment data from both sides of the border later in the week. \n\nMarkets also got a boost on Tuesday as the Reserve Bank of Australia has raised the benchmark interest rates for the third straight time, as expected.\n\nThe Canadian dollar tacked on a full cent to 95.72 cents U.S. \n\nON BAYSTREET \n\nAll 14 TSX subgroups were positive to begin the day and the month. Gold leaped 3%, followed by materials, up 2.9% and metals and mining, picking up 2.5%. \n\nThe TSX Venture Exchange gained 13.34 points at the outset to 1,428.40, while the Nasdaq Canada advanced 10.52 points to 656.93. \n\nON WALLSTREET\n\nIn New York, equities opened higher Tuesday as global markets rebounded, gold neared the $1,200-an-ounce-U.S. mark and amid talk of a GE-Comcast deal for NBC-Universal.\n\nThe Dow Jones Indu...