Business
TSX lists lower
TSX lists lower
About this update from Genesis Ai Corp
[{"type":"text","content":"\nTSX lists lower\n\nCommodities weigh on T.O.\n Mar. 9, 2010 (Baystreet.ca) -- The Toronto stock market was little changed early Tuesday afternoon as Scotiabank handed in a better-than-expected earnings report and commodity prices weakened.\n\nThe S&P/TSX composite index ended the day down 45.13 points to 11,918.71. \n\nScotiabank turned in a first-quarter profit of $988-million, up 17% from a year earlier. \n\nScotiabank said that was the equivalent of 91 cents a diluted share or 93 cents on a cash basis, five cents a share better than analysts had forecast. Revenue came in at $3.9 billion, also above expectations.\n\nProvisions for credit losses were $371 million, down from $420 million in the prior quarter. \n\nScotiabank's shares were down 72 cents at $49.38, but that was after having risen over the past week as earnings reports from other banks lifted financials.\n\nScotiabank was the last of the big banks to report quarterly earnings. All save Royal Bank handed in earnings that beat analyst expectations.\n\nCanada's five biggest banks saw their profits soar in the first quarter compared to the previous year when the recession battered earnings. Combined, they raked in $5.09 billion in profits in the quarter.\n\nAmong energy issues, Suncor Energy declined 61 cents to $31.42 while Canadian Oil Sands Trust slid 46 cents to $27.69.\n\nThe gold sector was down as Kinross Gold Corp. faded 31 cents to $19.05.\n\nThe base metals sector eased as May copper was unchanged at $3.41 U.S. a pound. Teck Resources was down 58 cents at $40.99.\n\nThe tech sector was supportive, with Celestica ahead seven cents at $11.08 and CGI gaining 20 cents to $15.23.\n\nBombardier Inc. has cancelled a plan to buy back up to $550 million U.S. of its outstanding debt securities and issue new notes. The transportation giant said that "current market conditions are such that the offering is unattractive and unsatisfactory to Bombardier at this time." \n\nIts shares were down 22 cents at $5.87.\n\nShares in Alimentation Couche-Tard Inc., Canada's largest convenience store operator, lost $1.15 to $18.89 as it reported its third-quarter profits fell to $54.8 million U.S. from $71.1 million as the company was hit with lower fuel revenues in the United States.\n\nMajor Drilling Group International Inc. shares were down 99 cents to $26.93 as the comp...