Business
TSX marches out of the blocks
TSX marches out of the blocks
About this update from Genesis Ai Corp
[{"type":"text","content":"\nTSX marches out of the blocks\n\nMetals, energy lead charge\n Mar. 1, 2010 (Baystreet.ca) -- Canadian stocks opened higher Monday on encouraging economic data from both sides of the border. \n\nThe S&P/TSX composite index climbed 50.90 points to open a new week and month at 11,680.53. \n\nWhile Canada's fourth quarter GDP grew at 5%, a report from U.S. revealed that consumer spending rose more than expected. Also, speculation that Greek will cut its budget deficit will likely help improve sentiment.\n\nThe prices of oil went up and gold eased. Meanwhile, copper rose to its five-week high after a massive earthquake hampered production in Chile, \n\nIt could be an active day for financial stocks amid mixed news from the major financial companies. HSBC, Europe's biggest bank, reported $7.1-billion pretax profit for 2009, missing consensus estimates for a profit of $11 billion. Meanwhile, American International Group said it will sell its insurance arm, AIA Group, to Britain's Prudential Plc for $35.50 billion.\n\nPotash stocks may be in play after U.S based Intrepid Potash said that its fourth quarter earnings plummeted 70% on pricing.\n\nIntegrated oil company Talisman Energy signed an agreement with San Leon Energy of Poland to jointly develop the San Leon's gas shale assets in Poland.\n\nGlobal mining company Rio Tinto said it will hike its stake in Ivanhoe Mines by 2.7% to 22.4% by pumping in as much as $233 million.\n\nTelecommunications company Phonetime acquired all of the outstanding shares of Modern Digital Communications Inc., a telecom company based in Victoria, British Columbia for $202,500 and one million common shares of Phonetime.\n\nGold and diamond explorer Etruscan Resources posted full year 2009 net loss of $0.49 per hare, wider than $0.34 per share in the prior-year period.\n\nIn economic news, Statistics Canada reported that the country's Gross Domestic Product expanded a 5% annualized rate in the fourth quarter 2009, at a faster pace since the third quarter of 2000. \n\nThis could put pressure on the policy maker to hike interest rates. Notably, Bank of Canada is scheduled to decide on interest rates tomorrow.\n\nThe Canadian dollar gained 0.47 cents to 95.47 cents U.S. \n\nON BAYSTREET \n\nAll but two of the 14 TSX subgroups headed higher early Monday. Metals and mining posted the strongest growth, at 1.1%,...