Business
TSX positive at open
TSX positive at open
About this update from Genesis Ai Corp
[{"type":"text","content":"\nTSX positive at open\n\nAIG in focus\n Mar. 8, 2010 (Baystreet.ca) -- Canadian stocks began to build on their recent gains Monday morning on lack of positive triggers.\n\nThe S&P/TSX composite index gained 60.86 in the first hour of trading, to break past the psychologically-important 12,000 mark at 12.036. \n\nWhile the price of oil ticked higher, gold was flat. Moreover, stocks may wilt under pressure on profit taking after the main index has surged nearly 5% in the previous week. \n\nWith a light economic calendar this week, traders will be focusing on stock specific news and movement in commodity prices to get clues.\n\nFinancial stocks may be in play after AIG said it will sell its overseas life and health insurance unit, Alico, to MetLife Inc for $15.50 billion. Last week, this sector was in limelight after a majority of Canadian banks released encouraging earnings reports.\n\nIn corporate news, health-care investment company Centric Health reported earnings of $0.04 per share for the full-year 2009, up from $0.026 per share in the prior year.\n\nThe country's largest telecommunication operator BCE Inc. will improve its cash flow and in turn its dividend payouts, according to a report in Baron's.\n\nMineral explorer Nuinsco Resources said it has agreed with Coventry Resources to extend the closing date for its sale of the Cameron Lake Gold Project. \n\nBase metal explorer Quadra Mining swung to profit reporting fourth-quarter net earnings of $0.46 per share, compared to a loss of $1.94 per share for the fourth quarter in 2008. \n\nThe company also announced that it has executed a memorandum of understanding with State Grid International Development Limited, a wholly-owned subsidiary of State Grid Corporation of China, the largest Chinese utility company and a major end user of copper for the formation of a joint venture.\n\nOil and natural gas company Cinch Energy reported that its fourth-quarter net loss was $1.54 million or $0.03 per share, compared to a loss of $1.44 million or $0.03 per share in the same quarter last year. \n\nGaming solutions provider CryptoLogic said it has signed a three-year agreement to license at least nine of its most popular online betting games to Betsson Malta.\n\nIn brokerage updates, RBC upped SNC-Lavalin price target to $57 from $54.\n\nIn economic news, Canadian Mortgage and Housing Cor...