Business
TSX slightly down
TSX slightly down
About this update from Genesis Ai Corp
[{"type":"text","content":"\nTSX slightly down\n\nU.S. GDP figures roll in\n Feb. 26, 2010 (Baystreet.ca) -- Canadian stocks were off a bit in Friday morning trade, with the sentiment likely to improve slightly as traders digest data showing an upward revision to the U.S. economic growth in fourth-quarter, and narrowing of the Canadian current account deficit.\n\nThe S&P/TSX composite index shed 12 points to begin the session to 11,619.44. \n\nGold stocks and financials were the top performers of Thursday. While impressive quarterly profits reported by Canadian Imperial Bank of Commerce and National Bank of Canada lifted the financials sector, gold stocks benefited from an upswing in bullion prices. \n\nOn the economic front, Statistics Canada reported the nation's fourth-quarter current account deficit narrowed to $9.8 billion from the revised $13.8 billion for the previous quarter.\n\nIn corporate announcements, Gold producer Red Back Mining Inc. reported net income of $109 million for the year ended December 31, 2009. The company reported a 31% increase in gold production during the period, and has projected a 42 - 54% increase in the next fiscal year.\n\nFNX Mining Company Inc. reported a turnaround to profit in the fourth-quarter 2009, with net earnings of $32.12 million compared to a loss of $397.40 million in the corresponding period last year.\n\nMineral explorer Centamin Egypt Ltd. reported Friday its loss narrowed to $542,000 U.S. in the half-year ended December 31, 2009, from $24.43 million U.S. in the comparable period.\n\nPackaging products company Cascades Inc. reported its fourth-quarter net loss widened to $41 million from $18 million in the prior-year quarter.\n\nPrestige Telecom Inc. said its third-quarter net loss narrowed to $600,000 from $1.9 million for the year-ago quarter, aided by a 92% growth in sales. \n\nMobile personalization company Bridgewater Systems reported an increase in its full-year net earnings to $11.2 million from $2.8 million in 2008.\n\nThe Canadian dollar gained 0.13 cents to 94.46 cents U.S. \n\nON BAYSTREET \n\nNine of the 14 TSX subgroups were lower to begin the day. Global base metals were down 0.8%, followed by gold and industrials, trailing 0.3% each. \n\nGainers were led by metals and mining and real-estate stocks, progressing 0.5% each and utilities, up 0.4%. \n\nThe TSX Venture Exchange picked up 2.26 po...