Business
TSX streak continues
TSX streak continues
About this update from Genesis Ai Corp
[{"type":"text","content":"\nTSX streak continues\n\nTech stocks take command\n Feb. 18, 2010 (Baystreet.ca) -- The Toronto stock market was modestly higher Thursday afternoon as rising metal prices boosted the mining sector while the gold component was positive amid well-received earnings reports from three big gold producers.\n\nThe S&P/TSX composite index closed the day up 59.35 points, to 11,694.84.\n\nThe gain followed a solid six-day winning run that boosted the TSX index by 4.7% as commodity prices gained ground while fears of a debt default by Greece seemed to ease somewhat.\n\nBut analysts say the issue continues to weigh on investor sentiment.\n\nInvestors also took in major dealmaking in the financial sector. Fairfax Financial Holdings Ltd. announced it will buy the rest of Zenith National Insurance Corp. in a transaction that values the California-based workers' compensation insurance specialist at about $1.4 billion U.S.\n\nToronto-based Fairfax will pay $38 U.S. per share for the stock in Zenith it doesn't already own. Fairfax shares were up $7.29 to $374.99 while Zenith shares surged $8.84 to $37.75 U.S. in New York.\n\nThe energy sector climbed, as EnCana Corp. was up 40 cents to $34.95.\n\nNexen Inc. reported a $259-million net profit in the fourth quarter, a turnaround from the $181-million loss that the oil and gas producer experienced a year earlier. Nexen shares gained 43 cents to $23.54.\n\nThe base metals sector was up, with the March copper contract in New York ahead five cents to $3.28 U.S. a pound. Equinox Minerals fell eight cents to $3.33 while First Quantum Minerals gained $3.85 to $79.57.\n\nAmong gold issues, Barrick Gold said Thursday that fourth-quarter operating profit came in at $215 million U.S., reversing a year ago loss of $468 million U.S. amid stronger gold prices.\n \nIt also reported that it was spinning off its African assets into a new publicly traded company to be called African Barrick Gold. Revenue jumped 13% to $2.36 billion U.S. Its shares were up $1.29 on the TSX to $40.94.\n\nAgnico-Eagle Mines Ltd. shares gained 98 cents to $62.87 after it said its fourth-quarter earnings more than doubled to $47.9 million U.S. It also said Wednesday that revenue soared to $232 million U.S. compared with $36.4 million U.S. in 2008 when the company suffered a writedown on the sale of available securities of $39.2 million ...