Business
TSX takes breather
TSX takes breather
About this update from Genesis Ai Corp
[{"type":"text","content":"\nTSX takes breather\n\nGold weighs most on T.O.\n Mar. 8, 2010 (Baystreet.ca) -- Canadian stocks rose to their highest level in 2010 in mid-morning deals Monday, with energy and financial stocks turning in particularly strong performances.\n\nThe S&P/TSX composite index sampled the rarified air above the 12,000 mark before settling back 12.24 points by noon hour, to 11,962.90\n\nThe Financials Index moved up, as Bank of Nova Scotia rose 0.52% and RBC edged up 0.69%. \n\nAmong energy stocks, Cenovus Energy added 1.55% and Husky Energy moved up 0.72%. \n\nOil and natural gas company Cinch Energy edged up 0.58% after reporting 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\nResearch In Motion was trading higher by 3.70% after Bank of Montreal hiked its rating on the stock to an "Outperform" from a "Market Perform".\n\nBase metals stocks were also in the limelight, with FNX Mining gaining 2.45%. \n\nBase metals explorer Quadra Mining rallied 4.89%. The company swung to profit reporting a better-than-estimated 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\nIt also announced that it has executed a memorandum of understanding for the formation of a joint venture with the largest Chinese utility company, State Grid International Development Ltd.\n\nMineral explorer Nuinsco Resources moved higher by 6.67% after it said it has agreed with Coventry Resources to extend the closing date for its sale of the Cameron Lake Gold Project. \n\nMeanwhile, gold stocks were under pressure, as Yamana Gold shed 2.75% after Thomas Weisel trimmed its price target on the stock. \n\nBarrick Gold was down 0.79%. \n\nPrecious metals explorer NovaGold Resources edged up 0.15% after it announced plans to issue 13,636,364 common shares at $5.50 per share for gross proceeds of $75 million to a private investment fund.\n\nIn economic news, Canadian Mortgage and Housing Corporation said housing starts in the country rose a better-than-expected 6.1% in February. New home construction rose to a seasonally adjusted annualized rate of 196,700 units from a revised 185,000 units in January.\n\nThe Canadian dollar progressed 0.06 cents to 97.22 cents U.S. \n\nON BAYST...