Business
Equities bounce back
Equities bounce back
About this update from Gildan Activewear Inc.
[{"type":"text","content":"\nEquities bounce back\n\nU.S. takes cue from home news\n Feb. 10, 2009 (Baystreet.ca) -- 04:35 pm EST\nStocks licked their wounds Thursday and many found their way clear to surpassing Wednesday's levels. The S&P TSX Composite Index recovered from a rough patch to close the day ahead 47.01 points to 8,784.90The financial sector was down, with Royal Bank off 61 cents to $29.74.Shares in Sunlife Financial Inc. declined 73 cents to $22.27 after it said quarterly earnings slid to $129 million, down from year-earlier profits of $555 million. Quarterly revenue came in at $4.7 billion, down from $5.4 billion reported during the same period in 2007.Full-year earnings shrank to $785 million from 2007 profits of $2.2 billion.Manulife Financial Corp. lost $1.87 billion in the fourth quarter - even worse than the $1.5-billion loss estimated in early December. The big life insurer said Thursday its full-year earnings dropped to $517 million, down 88% from $4.3 billion in 2007 and its shares moved $1.15 lower to $18.21.Canaccord Capital Inc. shares fell 18 cents to $4.12 as the company turned in a $62.4-million net loss in its fiscal third quarter. Revenue was $87.2 million, down 52.4% from the same quarter a year ago.And shares in insurer Great-West Lifeco Inc. were down 54 cents to $18.01 after the company posted a $907-million quarterly loss as it booked a $1.35-billion charge on its Putnam subsidiary in the U.S. Adjusted net income came in at $525 million, up 6% from a year ago.The TSX energy sector lost, as shares in Nexen Inc.were down 42 cents to $17.02 after the company recorded a quarterly loss of $181 million, reversing year-earlier profits of $194 million.Nexen said quarterly results were hurt by approximately $318 million in impairment charges related to its properties in the North Sea and the Gulf of Mexico.EnCana Corp. reported that fourth-quarter earnings slipped to US$1.07 billion from $1.08 billion recorded a year ago. Earnings per share remained flat at $1.43.Quarterly cash flow fell to $1.3 billion from year-earlier levels of $1.9 billion and its shares declined 51 cents to $52.61.The telecom sector was a bright spot, with Rogers Communications ahead $1.03 to $34.88 and Telus Corp. advanced $1.14 to $34.64.The base metals sector pulled ahead, with 1st Quantum Minerals up 1.08 to $28.61 and Ivanhoe Mines shot up 53 cents...