Business
Stocks point upward
Stocks point upward
About this update from Gildan Activewear Inc.
[{"type":"text","content":"\nStocks point upward\n\nFinancials lead the way in N.Y.\n Oct. 22, 2009 (Baystreet.ca) -- Toronto stocks have turned higher in Thursday afternoon trading and erased most of yesterday's slide. Consumer discretionary and financial stocks have paced the rally. \n\nThe S&P/TSX Composite index closed Thursday's session 91.35 points higher to 11,533.37. \n\nThe Consumer Discretionary Index has rallied, as Gildan Activewear gained 3.9%, Tim Hortons climbed 1.8% and Magna International was up 1.5%. \n\nMeanwhile, Corus Entertainment lost 2.5% as the company announced its fourth-quarter net income was $18.7 million or $0.23 per share, compared to net income of $17.4 million or $0.21 per share last year.\n\nFinancial stocks were up, as Toronto-Dominion prospered 2.1%, Bank of Montreal was up 1.9% and CIBC added 1.6%. \n\nIn other corporate news, Harvest Energy Trust surged 33.4% after the oil and natural gas company announced it has agreed to be acquired by state-run Korea National Oil Corp. in a deal worth about $4.1 billion, including the assumption of debt.\n\nHusky Energy lost 3.7% after the company reported third-quarter net earnings of $338 million or $0.40 per share compared with $1.27 billion or $1.50 per share in the same quarter last year.\n\nPrecision Drilling Trust reported third-quarter net income of $72 million or $0.25 per unit, compared to $82 million or $0.61 per unit last year. However, the stock has turned higher and is up 2.4%. \n\nPotash gained 1.2% after the company reported third-quarter net earnings of $248.8 million U.S. or $0.82 U.S. per share, compared to $1.2 billion U.S. or $3.93 U.S. per share, in the same quarter last year.\n\nCangene Corp. soared 24.6% after the company reported full-year net income of $59.9 million or $0.86 per share, compared with $29.6 million or $0.42 per share a year earlier.\n\nOn the economic front, Canadian retail sales data increased 0.8% in August, according to data released Thursday morning. A rise of 0.1% is forecast, compared to a revised drop of 0.5% in July. Excluding autos, sales rose 0.5% after falling a revised 0.7% in July.\n\nThe Canadian dollar nipped up 0.02 cents to 95.46 cents U.S. \n\nON BAYSTREET \n\nAll but two of the 14 TSX subgroups were higher. Health-care stocks were highest, gaining 1.6%, followed by financials and real-estate stocks, picking up 1.5%. \n\nTh...