Business
Loblaw powers TSX higher
Loblaw powers TSX higher
About this update from Hudbay Minerals Inc
[{"type":"text","content":"\nLoblaw powers TSX higher\n\nToronto hits YTD high\n Nov. 17, 2009 (Baystreet.ca) -- Rising energy stocks and solid earnings from grocery chain Loblaw Companies Ltd. sent the Toronto stock market returning to its 2009 highs Tuesday.\n\nThe S&P/TSX Composite Index finished up 117.74 points on the day, or 1%, to 11,630.00, a third straight hike for the index. \n\nConsumer staples stocks were up, led by grocery store chain Loblaw, which announced that its third-quarter net earnings increased 20.4% to $189 million\n\nEarnings news from Loblaw helped send the consumer staples sector up. \n\nLoblaw shares moved up $1.50 to $31.90 after the company reported quarterly net income of $189 million or 69 cents per share, up from year-ago profit of $157 million or 57 cents per share. \n\nThe grocer also said that revenues totaled $9.47 billion for the quarter, down slightly from $9.49 billion last year.\n\nShares in rival grocery chain Metro Inc. gained $1.54 to $36.10.\n\nThe financial sector rose with CIBC ahead $1.08 to $66.93.\n\nThe investment and corporate banking arm of BMO Financial Group said Monday it has signed a deal with U.S. hedge fund Paloma Securities to acquire the company's global securities lending business. Financial details weren't disclosed and BMO shares were up $1.36 at $52.95.\n\nThe energy sector was up as Suncor Energy advanced 84 cents to $38.88.\n\nRailway stocks helped push the industrials sector ahead, with Canadian National Railways up 80 cents to $57.90.\n\nCAE shares rose 17 cents to $8.86 as it announced the sale of two ARJ21 flight simulators worth $35 million to COMAC Shanghai Aircraft Customer Service Co.\n\nThe gold sector improved as Barrick Gold Corp. gained $1.33 to $47.48.\n\nThe base metals sector was flat as December copper in New York was unchanged at $3.10 U.S. a pound after running up 13 cents Monday. HudBay Minerals declined 33 cents to $16.00.\n\nIn other corporate news, shares in steel processor Royal Laser Corp. surged 5.5 cents or 24.4% to 28 cents after it said Tuesday it has received an unsolicited takeover offer from an unnamed company.\n\nRoyal Laser services, processes and distributes flat-rolled steel for the automotive industry. It also fabricates products for the industrial, environmental and construction industries.\n\nThe Canadian dollar recovered 0.02 cents to 95.12 cents U.S. ...