Business
Profit-taking hits markets
Profit-taking hits markets
About this update from Hudbay Minerals Inc
[{"type":"text","content":"\nProfit-taking hits markets\n\nMetals, energy stocks lower TSX\n Mar. 20, 2009 (Baystreet.ca) -- 04:25 pm EST\nLosses picked up on the Toronto stock market today afternoon as investors took some profits from an eight-day rally.New York markets were also down sharply with financials leading the way following a string of gains amid some grim corporate news.The streak ended for the S&P/TSX Composite Index, which fell 165.27 to close the week at 8,525.22. The index rose more than 1,100 points or 15% over those eight days. The financial sector was off as Manulife Financial declined 76 cents to $13.97 while CIBC declined $1.15 to $44.55.The base metals sector slipped as Teck Cominco Ltd. headed up 12 cents to $6.04 but HudBay Minerals eased 13 cents to $5.45.SouthGobi Energy Resources Ltd. said today that an announcement last year overstated the estimated resource at one of its coal projects due to erroneous information provided to it by an independent consultant.The company, a subsidiary of Ivanhoe Mines Ltd., said the errors apply to the West Field portion of the Ovoot Tolgoi coal mine in Mongolia and don't affect the separate South-East Field and the Ovoot Tolgoi underground project. Ivanhoe shares added 10 cents to $6.41 while South Gobi shares fell 12 cents to $9.75.The energy sector finished down as Suncor Inc. moved down $1.98 to $31.42.The gold sector was flat as Kinross Gold Corp. announced it is staking a claim in the diamond business by paying $150 million U.S. for an indirect interest in the Diavik diamond mine in the Northwest Territories and a 20% stake in Harry Winston Diamond Corp. Kinross shares edged 73 cents lower to $22.41 while Harrry Winston shares soared 88 cents or 38% to $3.16.Lawyers for Nortel Networks Corp. are to appear in court today to ask that eight senior executives be allowed to receive bonuses under a program that the company says is needed to boost falling morale at the company. The company wants executives to be allowed to receive a share of $23 million U.S. that has already been approved for a group of 84 employees. Its shares were unchanged at 10 cents.On the economic front, Statistics Canada said that retail sales rose 1.9% in January to $33.7 billion after declining 5.2% in December - their largest monthly decline in more than 15 years. Sales rose in five of eight retail sectors, led by a ...