Business
Strong day for TSX
Strong day for TSX
About this update from Hudbay Minerals Inc
[{"type":"text","content":"\nStrong day for TSX\n\nGold shines brightest\n Mar. 2, 2010 (Baystreet.ca) -- The Toronto stock market ran ahead more than 100 points mid-afternoon Tuesday, led by rising bank stocks in the wake of an earnings report from Bank of Montreal that beat expectations.\n\nThe S&P/TSX composite index climbed 100.25 points on the day to 11,828.31. \n\nCanada's central bank reiterated that it will likely leave its policy rates at that level until the end of the second quarter. But it also warned that "the persistent strength of the Canadian dollar and the low absolute level of U.S. demand continue to act as significant drags on economic activity in Canada."\n\nThe TSX financial sector was stronger, as Bank of Montreal reported a $657-million profit in its fiscal first quarter, up from $225 million a year ago. Its total revenue increased by 24% from a year earlier to $3.02 billion, with its Canadian operations accounting for most of the growth.\n\nBMO also reduced provisions for credit losses by $95 million to $333 million. Bank of Montreal said cash earnings per share came in at $1.13, easily beating analyst expectations of $1.03 and its shares were up $2.25 to $58.89.\n\nShares in Royal Bank, which hands in earnings results on Wednesday, climbed 89 cents to $58.24.\n\nCIBC and National Bank also delivered positive earnings results last week. The Commerce jumped in price $1.32 to $72.25, while National shares prospered 36 cents to $62.10. \n\nElsewhere in the financial sector, securities firm GMP Capital Inc. had a $19.5-million profit in the fourth quarter of 2009, as the firm more than tripled its revenue compared with the final three months of the prior year. GMP's net income was the equivalent of 28 cents per share, much higher than the 17 cents a share that analysts had expected. Its shares rose 48 cents to $13.40.\n\nThe market also found strong support from the commodity sector.\n\nThe energy sector was ahead as Suncor Inc. improved 51 cents to $31.10 and EnCana Corp. climbed 37 cents to $35.68.\n\nThe Gold Index grew in strength, as Barrick Gold Corp. was ahead 90 cents to $40.95, while Goldcorp Inc. rose 71 cents to $40.73.\n\nThe base metals sector gained ground while May copper was ahead six cents at $3.41 U.S. a pound. \n\nSherritt International advanced 30 cents to $7.80 while HudBay Minerals rose nine cents to $13...