Business
Triple-digit gains
Triple-digit gains
About this update from Hudbay Minerals Inc
[{"type":"text","content":"\nTriple-digit gains\n\nFinancials carry TSX\n Apr. 14, 2010 (Baystreet.ca) -- The Toronto stock market registered a solid gain Wednesday afternoon amid a string of strong U.S. earnings reports and economic data indication the American economy continues to improve.\n\nThe S&P/TSX Composite Index advanced 102.89 points to end the day at 12,204.41\n\nThe financial sector was the leading TSX component, as CIBC climbed $1.74 to $74.74 while Royal Bank rose $1.78 to $61.31.\n\nElsewhere in the sector, Standard & Poor's cut its ratings on Sun Life Financial Inc.'s key North American insurance units by a notch, to AA minus from AA. The ratings agency said it expects 2010 operating earnings to fall short of its expectations. Its shares were up 19 cents at $32.19.\n\nThe Toronto market's energy group rose as Canadian Natural Resources improved $1.05 to $79.20. Among gold issues, Kinross Gold was 27 cents higher at $18.49.\n\nBarrick Gold Corp. shares rose 25 cents to $40.66 after the miner won a limited injunction in a Nevada court that allows for continued operation of its new $500-million mine at Cortez Hills. \n\nA Nevada judge on Tuesday denied an Indian tribe's request to halt the operation until trial. The native tribes in Nevada have sued Barrick to stop expansion of the mine near a sacred site.\n\nThe base metals sector rose while May copper was unchanged at $3.61 U.S. a pound. HudBay Minerals gained 36 cents to $13.66 and Labrador Iron Mines Holdings climbed 27 cents to $7.20.\n\nA major drag on the TSX was Potash Corp. Its shares fell $2.69 to $109.61 after Goldman Sachs downgraded the stock from "buy" to "neutral", saying "checks suggest the planned domestic potash price hike is not going through and recent nitrogen and phosphate prices have weakened."\n\nCorus Entertainment Inc. reported that quarterly revenue beat expectations, rising 6% from a year ago to $192.7 million.\n\nBut the Toronto-based company's second-quarter net income missed expectations -- falling to $14.6 million, or 18 cents per diluted share -- down about 50% from a year earlier. Analysts had expected net income of 32 cents a share. Corus shares lost nine cents to $19.77.\n\nIn other corporate news, Research In Motion Ltd. shares ran ahead $1.38 $73.92 after the BlackBerry maker announced it was purchasing for cancellation two ...