Business
TSX settles back
TSX settles back
About this update from Hudbay Minerals Inc
[{"type":"text","content":"\nTSX settles back\n\nCommodities, gold main culprits in T.O.\n Mar. 4, 2010 (Baystreet.ca) -- The Toronto stock market moved lower Thursday afternoon as falling oil and metal prices depressed commodity stocks.\n\nThe S&P/TSX composite index fell on the day by 27.88 points to 11,824.97 \n\nThe financial sector was the brightest spot on the TSX amid solid earnings results from TD Bank and a major acquisition deal for the country's biggest independent securities broker, Vancouver-based Canaccord Financial Inc. acquiring Toronto-based Genuity Capital Markets for $290 million.\n\nThe deal is expected to broaden Canaccord's reach from beyond its traditional base in junior resource stocks and further into mergers and restructuring, where Toronto-based Genuity has focused its growth. Canaccord shares ran ahead 79 cents, or 9.2%, to $9.39.\n\nTD Bank shares were up $1.50 to $69.86 as it reported its net income rose to $1.3 billion in its latest quarter, essentially doubling what it earned a year earlier. Adjusted net income was $1.43 billion or $1.60 a share, handily beating estimates of $1.35 a share. Revenue was a record $5 billion, also above estimates, while loan loss provisions declined.\n\nThe energy sector lost ground, as Canadian Oil Sands Trust declined 49 cents to $28.10.\n\nCanadian Natural Resources Ltd. handed in quarterly net earnings of $455 million, down from $1.77 billion a year ago. The company also said it is raising its quarterly dividend by 43% to 15 cents a share. CNQ shares rose 36 cents to $72.12.\n\nThe TSX global gold index was down, as Goldcorp Inc. fell 61 cents to $40.82 while Barrick Gold Corp. fell 45 cents to $41.00.\n\nThe base metals sector was off with May copper shedding seven cents to $3.37 U.S. a pound. Teck Resources lost 61 cents to $40.54.\n\nHudBay Minerals fell 80 cents to $13.25. The Toronto-based metals miner said Wednesday its latest quarterly profit fell to $7.3 million or five cents per share, compared with a $15.8-million profit a year ago.\n\nThe TSX telecom sector dipped slightly after the federal Conservative government announced in its Throne Speech on Wednesday that the industry is being thrown open to both venture capital and investment from outside the country. The move would set the stage for more wireless players and possibly lower rates for cellphones and other telecom services....