Business
TSX shuffles ahead
TSX shuffles ahead
About this update from Hudbay Minerals Inc
[{"type":"text","content":"\nTSX shuffles ahead\n\nJobless numbers in line\n Feb. 4, 2009 (Baystreet.ca) -- 10:24 am EST\nEquities were on the march on Wednesday, with even the mighty Dow hinting at a rise in the early going, despite poor quarterly results from the media industry. The S&P TSX Composite Index gained 37.5 points to get things going, climbing to 8,666.17. ING Canada Inc. fell as much as 16% after parent ING Groep NV said it plans to sell its 70% stake in Canada's largest property and casualty insurer to shore up its balance sheet. ING Canada fell $5.11, or 15%, to $28.68 in early trading. The TSX energy sector climbed, as Suncor Inc. gained 26 cents to $23.79.The gold sector also rose, with Goldcorp Inc. ahead 89 cents to $35.69.The base metals sector climbed 1% as Teck Cominco Ltd. advanced 14 cents to $4.65.Shares in HudBay Minerals Inc. were eight cents higher to $4.83 after the company said that the unions at its operations in Flin Flon and Snow Lake, Man., have voted to ratify new three-year collective agreements effective Jan. 1, 2009.Among financials, Scotiabank was off 37 cents to $29.82.Shares in Research In Motion slipped 35 cents to $67.92 after top executives reached a deal to settle a dispute with the Ontario Securities Commission over the company's past stock option practices.The OSC will hold a hearing Thursday to consider the settlement that includes co-chief executives Jim Balsillie and Mike Lazaridis and several other executives and directors. The OSC has accused RIM and several individuals, including Balsillie and Lazaridis, of receiving back-dated stock options.Maple Leaf Foods Inc. shares were down five cents to $10.61 after it said Tuesday that it plans to restate and refile its 2007 consolidated annual financial statements to lower its earnings due to an understatement of future tax costs related to the sale of its animal nutrition business. The company said it will report earnings for the year ended Dec. 31, 2007 of $194.9 million or $1.50 per diluted share, down from previously reported earnings of $207.1 million or $1.59 per diluted share.Railpower Technologies Corp., Quebec-based maker of eco-friendly locomotives, says it is seeking court protection under the Companies' Creditors Arrangement Act. Its U.S. subsidiary, Railpower Hybrid Technologies Corp., is also seeking creditor protection. Its shares plunged 1....