Business
TSX still in black
TSX still in black
About this update from Hudbay Minerals Inc
[{"type":"text","content":"\nTSX still in black\n\nAsia factor in focus\n Nov. 11, 2009 (Baystreet.ca) -- Strong economic data from Asia pushed commodities and the Toronto stock market higher Wednesday.\nAs the clock approached noon, the S&P/TSX composite index had gained 52.97 points to 11.479.71, well off its highs for the day. \n\nExports from China fell 13.8% in October, the smallest decrease in 10 months and imports dropped by 6.4% over the same period, a slightly faster pace than in September. China's retail sales were up 16.2% in October from the same month last year, while industrial output rose a better-than-expected 16.1%.\n\nThe energy sector was ahead as American currency weakness also helped send the December crude contract up. Canadian Natural Resources rose $1.07 to $71.89 while Suncor Inc. climbed 41 cents to $37.27.\n\nCrude traders were watching the dollar closely, as a weaker U.S. currency makes oil cheaper for investors buying the commodity with nondollar currencies. The rise in crude came amid a warning from OPEC that demand for oil will slip in the industrialized nations next year if prices climb and are sustained above their current level.\n\nGold prices moved further into record territory. As a result, the gold sector rose as Goldcorp Inc. advanced 53 cents to $46.84 and Barrick Gold Corp. improved 51 cents to $45.76.\n\nThe base metals sector ran up as December copper moved up five cents to $3.01 U.S. a pound. Teck Resources climbed 49 cents to $34.71 and HudBay Minerals moved up 30 cents to $16.96.\n\nThe TSX also received major support from the financial sector, with Royal Bank ahead $1.01 to $57.84.\n\nIn other earnings news, Flight training firm CAE Inc. reports net income of $39.1 million or 15 cents per share for the second quarter of fiscal 2010, down from a year-ago net profit of $49 million or 19 cents per share. Quarterly revenues came in at 364.5 million, down from $406.7 million last year and its shares were unchanged at $9.\n\nWenzel Downhole Tools Ltd. shares dipped three cents to $1.04 after reporting a net loss of $843,000 or three cents per share in the latest quarter, down from a year-ago net profit of $3.8 million or 12 cents per share. Quarterly revenues were $9 million, down from $17.2 million last year.\n\nCanadian investors also took in acquisition activity in the waste management business.\n\nToronto's IESI...