Business
TSX takes triple-digit loss
TSX takes triple-digit loss
About this update from Hudbay Minerals Inc
[{"type":"text","content":"\nTSX takes triple-digit loss\n\nCommodity prices main culprit\n Dec. 17, 2009 (Baystreet.ca) -- The Toronto stock market was off in afternoon trading Thursday as a higher U.S. dollar put downward pressure on commodity prices.\n\nThe S&P/TSX Composite index plummeted 163.98 points, or 1.4%, to end the day at 11,473.06. \n\nThe higher U.S. dollar is a result of concerns over the economies of some European countries, causing flight to the relative safe haven of the greenback, according to some experts. \n\nThere are also concerns about debt levels in other European countries -- including Ireland, Portugal and Spain -- and news last month that Dubai World, a government-owned investment company, was looking to postpone debt payments of around $59 billion sent shock waves through the financial world\n\nCommodities were also lower. TSX gold stocks took a drubbing, as shares in Goldcorp Inc. lost $1.86 or 4.4% to $40.14 while Barrick Gold Corp. fell $1.09 or 2.6% to $41.20.\n\nThe TSX energy sector was down, as Suncor Energy Inc. shares lost $1.28 or 3.4% to $36.62 after the company said it expects production at an oilsands upgrader in northern Alberta to be reduced for a few weeks as the company repairs damage caused by a fire.\n\nThe base metals sector also lost ground as metals prices slipped in response to the higher U.S. dollar. HudBay Minerals Inc. lost 39 cents or 2.7% to $14.11.\n\nIn other corporate news, shares in BCE Inc. added 95 cents or 3.6% to $27.33 after the telecommunications company said it will raise its annual dividend by 7% for 2010.\n\nAlso sending stock markets lower was the knowledge that this is the last full trading week of 2009 and investors may take the opportunity to bolster their portfolios by locking in gains made over the last nine months.\n\nThe Canadian dollar fell 0.77 cents to 93.44 cents U.S. \n\nON BAYSTREET \n\nAll but two of the 14 TSX subgroups lost ground Thursday. Gold tumbled 4.2%, while materials slid 3.7% and global base metals were bruised 2%. \n\nThe two gainers were telecoms, up 1.2% and utilities, charging ahead 0.7%. \n\nThe TSX Venture Exchange let go of 18.64 points to 1,421.15, while the Nasdaq Canada index subtracted 14.48 points to 689.20\n\nON WALLSTREET\n\nIn New York, stocks closed sharply lower Thursday after Greece received another credit downgrade and the dollar rose on the...