Business
Stocks start month on right foot
Stocks start month on right foot
About this update from Imperial Oil Limited
[{"type":"text","content":"\nStocks start month on right foot\n\nGold, metals power TSX\n Feb. 1, 2010 (Baystreet.ca) -- Canadian stocks opened emphatically higher on Monday as commodity prices appeared to have arrested their losing streak. \n\nThe S&P/TSX Composite Index flew out of the starting blocks, picking up 104.53 points to 11,198.84. \n\nWhile the price of oil was recovering from its six-week low, the price of bullion edged up after hitting a three-week low. Moreover, bottom fishing after the main index hit a two-month low in the previous session would also help Bay Street to post gains.\n\nEnergy stocks may be in play ahead of earnings reports from major oil companies. Suncor Energy and Imperial Oil that are scheduled to release their earnings Tuesday. \n\nBlackberry maker Research In Motion could see some buying after a research report said that worldwide smart phones sales grew 30% in the fourth quarter. \n\nPotash Corp. may be in action after BHP Billiton purchased a Canadian Potash project, setting aside speculation that BHP may bid for Potash Corp.\n\nAmong financial plays, Bank of Nova Scotia may be in play after Korea Development Bank said that it will opt out from a bid for a stake in Thailand's Siam City bank. Reportedly, BNS was one among the bidder.\n\nOnline gaming software maker Chartwell Technology reported fourth quarter net income from continuing operations of $0.01 per share, compared to net income from comparable operations of $0.04 per share in the year-ago period.\n\nMining operator Roca Mines reported a narrower first quarter net loss of $0.02 per share, down from a loss of $0.06 per share in the year-ago quarter. \n\nSpecialized drug developer ConjuChem Biotechnologies reported narrower net loss for the year ended October 31, 2009 of $0.06 per share, compared to a loss of $0.16 per share, prior year. \n\nCommerce Resources Corp. announced Saturday the resignation of its Chief Financial Officer Shaun Ledding and noted that he will remain as a consultant. \n\nIn brokerage updates, Scotiabank trimmed Canadian Pacific Railway price target to $61.50 from $63.00\n\nThe Canadian dollar regained 0.42 cents to 93.76 cents U.S. \n\nON BAYSTREET \n\nAll 14 TSX subgroups were stronger in the first hour of trading. Gold and global base metals tied for the lead, growing 2.3% each, while materials were 2% mightier. \n\nThe TSX Venture Exc...