Business
Triple-digit gold rush for TSX
Triple-digit gold rush for TSX
About this update from Imperial Oil Limited
[{"type":"text","content":"\nTriple-digit gold rush for TSX\n\nMaterials also up in T.O.\n Feb. 25, 2010 (Baystreet.ca) -- A rally in gold stocks, with firm support from financials, helped the Canadian market turn into the green in Thursday's afternoon session. \n\nThe S&P/TSX composite index leaped 109.61 points, or 1%, after spending much of the day in the red, closing at 11,631.44. \n\nThe price of gold rose amid speculation that China may buy the 191.3 tons of gold, which had been announced for sale by the International Monetary Fund. \n\nHowever, heavy selling in the U.S. markets on account of renewed economic health concerns as well as a fall in oil prices retained caution in Bay Street, putting a lid on gains. \n\nThe Gold Index rose in strength, as Barrick Gold Corp. gained 2.5% at $39.69, Yamana Gold Inc. added 4.4% to $11.11 and Kinross Gold Corp. was up 3.6% to $19.18.\n\nThe Financials Index went upward, with Royal Bank of Canada rising 2% to $57.20, Toronto-Dominion Bank up 0.9% at $66.84 and Canadian Imperial Bank of Commerce up 3.1% to $69.95, while Laurentian Bank of Canada gave in 0.8% to $39.87.\n\nThe Energy Index slumped, as Imperial Oil Ltd. shed 0.6% to $39.05 and Nexen Inc. lost 0.4% to $23.22.\n\nCIC Energy Corp. rose 2.1% to $1.46 after reporting its full-year loss narrowed to $5.66 million in 2009 from $8.30 million in the prior year.\n\nAmong IT stocks, MacDonald, Dettwiler and Associates Ltd. added 1.8% to $39.79 and Open Text Corp. gained 0.4% to $50.80, while Research In Motion was fairly flat at $74. \n\nThe Consumer Staples Index was down, with George Weston Ltd. losing 2.1% to $69.02 and Loblaw Cos. Ltd. easing 0.2% to $37.22.\n\nHome channel retailer RONA Inc., which reported a marginal increase in its fourth-quarter net earnings to $30.83 million from last year's $29.75 million, eased 0.4% to $15.72.\n\nGerdau Ameristeel Corp., which reported a fourth-quarter net loss attributable to Gerdau Ameristeel & Subsidiaries of $46.1 million, gave in 2.4% at $7.70. \n\nConsulting firm Stantec Inc. was down 1.5% to $26.27, even after reporting a rise in fourth-quarter net income to $22.9 million from last year's $20.0 million.\n\nThe Canadian dollar subsided 0.52 cents to 94.32 cents U.S. \n\nON BAYSTREET \n\nAll but three of the 14 TSX subgroups were higher to end the day. Gold led the parade, up 3.2%, materials were 2.5% better,...