Business
TSX courts 12K
TSX courts 12K
About this update from Imperial Oil Limited
[{"type":"text","content":"\nTSX courts 12K\n\nUpbeat economic data factors in\n Mar. 2, 2010 (Baystreet.ca) -- Canadian stocks rose to their multi-month high in mid-morning deals Tuesday following a recent string of encouraging economic data.\n\nBy noon, the S&P/TSX composite index had climbed 86.91 points to 11,814.97. \n\nInvestors accumulated stocks across a variety of sectors, with financial and gold stocks turning in particularly strong performances.\n\nThe Financials Index gained, as Bank of Montreal gained 3.32% after it said its first quarter income rose to $1.12 per share from $0.39 per share from the year ago quarter, beating analysts' estimates for a profit of $1.03 per share.\n\nCanadian Western Bank rose 1.81%.\n\nInvestment banker GMP Capital gathered 3.17% after it swung to profit in its fourth quarter, reporting net income of $0.25 per share compared with a net loss of $0.27 per share in the prior year period.\n\nGold stocks regained their shine, moving higher along with the base metal price. Lihir Gold was up 3.11%. Barrick Gold added 1.30%.\n\nGold miner Gleichen Resources moved up 1.05% even after reporting net loss of $0.04 per share for the year ended October 31, 2009, wider than a loss of $0.01 per share in the prior year.\n\nAmong energy plays, Encana Corp moved up 0.71% and Imperial Oil edged up 0.81%.\n\nMeanwhile, PetroBakken slipped 1.61% after it said it will acquire a private oil and gas producer for $251 million \n\nPetroleum and natural gas company Penn West Energy Trust eased 0.32%. The company said it has priced a proposed offering of senior unsecured notes to be issued by Penn West Petroleum Ltd., a wholly-owned subsidiary and administrator of the Trust, on a private placement basis in the U.S. and Canada with an aggregate principal amount of about $300 million.\n\nPotash Corp. gained 1.33% and Agrium Inc. was up 0.77%. Today, CF Industries Holdings renewed its offer to about $4.73 billion to acquire rival Terra Industries. \n\nSoftware solutions provider CryptoLogic plummeted 13.91% after reporting fourth-quarter net loss of $1.97 per share, compared to net loss of $2.05 per share last year.\n\nIn economic news, the Bank of Canada retained its key overnight interest rate at 0.25% Tuesday morning, in line with economists' expectations. The bank also projected it would hold current policy rate until the end of the second ...