Business
TSX gains a bit
TSX gains a bit
About this update from Imperial Oil Limited
[{"type":"text","content":"\nTSX gains a bit\n\nTech stocks lead Toronto\n Jan. 25, 2010 (Baystreet.ca) -- The Toronto stock market was slightly higher Monday afternoon as investors dealt with major doses of uncertainty that sent indexes tumbling last week.\n\nThe S&P/TSX Composite Index backed off its highs of the day, but still finished ahead 11.08 points to 11,354.51, after a plan put forward by U.S. President Barack Obama to curb bank risk, along with Chinese moves to slow bank lending, pushed the Toronto market down almost 3% last week.\n\nThe tech sector gained, as Celestica Inc. picked up 26 cents to $9.89 ahead of earnings coming out Wednesday.\n\nThe energy sector rose as Imperial Oil rose 22 cents to $39.30 while Canadian Oil Sands Trust advanced 28 cents to $28.61.\n\nThe proposed new banking regulations punished bank stocks around the world and pushed the TSX financial index down about 3.2% last week. But the sector revived somewhat Monday, as Scotiabank gained 44 cents to $45.04 while TD Bank climbed 63 cents to $62.38.\n\nThe base metals sector moved down on top of last week's slide of about 6% even as the March contract for copper rose four cents to $3.39 U.S. Teck Resources climbed 44 cents to $39.21 but Labrador Iron Mines Holdings fell 65 cents to $5.80.\n\nThe gold sector dipped, as Barrick Gold Corp. faded 45 cents to $38.21.\n\nThe earnings season also gains momentum in Canada where market heavyweights such as grocer Metro Inc., Canadian National Railways, Canadian Pacific Railway and Potash Corp. deliver earnings this week.\n\nIn corporate news, Kingsway Financial Services Inc. has agreed to sell its shares of Jevco Insurance Co. to Westaim Corp. of Calgary in a proposed deal worth about $263 million. Kingsway shares jumped 34 cents or 22.4% to $1.86 while Westaim jumped 7.5 cents or 17.2% to 51 cents.\n\nThe Toronto Stock Exchange said it was reviewing the shares of Montreal-based toy maker Mega Brands for possible delisting, and the company had 120 days to regain compliance with listing requirements. Mega Brands is in the midst of a recapitalization plan that eliminates nearly $300 million of debt. Its shares lost five cents to 61 cents.\n\nDualEx Energy International Inc. stock lost more than half its value Monday after the company announced it would abandon its Al Tayr 101 well in Syria after an unsuccessful testing program. The ...