Business
TSX streak ends
TSX streak ends
About this update from Imperial Oil Limited
[{"type":"text","content":"\nTSX streak ends\n\nMetals stocks weigh on Toronto\n Feb. 3, 2010 (Baystreet.ca) -- The Toronto stock market was down slightly Wednesday as investors took in sluggish expansion of the U.S. services sector last month.\n\nThe S&P/TSX Composite Index ended the day off 17.88 points to 11,390.46, after U.S. manufacturing and housing data had pushed the main index up about 300 points over the past two sessions\n\nThe base metals sector declined as March copper moved 11 cents lower to $2.98 U.S. a pound. Teck Resources declined 98 cents to $36.72 while First Quantum Minerals fell $6.75, or 8.3%, to $74.79.\n\nThe telecom sector was down with Rogers Communications Inc. down 41 cents to $33.02. The stock also moved lower Tuesday after Goldman Sachs Group Inc. added the company to its "conviction sell" list on expectation the company's growth will slow "for the foreseeable future."\n\nThe financials sector was also a drag, with Bank of Montreal down 36 cents to $52.85.\n\nInvestors also continued to take in earnings from the energy industry.\n\nCalgary-based pipeline operator Enbridge Inc. reported that its fourth-quarter net earnings increased 14% to $300 million or 80 cents a share before adjustments. The showing missed estimates by a penny a share.\n\nEnbridge also announced its pipeline system has been chosen to carry production from the Leismer oilsands project owned by Statoil Canada Ltd. The Statoil Leismer project will become the sixth to use Enbridge's regional oilsands system, an important element in getting energy from northern Alberta to users. Enbridge shares rose 83 cents to $47.72.\n\nImperial Oil Ltd. reported that its profits dropped by 19% during the final quarter of 2009 compared with the previous year, with the biggest challenges coming from the refining and marketing part of its business.\n\nImperial reported Tuesday after markets closed that it earned $534 million, or 62 cents per share. That came in below the expectations of seven analysts polled by Thomson Reuters, who on average had been expecting earnings of 71 cents per share. Imperial shares were down 49 cents to $38.96.\n\nSuncor shares lost 14 cents to $32.71, two days after the Calgary-based oil and gas company issued a disappointing earnings report on Monday.\n\nThe gold sector was off as the April bullion contract on the Nymex moved do...