Business
Another bumpy ride for TSX
Another bumpy ride for TSX
About this update from Kinross Gold Corporation
[{"type":"text","content":"\nAnother bumpy ride for TSX\n\nMetals stocks weigh on Toronto\n Oct. 28, 2009 (Baystreet.ca) -- Canadian stocks may struggle to fight back from big losses in the previous session Wednesday morning as the steam appears to have run out of the bustling commodity trade due to signs the U.S. dollar is poised for a comeback.\n\nIn the first hour of trading, the S&P/TSX composite index was down 106.73 points, or 1%, to 10,946.81.\n\nWith banking stocks hitting the skids, the S&P/TSX Composite Index dropped 181.34 points or 1.61% to close at 11,053.54. The market finished at its lowest level since October 2. \n\nEarly signals are pointing to another difficult session. The price of oil is down a bit near $79 a barrel, suggesting that energy stocks may turn in lackluster performance.\n\nIn earnings news, oil company Nexen said third-quarter profit plummeted on lower crude prices. Net income dropped to $122 million, or 23 cents a share, from $886 million, or $1.66, a year earlier.\n\nCanam Group Inc.'s third-quarter net earnings plummeted to $4.43 million or $0.10 per share from a restated $15.02 million or $0.30 per share in the prior-year period.\n\nOPTI Canada Inc. said its third-quarter net earnings was $12 million or $0.04 per share compared with a loss of $32 million or $0.16 per share in the prior-year period.\n\nOpen Text Corp. reported first-quarter net income of $1.7 million U.S. or $0.03 U.S. per share, compared to $14.7 million U.S. or $0.28 U.S. per share in the same quarter last year.\n\nKinross Gold will look to snap back after losing 6.8% yesterday when the company lowered its 2009 production expectations to 2.2 million gold ounces. \n\nThe Canadian dollar was lower by 0.60 cents to 93.30 cents U.S. \n\nON BAYSTREET \n\nAll but one of the 14 TSX subgroups finished the day down. Metals and mining stocks were off 3.8%, while global base metals were down 2% and energy stocks were 1.6% less energetic. \n\nThe sole gainer was in the health-care field, ahead 0.2%. \n\nThe TSX Venture Exchange slid 15.70 points to 1,290.76, while the Nasdaq Canada index lost 10.20 points to 666.18. \n\nON WALLSTREET\n\nIn New York, stocks slipped Wednesday morning, with the Nasdaq sliding for the fourth straight session, as investors worried about the strength of the recovery ahead of Thursday's key GDP report.\n\nThe Dow Jones Industrials stumbl...