Business
Another triple-digit drop for TSX
Another triple-digit drop for TSX
About this update from Kinross Gold Corporation
[{"type":"text","content":"\nAnother triple-digit drop for TSX\n\nU.S. consumer confidence suffers\n Oct. 27, 2009 (Baystreet.ca) -- The Toronto stock market registered a sharp decline for a third session Tuesday, led by sliding base metal and financial stocks as investors took in mixed earnings reports.\n\nSoon before the closing bell, the S&P/TSX composite index was down 158.81 points, or 1.4%, to 11,076.07.\n\nBut with the TSX still up almost 50% from the lows of early March, analysts weren't surprised to see some retracement.\n\nThe financials sector was the biggest TSX decliner, as TD Bank lost $1.83 to $62.66 and Royal Bank stepped back $1.59 to $54.07.\n\nThe market found limited support from the telecom sector following better-than-expected earnings from Rogers Communications\n\nRogers shares were up $1.23 to $30.13 after the telecom company reported quarterly net income of $485 million or 79 cents a share, compared to year-earlier earnings of $495 million or 78 cents a share. After adjustments, net income totalled $505 million or 82 cents a share, up from 73 cents a year earlier and well above analyst expectations of 54 cents per share. \n\nRevenue at the wireless division was up seven per cent, fuelled by growth in postpaid subscriptions attributed to the popularity of the Apple iPhone.\n\nBut the industrials sector fell as Canadian Pacific Railway Ltd. said that third-quarter net income rose to $195.4 million or $1.16 cents a share, up from $170.7 million or $1.10 cents a share a year ago. However, revenue fell to under $1.1 billion from over $1.3 billion a year ago and its shares fell $2.02 to $46.71.\n\nThe TSX base metals sector declined as December copper drifted 0.12 of a cent lower at $3 U.S. a pound. Teck Resources lost 86 cents to $33.20.\n\nThe gold sector, too, was off, as Goldcorp Inc. faded 52 cents to $40.43.\n\nIn other corporate news, utility TransAlta Corp. said net income rose to $66 million or 34 cents per share in the third quarter, up from $62 million or 31 cents per share in the year-earlier period. Revenue fell to $666 million from $791 million and its shares were off three cents to $21.02.\n\nKinross Gold Corp. shares were $1.25 to $20.40 as the company cut its production guidance for 2009 on Monday due to lower than expected results from its operations in Brazil due to continuing problems at its Paracatu mine. The gold m...