Business
Commodity prices weigh on TSX
Commodity prices weigh on TSX
About this update from Kinross Gold Corporation
[{"type":"text","content":"\nCommodity prices weigh on TSX\n\nApple out with tablet\n Jan. 27, 2010 (Baystreet.ca) -- The Toronto stock market was still in the red Wednesday afternoon as commodity prices retreated and the U.S. Federal Reserve announced it was leaving its key interest rate unchanged at 0.25% --and said it would keep rates at that level for an extended period.\n\nThe S&P/TSX Composite Index ended the day down 17.08 points to 11,344.11. \n\nThe base metals sector declined, as March copper fell 12 cents to $3.23 U.S. a pound. Teck Resources fell $1.70 to $37.00 and Labrador Iron Mines Holdings declined 13 cents to $4.43\n\nBullion prices headed lower. Among gold issues, Kinross Gold Corp. faded 45 cents to $18.04 and Barrick Gold Corp. declined 33 cents to $38.05\n\nThe industrials sector lost ground, with Canadian National Railway shares up 16 cents to $55.84 after reporting that profits increased to $582 million in the fourth quarter despite lower revenues. \n\nThe railway also increased its quarterly dividend to 27 cents per share, up from 25 cents. The Montreal-based railway said it is aiming for double-digit earnings growth over the $3.24 per share achieved in 2009.\n\nShares in Canadian Pacific Railway, which reports earnings on Thursday, gained three cents to $54.31 while Bombardier Inc. declined 18 cents to $5.06.\n\nThe energy sector was down as demand concerns continued to put pressure on oil prices. EnCana Corp. fell 29 cents to $33.47 and Suncor Energy was down 40 cents to $34.63.\n\nThe tech sector strengthened, with Research In Motion Ltd. ahead $2.57 to $68.18.\n\nAGF Management Ltd. reported Wednesday a fourth-quarter profit of $45.5 million, reversing a $19.3-million loss posted in the same period a year earlier. Its shares were up 85 cents to $16.05\n\nA favourable tax adjustment helped boost net earnings at Montreal-based IT services company CGI Group Inc. to $111.2 million in its latest quarter, up 39 per cent from year-earlier profit and above analyst expectations. CGI shares added 15 cents to $14.84.\n\nAlso, an upbeat comment by the International Monetary Fund (IMF) on the Canadian economy may help lift sentiment. The IMF has upped its growth forecast estimates on the Canadian economy to 2.6% from 2.1% for 2010, while maintaining that of 2011 at 3.6%.\n\nThe Canadian dollar staggered 0.33 cents to 93.95 cents U.S. \n\nO...