Business
Dow rallies, TSX fights for gains
Dow rallies, TSX fights for gains
About this update from Kinross Gold Corporation
[{"type":"text","content":"\nDow rallies, TSX fights for gains\n\nEarnings limit gains\n Feb. 3, 2009 (Baystreet.ca) -- 04:43 pm EST\nStocks in New York sailed in the plus zone Tuesday, while their cousins in Toronto had to fight their way above the previous day's levels. The S&P TSX Composite Index gained 3.8 points to finish at 8,628.63. Despite the weak showing, analysts say it's still a big improvement from the typical market seen late in 2008.New York indexes racked up solid advances as some better than expected housing data helped take investors' minds off mixed earnings news and dismal auto sales figures.TransCanada dropped 80 cents to $32.59. Excluding losses on derivatives, the natural gas transporter earned 53 cents a share, two cents below the average of 11 analyst estimates compiled by Bloomberg. Material producers fell, led by gold-mining companies, on speculation that a global slowdown will erode demand for all commodities. Barrick Gold Corp., the world's largest gold producer, lost 2% to $43.90. Goldcorp Inc. fell 2.5% to $34.52. Kinross Gold Corp. dropped 2.1% to $20.91. Research in Motion fell 70 cents to $68.82. There were also announcements of more cutbacks in Canada's forestry industry.Tembec is closing mills – some for two weeks, some indefinitely – in British Columbia, Manitoba and Ontario as pulp and paper market conditions remain soggy. About 1,400 workers will be affected.And Canfor Corp. said Monday it will reduce production by 83 million board feet by taking a two-week curtailment at its British Columbia and Alberta sawmills starting Feb. 9. The company said it will also remove the third shift at its Quesnel, B.C., operation effective Feb. 23, resulting in a further reduction of 100 million board feet on an annualized basis. Mega Brands Inc. shares surged as it announced a global licensing agreement with Microsoft Game Studios to make construction toys based on the new Halo Wars video game.The Canadian dollar climbed 0.72 cents to $81.19 cents U.S.BAYSTREET\n \nOf the 13 TSX sub-groups, eight finished negative, information technology declining 1.4%, followed by utilities, off 1.2% and gold, down 0.7%. The five gainers were led by metals and mining, ahead 2.3%, industrials, up 1.0%, while telecommunications and financials tied for third, each up 0.7%. The TSX Venture Exchange slid 3.57 points, to 869.25, while t...