Business
Equities spring higher
Equities spring higher
About this update from Kinross Gold Corporation
[{"type":"text","content":"\nEquities spring higher\n\nCdn. retail numbers roll in\n Mar. 20, 2009 (Baystreet.ca) -- 10:23 am EST\nThe Toronto stock market was up slightly Friday morning - the first day of spring - after a run of eight straight winning sessions amid a much better than expected retail sales report for January.New York markets staged a minor advance following some grim corporate news at the end of a positive week.The S&P/TSX Composite Index charged out of the gate 37.61 higher to 8,728.10. On the economic front, Statistics Canada said that retail sales rose 1.9% in January to $33.7 billion after declining 5.2% in December - their largest monthly decline in more than 15 years. Sales rose in five of eight retail sectors, led by a 3.8% increase in the automotive sector.Oil and other commodities surged Thursday on hopes a scheme by the U.S. Federal Reserve to help stabilize the banking sector by buying back Treasurys will blunt the effects of the recession. Suncor Inc. moved down 50 cents to $32.90.Elsewhere in company news, SouthGobi Energy Resources Ltd. said Friday that an announcement last year overstated the estimated resource at one of its coal projects due to erroneous information provided to it by an independent consultant.The company, a subsidiary of Ivanhoe Mines Ltd. said the errors apply to the West Field portion of the Ovoot Tolgoi coal mine in Mongolia and don't affect the separate South-East Field and the Ovoot Tolgoi underground project. Ivanhoe shares added six cents to $6.37 while South Gobi shares fell 77 cents to $9.10.Kinross Gold Corp. is staking a claim in the diamond business by paying $150 million U.S. for an indirect interest in the Diavik diamond mine in the Northwest Territories and a 20% stake in Harry Winston Diamond Corp. Harry Winston said the cash infusion will help it pay down debt, while Kinross said it saw an opportunity to invest in a complimentary metal at an attractive price. Kinross shares edged 55 cents lower to $22.59 while Harrry Winston shares soared $1.47 or 64% to $3.75.The financial sector was flat but Manulife Financial declined 33 cents to $14.40.The tech sector rose as Research in Motion Ltd. improved 64 cents to $52.90.Lawyers for Nortel Networks Corp. are to appear in court on Friday to ask that eight senior executives be allowed to receive bonuses under a program that the company says is ...