Business
Markets make slow progress
Markets make slow progress
About this update from Kinross Gold Corporation
[{"type":"text","content":"\nMarkets make slow progress\n\nMetals, telecoms power TSX\n Mar. 10, 2010 (Baystreet.ca) -- The Toronto stock market advanced Wednesday morning amid rising commodity stocks and earnings from the tech and media sectors.\n\nThe S&P/TSX composite index approached noon hour ahead 38.33 points to 11,957.04.\n\nThe TSX has been lower all week following a sharp 3% gain last week as investors responded to higher commodity prices and a slew of positive bank earnings.\n\nThe Canadian dollar was down, amid a report from CIBC World Markets that said expectations of higher interest rates and investor demand for Canada will help drive the currency past parity with the U.S. greenback by this summer.\n\nThe base metals sector gained ground as May copper was off a penny to $3.40 U.S. a pound. Sherritt International gained 11 cents to $8.78.\n\nGold stocks slid, even as Kinross Gold Corp. moved up 11 cents to $19.15.\n\nThe telecom sector also provided lift as Rogers Communications gained 39 cents to $34.79.\n\nMedia company Quebecor Inc. said it had a $73.8-million profit in the fourth quarter. The company had a $343.6-million loss in the fourth quarter of 2008 as it wrote down the value of goodwill and other intangible assets. Revenue from all segments grew $25.6 million to just under $1.03 billion. Quebecor shares rose $1.14 to $33.36.\n\nOil prices declined as traders took in an inventory report providing mixed evidence about U.S. crude demand.\n\nThe American Petroleum Institute said that U.S. crude inventories jumped last week by 6.5 million barrels. Analysts had expected that a cold weather spell in much of the U.S. this month would have resulted in a drop of 1.6 million barrels. However, inventories of gasoline and distillates fell more than expected.\n\nIn other earnings news, logistical services company Descartes Systems Group reported net income of $10.3 million U.S. or 17 cents U.S. per share for the quarter ended Jan. 31. The profit was down from a year earlier when the company, which reports in U.S. dollars, booked earnings of $15.4 million or 29 cents per share. \n\nQuarterly revenue surged 20% to $18.9 million, led by a jump in services revenues. Its shares were unchanged at $6.35.\n\nBrookfield Real Estate Services Fund reported that its net income increased to $1.5 million in the fourth quarter, about seven times higher than it...