Business
Stocks in freefall
Stocks in freefall
About this update from Kinross Gold Corporation
[{"type":"text","content":"\nStocks in freefall\n\nMetals, energy weigh on TSX\n\n May 5, 2010 (Baystreet.ca) -- Bay Street stocks took a pounding Wednesday amid falling commodities prices.The S&P/TSX composite index slumped 239.90 points, or 2%, soon after the opening bell to 11,790.96Also, speculation that Greece bailout may have to be extended to a few other nations in the region may weigh on the sentiment, dragging stocks further down. However, value buying at lower levels might lend support to stocks. Traders will also react to earnings reports by major Canadian companies, including Agrium and Dundee Precious Metals.In corporate news, agricultural product company Agrium Inc. said its first-quarter net loss narrowed significantly to $0.04 per share from $0.38 per share a year ago. However excluding the two special items, net earnings were $0.41 per share for the quarter. Analysts were expecting the company to record earnings per share of $0.33 for the quarter.Insurance services provider Intact Financial swung to profit in first-quarter, recording net income of $1.01 per share compared with a loss of $0.30 per share in the prior year period. The company declared a quarterly dividend of $0.34 per share.Crude oil and natural gas company Talisman Energy reported lower first quarter net income of $0.22 per share, compared to $0.45 per share in the same quarter a year earlier. Petroleum and natural gas focused trust Penn West Energy Trust swing to profit in first-quarter, reporting net income of $0.18 per unit compared with a net loss of $0.25 per unit in the prior-year period. Crude oil and natural gas distributor Enbridge Inc. reported lower first-quarter net earnings of $0.92 per share, compared to $1.53 per share in the prior year period. The company declared quarterly dividends of $0.425 per common share.International mining company Dundee Precious Metals reported a significantly wider net loss of $48.3 million in its first quarter, compared to a net loss of $4.9 million in the year-ago period. The company added the net loss includes net impairment provisions of $50.6 million related to the proposed Bulgarian metals processing facility in Chelopech.Gold producer Kinross Gold reported improved first-quarter net income of $0.16 per share, compared to net income of $0.11 per share in the same quarter last year. Analysts were expecting the company to post ...