Business
Stocks stumble to begin Tuesday
Stocks stumble to begin Tuesday
About this update from Kinross Gold Corporation
[{"type":"text","content":"\nStocks stumble to begin Tuesday\n\nMetals weigh TSX\n\n Apr. 27, 2010 (Baystreet.ca) -- Bay Street stocks may struggle to sustain gains Tuesday morning amid easing commodities prices and on renewed worries over the Greece debt situation.The S&P/TSX Composite Index dipped 10.21 points to begin the trading day at 12,270.76.Concern that an aid package will not fully suffice the Greek debt crisis pressured the euro in morning deals. Last Friday, Greece said it will opt for bailout loans from the euro-zone and the IMF.Apart from a weaker euro, China's steps to cool its property markets also weighed on commodities prices.However, encouraging earnings reports from south of the border may help lift sentiment.Meanwhile, earnings reports from Canadian companies came in mixed, with CN Rail beating estimates and Nexen missing estimates.In corporate news from Canada, CN Rail reported improved first quarter net income of $1.08 per share, compared to $0.90 per share in the year-ago quarter. For 2010, the company continues to expect solid double-digit growth in adjusted earnings per share over last year.Results for the quarter also included an after-tax gain of $131 million or $0.28 per share, from a rail-line sale to a Toronto-area transit agency.Energy company Nexen Inc. reported first-quarter net income of $0.35 per share, up from $0.26 per share in the same quarter last year. It also declared quarterly dividend of $0.05 per common share. Analysts were expecting the company to post $0.38 per share.Inmet Mining reported first-quarter net income of $1.42 per share, compared to $1.06 per share last year.Gold miner Kinross Gold said it has upped its stake in Underworld Resources Inc. to nearly 81.6%. Kinross also intends to de-list the Underworld shares from the TSX Venture Exchange on completion of a subsequent acquisition transaction.Nuukfjord Gold shares will commence trading on the TSX on April 27 under the trading symbol "NUU". The company offered 18 million common shares at $0.50 per share, aggregating gross proceeds of $9 million.Wood based panel maker Norbord Inc. reported a narrower first-quarter net loss of $0.12 per share, compared to $0.52 per share last year.In economic news, the Conference Board's index of consumer confidence dropped to 84.8 in April, erasing the gain recorded in March.The Canadian dollar slid 0.63 cent...