Business
Strong finish for TSX
Strong finish for TSX
About this update from Kinross Gold Corporation
[{"type":"text","content":"\nStrong finish for TSX\n\nAll groups positive, save financials\n Mar. 29, 2010 (Baystreet.ca) -- Commodity stocks led the Toronto stock market to a solid gain Monday as a lower U.S. dollar and hopes for higher demand sent oil and metal prices up sharply.\n\nThe S&P/TSX Composite Index pulled higher by 72.35 points, to 12,029.72\n\nThe base metals sector improved as May copper rose 14 cents to $3.54 U.S. a pound with inventories sliding to the lowest levels since early January. On the TSX, Teck Resources gained $1.66 to $43.13 while FNX Mining rose a dime to $13.96.\n\nThe energy sector advanced as Suncor Energy climbed $1.08 to $31.93 and Canadian Natural Resources improved $1.59 to $73.48.\n\nThe gold sector was up, as Kinross Gold Inc. rose 18 cents to $17.65.\n\nFinancials were down as Royal Bank shed 34 cents to $59.48.\n\nBoth RBC and TD Bank said they were raising some of their mortgage rates, effective Tuesday. The biggest increase affects five-year mortgages -- both banks are hiking their posted rate by six-10ths of a percentage point to 5.85%. TD shares slipped 42 cents to $75.58.\n\nThe TSX moved higher Monday following a flat showing last week which had left the Toronto market ahead under two per cent for the first quarter, a performance unsurprising to many analysts.\n\nMeanwhile, a new report from CIBC World Markets says that a hike in the Bank of Canada rate this summer should not derail the stock market. The report says stocks have historically outperformed bonds in the early months in the 13 interest rate tightening cycles studied by the investment firm. \n\nCIBC chief economist Avery Shenfeld says hikes in interest rates tend to be more damaging later in the cycle, when the central bank is more willing to risk stalling the economy.\n\nDomtar Corp. has agreed to sell its forest products business for $80 million plus additional working capital to EACOM Timber Corp. The Domtar forestry products division includes five operating sawmills in various regions. Domtar shares gained 66 cents to $66.14 while EACOM shares were ahead 14 cents at 97 cents.\n\nPetrominerales Ltd. shares ran up $1.30 to $32.82 after it reported that initial production at the Candelilla-3 well in Colombia is a prolific 15,600 barrels of oil per day. That boosts total production at the Candelilla structure to 38,700 barrels per day and the compa...