Business
TSX lower after three days of gains
TSX lower after three days of gains
About this update from Kinross Gold Corporation
[{"type":"text","content":"\nTSX lower after three days of gains\n\n\n May 13, 2010 (Baystreet.ca) -- The Toronto stock market was lower Thursday afternoon as investors consolidated three days of sharp gains netted on relief that the European Union is making serious moves to staunch a government debt crisis.The S&P/TSX composite index skidded 79.38 points to end the day at 12,116.59. The Toronto market is still up almost four per cent so far this week following last weekend's massive $1-trillion U.S. financial rescue package from the European Union, which is designed to contain the debt crisis.Financials led the TSX losses amid a report that New York's attorney general has launched an investigation into eight banks to determine whether they misled ratings agencies about mortgage securities. A source said that Attorney General Andrew Cuomo is trying to figure out if banks provided the agencies with false information in order to get better ratings on the risky securities.Royal Bank was down 49 cents to $60.64.Sun Life Financial Inc. shares were down 25 cents to $30.71 after it said Thursday it's setting up a stand-alone mutual fund company. Canada's third-largest life insurance company said it will bring a series of new funds to Canada to expand its wealth management services in the country. Its shares eased five cents to $30.91.The TSX Global Gold Index dipped, as Kinross Gold was down 37 cents to $19.29 while Goldcorp Inc. declined 68 cents to $46.47.The energy sector shed strength, as Canadian Natural Resources backed away $1.07 to $72.73 while Canadian Oil Sands Trust was down 42 cents to $28.83.There was some major dealmaking in the Canadian oilpatch.Penn West Energy Trust has entered into an agreement with a wholly-owned subsidiary of the China Investment Corp. to form a joint venture to develop the Canadian company's bitumen assets located in the Peace River area of northern Alberta.CIC has also agreed to purchase 23.5 million units for about $435 million. In TSX trading Thursday, the units were up 74 cents to $20.19.The base metals sector was ahead as July copper gained five cents at $3.24 U.S. a pound. First Quantum Minerals lost $2.33 to $71.27 while FNX Mining improved 65 cents to $12.65. The company reported a quarterly profit of $1.9-million, bouncing back from a loss a year earlier when it booked a writedown related to its investment in Gold W...