Business
TSX posts slight gain
TSX posts slight gain
About this update from Kinross Gold Corporation
[{"type":"text","content":"\nTSX posts slight gain\n\nMining, utilities stocks lead charge\n Jan. 18, 2010 (Baystreet.ca) -- Utilities and mining stocks supported the Toronto stock market to a modest gain Monday. \n\nThe S&P/TSX Composite Index gained 65.17 points to end the day at 11,750.54.\n\nA day before the Bank of Canada makes its scheduled announcement on interest rates, the Canadian dollar moved higher. The central bank is widely expected to leave rates -- which hover near zero -- alone until at least the end of the second quarter.\n\nThe base metals sector was up, as Teck Resources added 51 cents to $41.31 while Labrador Iron Mines Holdings ran up 60 cents to $5.48.\n\nThe energy sector finished ahead, as EnCana Corp. improved 52 cents to $35.73 while Imperial Oil gained 46 cents to $41.10.\n\nOil and gas explorer Enterra Energy Trust said Monday it will drop its income trust structure and convert to a corporation by the end of May, changing its name in the process to Equal Energy Ltd. Calgary-based Enterra said Monday it wants to make the move before a change in the rules governing the taxation scheme for trusts kicks in 2011. Enterra units jumped 55 cents or 25.5% to $2.71.\n\nShares in Cirrus Energy Corp. dropped 63 cents or 23% to $2.14 after delivering a disappointing update on its drilling activities at its subsidiary in Holland. A platform refurbishment was meant to allow "continuous uninterrupted production" from its well. Instead, production performance has steadily declined.\n\nThe gold sector climbed, as Goldcorp Inc. gained 30 cents to $40.90 and Kinross Gold Corp. was down six cents to $19.69.\n\nThe non-commodity sector of the TSX was also supportive as Magna International advanced 93 cents to $59.70 and Royal Bank gained 21 cents to $55.02.\n\nIn other corporate news, a group of bidders including former Canadian senator Jerry Grafstein says it's preparing to make an offer for some of Canwest's newspapers, including its flagship National Post. The consortium of investors also includes former Global TV executive and Montreal Star editor Raymond Heard and writer and broadcaster Beryl Wajsman.\n\nCanwest shares were down a penny at 7.5 cents.\n\nMosaid Technologies Inc. shares rose $1.49 to $21.55 after it said its revenue will be $3 million higher in the 2010 financial year than previously thought, rising to an estimated ran...