Business
TSX sags to end week, month
TSX sags to end week, month
About this update from Kinross Gold Corporation
[{"type":"text","content":"\nTSX sags to end week, month\n\nMetals, materials weigh heaviest in T.O.\n Jan. 29, 2010 (Baystreet.ca) -- Even with encouraging economic news from both sides of the border, the bottom fell out on Canadian stocks Friday after treading water for most of the week. Traders shrugged off data showing better-than-expected economic growth.\n\nThe S&P/TSX Composite Index took a sharp trip downward Friday afternoon, losing 179.89 points, or 1.6%, to 11,094.31. \n\nTechnology sector, already the better performer of the week, got a boost today as U.S. software giant Microsoft reported a 60% surge in its second-quarter earnings. But IT stocks failed to capitalize on it as broad-based selling pressure returned to dominate the market. Research In Motion Ltd. eased 2.4% at $67.19 and CGI Group Inc. lost 3.25% to $14.01.\n\nAmong energy stocks, Suncor Energy was down 1.3% at $33.89 and Imperial Oil Ltd. lost 1% to $38.54 while Encana Corp lost 0.76% to $32.85.\n\nTrend in the financial sector was rather mixed, with AGF Management Ltd rising 0.7% at $16.10 and Great-West Lifeco Inc. adding 1% at $25.88, while banking majors Bank of Nova Scotia shed 1.6% at $44.96 and Royal Bank of Canada lost 1.76% to $52.54.\n\nThe Gold Index was down, with Barrick Gold Corp off 2.9% at $37.22.\n\nKinross Gold Corporation lost 3.6% to $17.33, despite reporting a 12% increase in its proven and probable mineral reserves during 2009 to 51.0 million ounces of gold.\n\nThe Health-care Index was up, led by Biovail Corp which added 1.6% to $15.52. \n\nDHX Media Ltd soared 15.79% to $1.10, after the company announced completion of a private placement of 1.875 million units with Sprott Asset Management LP for $1.5 million.\n\nWood panel maker Norbord Inc., which reported a full-year loss of $58 million and fourth-quarter loss of $11 million in 2009, was up 0.8% to $16.68.\n\nIn economic news, Statistics Canada said Friday the country's Gross Domestic Product rose 0.4% in November, to beat economists' expectations for 0.3% growth and in the process registering its third straight monthly increase. \n\nElsewhere, StatsCan said its Industrial Product Price Index fell 0.1% and its Raw Material Price index skidded 1.7%, due to lower petroleum prices.\n\nThe Canadian dollar swooned 0.27 cents to 93.50 cents U.S. \n\nON BAYSTREET \n\nAll but two of the 14 TSX subgroups were lo...