Business
TSX slides again
TSX slides again
About this update from Kinross Gold Corporation
[{"type":"text","content":"\nTSX slides again\n\nEnergy stocks topple\n\n May 5, 2010 (Baystreet.ca) -- The Toronto stock market was off its worst levels of the session but still deep in the red Wednesday afternoon as worries about a spreading European debt crisis darkened investor sentiment.The S&P/TSX composite index capsized 155.73, or 1.3%, to 11,875.13, after being off more than 200 points in the early going. On the TSX, Suncor Energy fell $1.87 to $32.51 while Canadian Natural Resources lost $3.12 to $73.83.Investor nervousness was heightened Wednesday after Moody's Investor Services warned it may downgrade its view on Portugal's debt in the next three months. The ratings agency said Wednesday that it has put Portugal's Aa2 bond rating on review for possible downgrade as a result of the recent deterioration in the country's public finances as well as its long-term growth prospects.Standard & Poor's last week downgraded Portugal's credit rating by two notches.There are also concerns about the Greek government's ability to push through massive austerity measures in return for the cash. Wednesday's general strike in Greece -- which left three dead -- is unlikely to assuage concerns that the government will get the popular backing it needs.Fears of the consequences of a sovereign debt default pushed the financial sector down with Bank of Montreal giving back $1.36 to $60.93.Worries about softening demand for commodities pushed rail stocks down with Canadian National Railways down $1.06 to $59.07.In the gold sector, Eldorado Gold advanced 17 cents to $16.07 while Kinross Gold Corp. lost 84 cents to $18.21.The base metals sector moved into positive territory as copper also recovered from early sharp declines. The July contract eased three cents to $3.15 U.S. a pound. Teck Resources gained 19 cents to $37.44 but HudBay Minerals lost 58 cents to $11.45.The telecom sector was ahead, with Telus Corp. shares up $1.08 to $38.61 after the company announced it was hiking its dividend by 5%. Talisman Energy Inc. shares slid seven cents to $16.85 after the Calgary based global energy company saw its first quarter earnings drop by about half, to $228 million, mainly because of big one-time gains last year. But Talisman said it is continuing its transition into a major shale gas producer.Oil and pipeline distributor Enbridge Inc. reported its net earnings in the firs...