Business
TSX tumbles
TSX tumbles
About this update from Kinross Gold Corporation
[{"type":"text","content":"\nTSX tumbles\n\nGold stocks lose shine\n Jan. 15, 2010 (Baystreet.ca) -- The Toronto stock market endured a sharp loss for the week Friday afternoon as key earnings from the American financial sector and more soft economic data sparked a selloff.\n\nThe S&P/TSX Composite Index jettisoned 119.01 points, or 1%, to 11,685.37\n\nThe main index's loss was about 2% for the week, more than wiping out the sharp gain racked up in the first week of 2010 trading as investors passed judgment on the initial batch of U.S. quarterly earnings reports.\n\nThe Toronto financial sector pulled back after JPMorgan Chase reported that it earned $3.28 billion U.S. or 74 cents U.S. a share during the final three months of 2009. \n\nRoyal Bank stepped back 77 cents to $54.98 and TD Bank fell 70 cents to $63.64.\n\nAmong stocks in the gold sector, Barrick Gold dropped 49 cents to $40.89.\n\nShares in Kinross Gold Corp. were down 83 cents to $19.91 after the company said it expects to produce about 2.2 million gold equivalent ounces in 2010, consistent with its 2009 production.\n\nNovus Gold Corp. and Terra Ventures Inc. two junior mineral exploration companies, say they've made a new gold discovery on the REN property in Northwest Territories. Novus shares were unchanged at 25 cents while Terra shares gained 2.5 cents to 49.5 cents on the TSX Venture Exchange.\n\nThe TSX energy sector was down as oil prices moved back for a fifth session with Suncor Inc. losing 66 cents to $36.86 and Canadian Natural Resources fell 62 cents to $72.18.\n\nThe base metals sector moved lower as March copper was off two cents at $3.36 U.S. Sherritt International lost nine cents to $7.10 and FNX Mining stepped back 39 cents to $12.59.\n\nIn other corporate news, American fertilizer company CF Industries Holdings Inc. is dropping its hostile pursuit of U.S. rival Terra Industries Inc. The move clears a key obstacle for Calgary-based Agrium Inc. which has had its sights set on CF since last February, but has seen all of its overtures rebuffed. \n\nAgrium's more-than-$5.4-billion U.S. offer for CF was made on the condition CF abandon its efforts to take over Terra.Agrium shares were down $2.75 to $64.15.\n\nIn economic news, Statistics Canada said today New Motor Vehicle sales dipped 6% to 124,764 units in November, after moving up for the past four months.\n\nThe Canadian doll...