Business
TSX under selling pressure
TSX under selling pressure
About this update from Kinross Gold Corporation
[{"type":"text","content":"\nTSX under selling pressure\n\n\n May 18, 2010 (Baystreet.ca) -- The Toronto stock market surrendered an early solid gain Tuesday as the euro again succumbed to selling pressure on the latest wave of worry connected with the European government debt crisis.The S&P/TSX composite index ended the day off 48.49 points to 11,764.51, after leaping as high as 150 points in the morning. After a positive start to the trading day, investor nervousness resurfaced which drove the U.S. dollar higher and the euro to $1.2295 U.S., down from $1.2382 U.S. late Monday.The euro had fallen to a four-year low of $1.2233 U.S. at one point Monday, reflecting investor sentiment that the $1-trillion U.S. aid package which was unveiled a week ago doesn't go far enough in helping weak European countries deal with potential debt default. Countries in the worst shape may have to gut spending, which will slow growth throughout the continent.On the TSX, Suncor Inc. gained five cents to $31.31.The base metals sector gained, as copper prices climbed after worries that China may tighten lending and slow the economy also helped push the metal sharply lower for the past two sessions. On Tuesday, the July contract on the Nymex gained nine cents to $3.03 U.S. a pound. Teck Resources climbed 42 cents to $33.53 while FNX Mining fell 70 cents to $10.15.Financials were up with Royal Bank ahead 60 cents to $60.09 and Bank of Montreal gaining 54 cents to $60.62.Industrial stocks also lost early lift as Canadian Pacific Railway lost $1.00 to $57.60.Canadian National shares were down 15 cents to $60.58 after it said Monday it plans to buy back up to three million of its shares in a private deal with an arm's-length third-party seller. The company said the price paid will be negotiated with the seller, but it will not be more than the prevailing market price at the time of the purchase.Gold stocks were lower as Kinross Gold Corp. 18 cents lower to $18.82.In other corporate news, paper products maker Cascades announced it is launching an antibacterial paper towel to help cut bacteria spread by hand in the food processing and restaurant industries as well as in medical clinics, aircraft, cruise ships and schools. Its shares rose nine cents to $6.52. A U.S. subsidiary of CGI Group Inc. has won a $73.2-million U.S. contract to modernize and maintain three government health webs...