Business
Tumble continues for TSX
Tumble continues for TSX
About this update from Kinross Gold Corporation
[{"type":"text","content":"\nTumble continues for TSX\n\nMining stocks fare worst in T.O.\n Oct. 28, 2009 (Baystreet.ca) -- The Toronto stock market sustained triple-digit losses for a fourth consecutive session Wednesday as a rising U.S. dollar sent commodity prices and the Canadian dollar sharply lower.\n\nWithin minutes of the closing bell, the S&P/TSX composite index had plummeted 221.05 points, or 2%, to 10,832.49.\n\nInvestors were also discouraged as hopes for recovery of the American housing sector suffered a setback, further raising doubts about the strength of the U.S. economy.\n\nThe TSX was already down about 4% over the last three sessions before this latest slide. \n\nAnalysts pointed out that a round of profit taking wasn't surprising, considering the TSX had gained about 50% since the lows of March with hardly a break.\n\nBut that gain was based on hopes for a strong economic rebound being in place by late this year and recent economic data, including a report Tuesday that showed an unexpected drop in U.S. consumer confidence, have shaken those hopes.\n\nAmong energy stocks, EnCana Corp. declined $2.40 to $59.83 on the TSX.\n\nNexen Inc. reported that its profit in the third quarter fell to $122 million or 23 cents a share, down 86% from the same time last year, beating analyst estimates by a penny a share. \n\nNexen's revenue was cut in half to $1.1 billion and its shares were down 46 cents to $23.53.\n\nMining stocks were also under pressure as the December copper contract on the New York Mercantile Exchange backed off 6.85 cents to $2.93 U.S. a pound and the base metals sector lost ground. Teck Resources dropped $2.64 to $30.42.\n\nSherritt International Corp. reported that net income fell to $55.9 million or 19 cents per share in the third quarter, down from $133.1 million or 45 cents per share a year earlier because of lower commodity prices "largely due to the impact of relatively weakened global industrial demand on the base metals market."\n\nRevenue fell 18.5% to $389.6 million and its shares stepped back 39 cents to $6.86.\n\nThe gold sector was down, as Kinross Gold Inc. faded 87 cents to $19.43.\n\nGroups outside the commodity sectors were also down sharply.\n\nThe tech sector declined and Research In Motion Ltd. moved down $2.20 to $65.50 while the industrial sector moved down with Canadian National Railways down 95 ...