Business
Stocks pull back
Stocks pull back
About this update from Lanebury Growth Capital Ltd.
[{"type":"text","content":"\nStocks pull back\n\nTraders cash in\n Mar. 27, 2009 (Baystreet.ca) -- 01:00 pm EST\nThe Toronto stock market was down by Friday noon with most sectors negative as the March rally took another pause.New York markets also moved lower. Data showing higher American consumer spending for a second straight month but dropping personal incomes prompted traders to nibble at profits at the end of another week of advances.The S&P/TSX Composite Index remained 96.83 points in the red at noon, at 8,898.67, off its lows for the day. That still left the main index above where it started the year, and up 19% since the market's rally took off March 10. Canadian investors digested plans by the Ontario government to give businesses $4.5 billion in tax cuts over three years. The provincial corporate income tax rate is to drop to 10% by 2013 from the current 14.The TSX energy sector weakened as EnCana Corp. surrendered $1.36 to $53.32 and Suncor Inc. declined 49 cents to $29.41.The Toronto financial group fell. Manulife Financial pulled back 40 cents to $15 and Royal Bank slipped 42 cents to $37.06.The gold sector declined as Barrick Gold Corp. faded 72 cents to $40.06.Agrium Inc. is raising its bid for CF Industries Holdings Inc. to $4.2 billion U.S., about 20% above the original offer. Agrium shares lost 82 cents to $48.16.Magellan Aerospace descended one cent to 34 cents after it said it may be unable to continue as a going concern despite erasing losses. Magellan needs to renew a credit facility and win an extension on a $50-million loan to stay aloft.Shares in yoga-wear retailer Lululemon Athletica Inc. surged for a second day although same-store sales sagged 8% in the fourth quarter compared to a year earlier and are expected to decline further. Quarterly profit fell to $10.9 million from to $14.6 million but Lululemon shares rose $1.37 to $10.77 after running up $1.26 Thursday before the earnings report.The Canadian dollar tumbled 0.47 cents to 80.78 cents U.S. ON BAYSTREET Of the 13 TSX subgroups, all but two were negative. Gold stocks were 2.1% less shiny, energy stocks suffered 1.9%, and consumer discretionaries, off 1.5%Metals and mining were up 0.5%, to lead the two gaining groups, though financials were fairly flat, picking up less than 0.1%. The TSX Venture Exchange fell back 3.06 points to 970.96 while the Nasdaq Canada Index pic...