Business
TSX noses ahead
TSX noses ahead
About this update from Lanebury Growth Capital Ltd.
[{"type":"text","content":"\nTSX noses ahead\n\nMining stocks lead T.O.\n Dec. 10, 2009 (Baystreet.ca) -- Toronto stocks are modestly higher on Thursday morning, boosted by some encouraging economic data from both sides of the border.\n\nThe S&P/TSX Composite was up 31.47 points at the outset, to 11,410.69. \n\nMining stocks are up, as Teck Resources has rallied 2.5%, HudBay is up 1.5% and First Quantum has added 1%.\n\nGildan Activewear has rallied 8% after the company reported fourth-quarter net earnings of $42.39 million U.S. or $0.35 U.S. per share, compared to $21.83 million U.S. or $0.18 U.S. per share last year. \n\nOncothyreon said that Merck KGaA of Darmstadt, Germany, has initiated a Phase 3 trial of Stimuvax in Asian patients with advanced non-small cell lung cancer. \n\nADF Group Inc. posted third-quarter net earnings of $1.4 million or $0.04 per share, compared to $6.5 million or $0.18 per share for the same quarter last year.\n\nCliffs Natural Resources said it increased its offer to acquire Montreal-based Freewest Resources Canada to a fixed value of $1.00 in Cliffs shares per Freewest share.\n\nWest 49 reported third quarter net income and comprehensive income of $2.9 million or $0.04 per share, compared to $2.07 million or $0.03 per share last year.\n\nAfter the close yesterday, Lululemon Athletica reported net income loss for the third quarter of $14.1 million U.S. or $0.20 U.S. per share, compared to $8.8 million or $0.13 per share in the year-ago quarter.\n\nIn economic news, Statistics Canada reported an unexpected trade surplus of $428 million in October, compared to a deficit of $850 million in the prior month. Exports were up 3.4%.\n\nThe Canadian dollar was ahead 0.39 cents to 95.23 cents U.S. \n\nON BAYSTREET \n\nOf the 14 TSX subgroups, 10 are in positive territory to begin the day. Metals and mining surged 1%, followed by energy and industrials, up 0.6% each. \n\nTelecoms weighed most on the losing groups, down 0.3%, while gold stocks faded 0.1% and health-care stocks were 0.03% below Wednesday's close. \n\nThe TSX Venture Exchange gained 7.88 points to 1,417.96, while the Nasdaq Canada index was up 5.09 points to 702.96. \n\nON WALLSTREET\n\nIn New York, stocks rallied Thursday as the dollar weakened against the euro, lifting commodities and the shares of companies that do a lot of business overseas. A mixed weekly jobless rep...