Business
Markets rebound slightly
Markets rebound slightly
About this update from Linamar Corporation
[{"type":"text","content":"\nMarkets rebound slightly\n\nU.S. jobs hit 25-year low\n Mar. 6, 2009 (Baystreet.ca) -- 10:37 am EST\nStock markets were modestly higher Friday morning as investors reckoned that dismal U.S. jobs data for February could have been worse.Toronto's S&P/TSX composite index got a head-start on the rest of the day, advancing 105.24 to 7,734.41Many analysts believe there is little keeping stocks from falling even further as worries about the automotive and financial sectors continue to weigh on investors.The TSX's main support came from the energy sector as Suncor Inc. rose 87 cents to $27.07 and Canadian Natural Resources gained $1.33 to $41.84.The base metals sector rose as Teck Cominco Ltd. improved 18 cents to $3.60.In the financial sector, National Bank shed 31 cents to $35.44.The Bank of Nova Scotia has taken a majority interest in Five Continents Financial Ltd., a global asset management firm in the Cayman Islands. The terms of the transaction were not disclosed and Scotiabank shares were off two cents to $26.19.Autoparts maker Linamar Corp.has cut its quarterly dividend in half. The Ontario-based company reported a fourth-quarter loss Thursday and said it would pay a quarterly dividend of three cents per share, down from six cents in the previous quarter. Linamar shares fell 22 cents to $2.78.In earnings news, SNC Lavalin Group Inc. reported fourth-quarter net income of $75 million, compared with a net income of $68.7 million for the same period in 2007. For all of 2008, the engineering giant reports $312.5 million in net income, compared with $153.2 million in 2007 and its shares climbed $1.35 to $30.Industrial waste management services provider Newalta Inc. said Friday it was cutting its dividend by 14 cents to five cents after reporting a drop in profits for both the most recent quarter and fiscal year. The company cited volatile markets and weak commodity prices and its shares slipped 13 cents to $3.57.The Canadian dollar picked up 0.43 cents, to 78.01 cents U.S. BAYSTREET\n \nOf the 13 TSX sub-groups, 11 were up to start Friday. Energy stocks were up 3.7%, metals and mining were next in line, ahead 2.6% and financials cruised along, 1.4%The two laggards were health-care stocks, down 1% and information technology, off 0.3%. The TSX Venture Exchange was 3.92 points to the better, at 833.61, while the Nasdaq Canada index...