Business
TSX flounders
TSX flounders
About this update from Major Drilling Group International Inc.
[{"type":"text","content":"\nTSX flounders\n\nScotiabank in focus\n Mar. 9, 2010 (Baystreet.ca) -- The Toronto stock market found it hard to gain traction Tuesday as commodity prices fell and a better than expected earnings report from Scotiabank failed to encourage buyers.\n\nThe S&P/TSX composite index was still behind 20.55 points by the lunch break to 11,943.29. \n\nWith a light economic calendar this week, traders are is likely to look to the movements in commodity prices and earnings reports from corporations. \n\nScotiabank turned in a first-quarter profit of $988-million, up 17% from a year earlier. \n\nScotiabank said that was the equivalent of 93 cents on a cash basis, five cents a share better than analysts had forecast. Revenue came in at $3.9 billion, also above expectations.\n\nProvisions for credit losses were $371 million, down from $420 million in the prior quarter and its shares were down 37 cents at $49.73. However, its shares have risen over the past week as other banks' earnings reports lifted financials.\n\nScotiabank was the last of the big banks to report quarterly earnings. All save Royal Bank handed in earnings that beat analyst expectations.\n\nCanada's five biggest banks saw their profits soar in the first quarter compared to a year before when the recession battered away at earnings, raking in a combined $5.09 billion.\n\nAmong energy issues, Suncor Energy declined 58 cents to $31.45.\n\nThe gold sector was down as Barrick Gold Corp. dropped 35 cents to $49.49 while Kinross Gold Corp. faded 18 cents to $19.18.\n\nThe base metals sector eased as May copper slipped a penny to $3.40 U.S. a pound. Teck Resources was down 66 cents to $40.91.\n\nThe tech sector was supportive with Research In Motion Ltd. up 70 cents to $76.18. The stock was up about 5% Monday after BMO Capital Markets upgraded the BlackBerry maker to "outperform" from "market perform".\n\nThe cautious trading on markets Tuesday came 12 months after the market hit bottom in the depths of the financial crisis, which was sparked by the collapse of the U.S. housing sector. Stocks have surged since hitting multi-year lows on March 9 of last year, with the turnaround starting a day later when U.S. bank Citigroup said it was turning a profit.\n\nSince then, evidence of so-called "green shoots" and signs of a tentative recovery have sent indexe...