Business
Bargain hunters lift TSX
Bargain hunters lift TSX
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[{"type":"text","content":"\nBargain hunters lift TSX\n\nIT, metals have best showing in T.O.\n Jan. 25, 2010 (Baystreet.ca) -- Bay Street stocks continued to hover in the positive zone in mid-morning deals Monday as investors lapped up stocks on bargain hunting.\n\nDuring noon hour, the S&P/TSX Composite Index had added 32.37 points to 11,375.80\n\nThe main index fell for the previous three days, erasing nearly 4%. However, Gold and energy stocks were under the buyers' radar this morning as prices of oil and gold edged up. Financial stocks too rebounded from their early morning lows.\n\nThe Gold Index added strength as Goldcorp. Inc. gained 0.49% after Toronto Dominion Bank hiked its rating on the stock to "buy" from "hold". Rand Gold rose 0.84%. \n\nGuyana Goldfields moved up 1.06% after announcing that it has closed its short form prospectus offering through which it has issued 10 million common shares at $6.95 per share to raise $69.5 million.\n\nSimilarly, gold explorer Barkerville added 1.00% after it said it raised $13.05 million via private equity issue.\n\nAmong energy plays, Baytex Energy rose 1.45% and Suncor Energy gathered 1.19%. \n\nPetroleum explorer Serica Energy moved up 0.82% after it said it sold certain of its interests in South East Asia to KrisEnergy Ltd, for $105.4 million.\n\nMeanwhile, minerals and natural gas explorer Caspian Energy slipped over 14%. The company announced the appointment of Michael Nobbs to its board of directors. \n\nBank of Montreal edged up 0.33% even after its long term ratings were cut one grade at Moody's Investors Service, citing greater earnings volatility at the bank's wholesale investment bank. \n\nBank of Nova Scotia moved up 0.58% after Macquarie group hiked its rating on the stock to "neutral" from "underperform".\n\nResearch In Motion added 1.03%. Motorola Inc. said that it had filed a complaint against RIM with the U.S. International Trade Commission for infringement of patents. \n\nInsurance solutions service provider Kingsway Financial Services surged 16.45% after Westaim Corp agreed to buy Jevco Insurance from Kingsway for $263 million. \n\nPharmaceutical manufacturer and distributor Dragon Pharmaceutical rallied 15.87% to $0.730. The company said on Friday that Yanlin Han, Chairman and CEO of the company, has made a non-binding proposal to purchase all of...