Business
TSX recovers
TSX recovers
About this update from Pinetree Capital Ltd.
[{"type":"text","content":"\nTSX recovers\n\nN.Y. markets close at 1 p.m.\n Nov. 27, 2009 (Baystreet.ca) -- Bay Street stocks bounced back on Friday and recovered some of the sharp losses seen in the previous session. Health-care and industrial stocks have led the gainers.\n\nAs the clock approached noon, the S&P/TSX Composite Index had regained 75.66 points to 11,512.46, out of the rubble of Thursday's 200-point tumble. \n\nHealth-care stocks are up, as QLT has soared 11.4% after RBC Capital upgraded the stock to "outperform" from "sector perform" and boosted its target price to $6 from $4.50. On Wednesday, the company announced the settlement of its litigation with Massachusetts General Hospital. \n\nIndustrials are up, as WestJet has rallied 2.6%, Canadian Pacific has gained 2.3% and Canadian National Railway is up 2.2%.\n\nGold stocks have lost about 1% as the precious metal dropped sharply on the Comex. Novagold has declined 2.3% and Centerra Gold has lost 1.5%. \n\nIn corporate news, Wireless services provider WebTech Wireless has dropped 4% after the company said it has reduced its full-time workforce by over 10% and adopted other cost saving measures. \n\nPinetree Capital has dropped 5.6% after the company announced that it acquired of 1.58 million common shares of Latin American Minerals. \n\nIn economic news, the Canadian currency account balance data showed a third-quarter deficit of a record $13.12 billion, compared to a revised deficit of $11.94 billion in the second quarter.\n\nThe Canadian dollar was still negative by 0.18 cents to 94.08 cents U.S. \n\nON BAYSTREET \n\nOf the 14 TSX subgroups, nine had made their way out of the dungeon into daylight. Industrials and health-care stocks were ahead 1.2% by noon, while financials gained 1%. \n\nGlobal base metals weighed down the losing subgroups by 2%, while gold stocks dipped 1% and utilities were off 0.5%. \n\nThe TSX Venture Exchange remained in the red by 10.53 points to 1,408.84, while the Nasdaq Canada surrendered 12.50 points to 650.75. \n\nON WALLSTREET\n\nIn New York, stocks tumbled Friday morning as fears about the fallout from Dubai's debt problems rattled Wall Street in a thinly-traded session following Thanksgiving.\n\nThe Dow Jones Industrials was off its lows of the day, but was still down 128.78 points, or 1.2%, to 10,335.62. The S&P 500 index stumbled 15.50...