Business
Stocks stumble at opening
Stocks stumble at opening
About this update from Precision Drilling Corporation
[{"type":"text","content":"\nStocks stumble at opening\n\nMetals and gold weigh on TSX\n Feb. 12, 2010 (Baystreet.ca) -- Canadian stocks struggled to sustain gains accumulated in the past three sessions Friday morning on easing commodity prices and worries over the euro zone. \n\nThe S&P/TSX Composite Index stubbed its toes out of the gate, losing 90.03 points in the first half-hour to 11, 345.46. \n\nEven as traders were awaiting more details on the European rescue plans for the Greece, news that growth in the German economy stalled in the fourth quarter of 2009 may weigh on the sentiment.\n\nCommodity prices slipped Friday morning after China hiked its reserve ratio for banks, for a second time in a month, to cool off its economy. Prices for oil and bullion both slipped. \n\nIn corporate news, Oil and natural gas explorer Niko Resources swung to profit, reporting third-quarter net income of $0.29 per share, as against a loss of $0.04 in the same quarter last year. \n\nSilver explorer Silver Standard Resources said it would raise approximately $100 million through a public offering of its common shares. \n\nHealth Science and Technology company Afexa Life Sciences reported that first-quarter net earnings surged $0.06 per share, from $0.03 per share last year.\n\nTelecommunications service provider TELUS Corp. said its fourth-quarter net income decreased $0.49 per share from $0.90 in the prior year quarter.\n\nContract drilling operator Precision Drilling Trust reported fourth-quarter net loss of $0.09 per unit, compared to net income of $0.66 per unit last year.\n\nIn brokerage updates, Royal Bank of Canada upped its rating on Research In Motion to "top pick" from an "outperform". RBC upped Teck Resources rating to "outperform" from "sector perform"\n\nIn economic news, Statistics Canada said New Motor Vehicle Sales increased 2.6% to 128,663 units in December, helped by higher sales in North American-built passengers cars.\n\nThe Canadian dollar decreased 0.49 cents to 94.68 cents U.S. \n\nON BAYSTREET \n\nAll 14 TSX subgroups were lower at the outset. Biggest losers were the global base metals sector, off 3.1%, metals and mining not far behind at 2.8% and gold skidded 2.4%. \n\nThe TSX Venture Exchange stumbled 8.21 points to 1,484.46, while the Nasdaq Canada index moved backward 0.49 points to 739.92.\n\nON WALLS...