Business
T.O. ends positive
T.O. ends positive
About this update from Precision Drilling Corporation
[{"type":"text","content":"\nT.O. ends positive\n\nBanks rally in N.Y., T.O.\n Feb. 9, 2009 (Baystreet.ca) -- 05:04 pm EST\nMarkets in North America trod carefully Monday, while digesting an announcement about the health of the banking sector in the United States, while traders in Toronto benefited mostly from a surge in oil's fortunes. The S&P TSX Composite Index ended the day marginally ahead, 33.02 points to 9,041.02, for a fifth straight positive session. U.S. Treasury Secretary Timothy Geithner was to announce an overhaul of the $700-billion U.S. aid plan for the financial sector Monday, but the speech was pushed back so Washington could focus on Congressional approval for the Obama administration's stimulus bill.The TSX financial sector was up 1.25% with Scotiabank higher by 63 cents to $31.21 while TD Bank climbed $1.03 to $40.83.Kingsway Financial Services Inc. crumpled $1.27 or 20% to $4.98 after the company said it is quitting some businesses, cutting 750 jobs and selling assets, while warning of a big fourth-quarter loss.The TSX energy sector was ahead, as EnCana Corp. rose $1.42 to $57.73 and Suncor Inc. advanced 79 cents to $26.28.Precision Drilling Trust units were well above early lows but still off 15 cents to $4.80 after Canada's largest oil and gas driller indefinitely suspended distributions as the recession undermines demand for its services.Elsewhere in the oilpatch, the board of UTS Energy Corp. urged shareholders to reject Total E&P Canada's “inadequate” $617-million offer to acquire the Calgary oilsands operator. UTS shares gained 11 cents to $1.81.The base-metals sector rose 0.8% with shares in Teck Cominco Ltd. up 14 cents to $5.43 even as Moody's Investors Service on Friday lowered the miner's debt ratings.The gold sector fell as Barrick Gold Corp. faded $2.38 to $45.62 and Goldcorp Inc. dropped $1.71 to $35.67.The Canadian dollar jumped 0.58 cents to $82.20 cents U.S., as Canada Mortgage and Housing Corp. reported a bigger than expected drop in housing starts last month. CMHC said the seasonally adjusted annual rate of housing starts declined to 153,500 units in January from 172,200 in December.Economists were expecting starts to come in at 169,000 but CMHC said reduced sales and increased listings of existing homes reduced demand for new dwellings.BAYSTREET\n \nOf the 13 TSX sub-groups, gainers swamped lo...