Business
TSX range-bound
TSX range-bound
About this update from Precision Drilling Corporation
[{"type":"text","content":"\nTSX range-bound\n\nCommodities could hamper Toronto\n Oct. 22, 2009 (Baystreet.ca) -- Canadian stocks were fairly flat at Thursday's open, following weakness seen late yesterday. Lower commodity prices and some disappointing earnings news could weigh on the market.\n\nOnly moments after Thursday's opening bell, the S&P TSX Composite index was ahead 5.51 points to 11,447.53. On Wednesday, the S&P/TSX Composite Index fell 96.10 points, or 0.83%, to close at 11,442.02. \n\nThe market moved notably lower in the final hour of trading.\n\nCrude oil and gold prices fell and copper declined 2.7 cents to $3.0009 U.S. \n\nIn corporate news, Potash Corporation of Saskatchewan reported third-quarter net earnings of $248.8 million U.S. or $0.82 U.S. per share, compared to $1.2 billion U.S. or $3.93 U.S. per share, in the same quarter last year.\n\nPrecision Drilling Trust reported third-quarter net income of $72 million or $0.25 per unit, compared to $82 million or $0.61 per unit last year.\n\nHusky Energy reported third-quarter net earnings of $338 million or $0.40 per share compared with $1.27 billion or $1.50 per share in the same quarter last year.\n\nCangene Corp. reported full-year net income of $59.9 million or $0.86 per share, compared with $29.6 million or $0.42 per share a year earlier. \n\nOn the economic front, Canadian retail sales data increased 0.8% in August, according to data released Thursday morning. A rise of 0.1% is forecast, compared to a revised drop of 0.5% in July. Excluding autos, sales rose 0.5% after falling a revised 0.7% in July.\n\nThe Canadian dollar skidded 0.38 cents to 95.29 cents U.S. \n\nON BAYSTREET \n\nOf the 14 TSX subgroups, 10 went up in the early going. Global base metals led the parade, up 0.6%, followed by metals and mining and telecom stocks, up 0.5% each. \n\nThere were two losing groups; real-estate stocks slid 0.4% and energy was off 0.1%. Materials and gold started the day flat. \n\nThe TSX Venture Exchange nipped ahead 0.31 points to 1,342.90, while the Nasdaq Canada index lost 1.54 points to 700.72. \n\nON WALLSTREET\n\nIn New York, stocks were mixed at Thursday's open as investors continued to fret about third-quarter corporate results and reacted to a worse-than-expected job market report.\n\nThe Dow Jones Industrials gained 40.20 points to 9.989.56. The S&P 500 index increased 2.32 poi...