Business
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About this update from Red Lake Gold Inc
[{"type":"text","content":"\nSlide continues\n\nMetals, materials suffer most\n Feb. 4, 2010 (Baystreet.ca) -- Bears took the driver's seat on Bay Street from the word go, with the main index shedding nearly 200 points in mid-morning deals Thursday.\n\nBy noon, the S&P/TSX Composite Index had shed 207.04 points, or 1.8%, to 11,183.42, its three-month low. \n\nCommodity stocks suffered the most, with the gauges of gold, diversified materials and metals stocks shedding nearly 4% each. \n\nThe Gold Index lost ground with Iamgold giving up 5.88%. Rand Gold slipped 4.64%.\n\nRoyal Gold gave in 3.44% after reporting second-quarter net income $0.23 per share, compared to $0.62 per share in the same quarter last year. Analysts were expecting the company to earn $0.19 per share.\n\nThe Diversified Metals Index surrendered 3.87%. Inmet Mining slipped 4.32% and Tech Resources surrendered 3.85%.\n\nAmong energy stocks, Cenovus Energy gave in 2.15%. \n\nIntegrated petroleum producer Husky Energy was down 1.67% after reporting fourth quarter net earnings of $0.38 per share, up from $0.27 per share in the prior-year quarter. \n\nBlackberry maker Research In Motion surrendered early morning gains and eased 0.11%. The company said it won a patent dispute case filed by rival Motorola. \n\nGas and electricity distributor Fortis Inc. lost 1.80% after reporting fourth-quarter net earnings of $0.46 per share, flat with that reported in the prior-year quarter.\n\nPaper manufacturer Domtar Corp. moved down 7.50% even after reporting fourth-quarter net earnings of $2.86 per share compared with a net loss of $15.72 per share in the prior year period. \n\nIndependent full service investment dealer Canaccord Financial slipped 0.92% even after the company swung to profit by reporting third-quarter net income of $0.27 per share, against a loss of $1.27 per share in the same period last year. \n\nOn the positive side, enterprise content management software provider Open Text Corp. rallied 9.885 after reporting that its net income for the second quarter surged to $0.37 U.S. per share from $0.01 U.S. per share, in the prior-year quarter. \n\nThe company attributed this to a 12% growth in license revenues and synergies from the acquisition of Vignette.\n\nWireless communications service provider BCE Inc was up 1.70% after it said it swung to profit in the fourth quarter, reporting net ear...