Business
TSX eases down in late trading
TSX eases down in late trading
About this update from Red Lake Gold Inc
[{"type":"text","content":"\nTSX eases down in late trading\n\nTechs have banner day\n Dec. 18, 2009 (Baystreet.ca) -- Bay Street stocks dipped just a bit below the flat line in late Friday trading after surrendering an earlier rally. A strong day for Research in Motion and the tech sector was offset by a decline by miners.\n\nThe S&P/TSX Composite index fell 9.66 points, to finish the week at 11,463.40. \n\nThe technology index has added strength as Research in Motion has soared more than 11% to $74.69. \n\nThe Blackberry maker reported that its third-quarter net income increased to $628.37 million U.S. or $1.10 U.S. per share from $396.30 million U.S. or $0.69 U.S. per share last year. \n\nAnalysts expected the company to report profit of $1.04 U.S. per share.\n\nGold stocks gained ground, as Eldorado gained 5.6% to $14.55, Iamgold was up 3.7% to $16.81 and Goldcorp added 2.4% to $40.97. \n\nMining stocks were down, as HudBay lost 8.3% to $12.90, after reporting updated drill results from its copper-gold zone at its Lalor deposit in the Flin Flon Greenstone Belt.\n\nIn other corporate news, Patheon gained 2.9% to $2.49 amid choppy trading after the company reported fourth quarter net income of $4.6 million U.S., compared to $37.3 million U.S. last year. Earnings per share were $0.036 U.S., compared to $0.394 U.S. in the prior-year quarter.\n\nRoyal Gold was up 0.9% to $50.67 after it agreed to acquire International Royalty Corp. in a cash and stock deal worth about $749 million. International Royalty gained 3.4% to $7.57.\n\nEnerflex Systems Income Fund rose 2.9% to $14.39 after the company raised its offer to acquire Toromont Industries Ltd. to $14.25 per unit or about $315.6 million. Toromont was down 0.8%. \n\nCommercial Solutions was unchanged at 25 cents after the company reported its fourth-quarter net loss was $1.77 million or $0.09 per share, compared to a net income of $0.82 million or $0.04 per share a year ago.\n\nPotash declined 6% to $112.08 after being downgraded to "sell" from "hold" at Soleil Securities Group, with a target price of $85. \n\nPengrowth Energy added 0.5% to $10.28 after being upgraded to "buy" from "hold" at Canaccord Adams. \n\nParamount Resources climbed 1.7% to $14.75 after the company said it acquired an additional 2.72 million shares of Redcliffe Exploration.\n\nOn the economic ...