Business
TSX nears breakeven
TSX nears breakeven
About this update from Red Lake Gold Inc
[{"type":"text","content":"\nTSX nears breakeven\n\nGold, materials power T.O. market\n Oct. 16, 2009 (Baystreet.ca) -- Canadian stocks recovered early losses and were basically flat on Friday afternoon. The market was moderately higher for the holiday-shortened week, thanks to a big gain on Wednesday.\n\nWithin minutes of Friday's closing bell, the S&P TSX Composite index was off but 4.91 points to 11,499.60.\n\nGold and materials stocks added strength, as Yamana Gold gained 3.4% to $12.89, Royal Gold was up 3% to $49.99 and Seabridge advanced 2.4% to $27.31. \n\nIn corporate news, Volta Resources soared 16.4% to 39 cents after the company said it signed a definitive agreement with Randgold Resources to purchase the Kiaka gold project in Burkina Faso for $4 million in cash and 20 million common shares of Volta. \n\nPengrowth Energy Trust slipped 2% at $10.47 after the company announced that will increase the size of its previously announced offering to $300 million.\n\nCVTech Group tacked on 1.3% to $1.60 after the company said its subsidiary Thirau ltée was awarded a $5.2-million contract by Hydro-Québec for work on the vast Romaine hydroelectric complex on Quebec's North Shore.\n\nCryptoLogic said that it expects third-quarter revenue of about $9.6 million, and a trading loss of about $3.4 million. The stock plunged 21.5% to $5.19. \n\nEtruscan Resources was flat at 56 cents after the company reported third-quarter net income of $1.4 million or $0.01 per share compared with $2.1 million or $0.02 per share in the same quarter last year.\n\nCanadian Royalties Inc. soared 36.2% at 79 cents after Jien International Investment and Goldbrook Ventures increased its offer for Canadian Royalies to about $192 million. Goldbrook shares leapt 33.3% in price to 20 cents. \n\nOn the economic front, Statistics Canada reported consumer prices fell 0.9% in September, compared to a year ago, following a 12-month decline of 0.8% in August, and equaling the 0.9% drop in July, the biggest in more than 50 years.\n\nExcluding energy, the CPI rose 1.3% on yearly basis. Core CPI rose 0.2% month-on-month and up 1.4% year-over-year. It was expected to rise 0.2% on a monthly basis and 1.4% on an annual basis. \n\nThe Canadian dollar skidded 0.30 cents to 96.30 cents U.S. \n\nON BAYSTREET \n\nOf the 14 TSX subgroups, nine finished the day higher. Gold was up 1.5%, materi...