Business
TSX gains again
TSX gains again
About this update from Saputo Inc.
[{"type":"text","content":"\nTSX gains again\n\nTech, industrials power gain\n Feb. 2, 2010 (Baystreet.ca) -- The Toronto stock market was higher for a second session on Tuesday amid further signs of an improving American economy.\n\nThe S&P/TSX Composite Index continued its climb through the closing bell, gaining 90.79 points to 11,408.34 \n\nThere was further good economic news Tuesday after the number of Americans preparing to buy a home rose slightly in December, a sign that home sales could be stabilizing heading into the spring home-buying season.\n\nThe news was reassuring to investors who watched the TSX lose 5.5% during January on worries about the strength of an economic recovery.\n\nThe Canadian dollar moved up against its American counterpart as Federal Finance Minister Jim Flaherty says there is no need for Ottawa to provide more stimulus spending for the economy beyond the end of the current program, which expires in 2011.\n\nFlaherty also said he will unveil his plans for eliminating the deficit, which is expected to hit a record $56 billion in the current fiscal year, in the upcoming March 4 budget.\n\nOn the TSX, the base metals sector picked up ground as the March copper contract was ahead two cents at $3.10 U.S. a pound. Teck Resources gained 99 cents to $37.69 and HudBay Minerals was up nine cents to $12.69.\n\nThe industrials sector ran up as Bombardier Inc. gained 31 cents to $5.48.\n\nThe financial sector was ahead with Royal Bank ahead $1.02 to $53.84 and Scotiabank gained 62 cents to $45.81.\n\nThe tech sector was also stronger, with Emergis Inc. up 23 cents to $3.03 while Research In Motion Ltd. was ahead $1.44 to $69.50.\n\nThe energy sector was ahead as the March crude contract on the New York Mercantile Exchange climbed. The group was weighed down by Suncor Energy Inc., which reported fourth-quarter 2009 net earnings of $457 million, or 29 cents per share. The results missed analyst estimates of 42 cents a share, but reversed a net loss of $215 million a year earlier. Suncor shares fell $1.99 to $32.85.\n\nBullion prices also made headway, as Kinross Gold Corp. improved 22 cents to $18.31.\n\nThe telecom sector was the only negative component with Rogers Communications down 14 cents to $33.42 after Goldman Sachs Group Inc. added the company to its "conviction sell" list on expectation the company's growth will slow &...