Business
Commodities power TSX
Commodities power TSX
About this update from Serrano Resources Ltd.
[{"type":"text","content":"\nCommodities power TSX\n\nBOC maintains rates\n\n Apr. 20, 2010 (Baystreet.ca) -- Canadian stocks opened higher Tuesday amid a recovery in the commodities prices and on the just released interest-rate decision by the Bank of Canada.\n\nThe S&P/TSX Composite Index ended the day ahead 44.85 points to 12,147.82\n\nToday, the central bank announced that it is maintaining its target for the overnight rate at a record low of 0.25%. The bank rate was left unchanged at 0.5% and the deposit rate at 0.25%. The bank now projects that the economy will grow by 3.7% in 2010 before slowing to 3.1% in 2011 and 1.9% in 2012.\n\nFinancial stocks may be in play following encouraging quarterly earnings reports by major banks from south of the border. \n\nIn corporate news from Canada, book retailer Indigo Books & Music announced a 10% increase in the company's quarterly dividend, raising it from $0.10 to $0.11 per common share, equating an annual dividend of $0.44 per share, up from $0.40 in 2009.\n\nIMAX Corp. announced a new joint venture agreement with Tokyu Recreation to install five digital IMAX theater systems in Japan.\n\nCommunication and media company Rogers Communications and drug retailer Shoppers Drug Mart announced a pilot project in which Rogers and Fido wireless products will be sold in more than 30 Shoppers Drug Mart stores in a key regional area. \n\nInsurance company Kingsway Financial Services said it added 3.9% of stake in Kingsway Linked Return of Capital Trust taking its total stake to about 26.72% \n\nWood pulp maker Tembec announced that its European subsidiary, Tembec SAS has signed a share purchase agreement with Paper Excellence B.V for the acquisition of 100% of the shares of Tembec Saint-Gaudens SAS and Tembec Tarascon SAS. Tembec will record a gain of about $23 million in its financial results for the quarter ending June 2010. \n\nOil and gas company Provident Energy Trust said it will combine its upstream business with Midnight Oil Exploration in a $460 million transaction.\n\nThe Canadian dollar climbed back to near-parity with its American cousin, adding 1.42 cents to 99.98 cents U.S. \n\nON BAYSTREET \n\nOf the 14 TSX subgroups, nine were higher in the first half-hour of trading. Metals and mining topped the list, gaining 1.3%, while energy tacked on 0.8% and materials gained 0.6%. \n\nThe five laggards were weigh...