Business
TSX, Dow in opposite directions
TSX, Dow in opposite directions
About this update from Serrano Resources Ltd.
[{"type":"text","content":"\nTSX, Dow in opposite directions\n\nEnd of wild week\n Apr. 3, 2009 (Baystreet.ca) -- 05:15 pm EST\nThe Toronto stock market closed little changed today as investors stepped back at the end of a fourth consecutive positive week while New York indexes closed higher amid data detailing another month of huge job losses in the United States.Toronto's S&P/TSX composite index moved 7.38 points lower to 9,065.76, closing above the 9,000-mark for the first time since February 9 and leaving the main index modestly positive for the year to date.The rally which began on March 10 has lifted the TSX 20% since hitting multi-year lows on March 9.Buoying markets this week was a pledge by the world's major powers of more than $1 trillion U.S. to help combat the global economic crisis and a change to U.S. accounting rules that had forced banks to value their assets at current prices.Losses were led by base metals and particularly gold stocks and would have been higher had it not been for a solid earnings report that drove up the value of Research In Motion Ltd.RIM shares soared $11.81 or 19.35% to $72.80 after the BlackBerry maker beat analyst expectations by a wide margin and posted a $518.3 million U.S. in profit for its fourth quarter.The company's outlook was also stronger than expected while co-CEO Jim Balsillie said that about 70% of net new subscriber accounts came from consumers, who now represent about half of the total BlackBerry subscriber account base.The TSX energy sector was flat as crude oil steadied after running ahead more than $4 on Thursday. Canadian Oil Sands Trust gained 47 cents to $26.82.The financial sector shook off early losses to rise as Royal Bank gained 50 cents to $38.47 and CIBC climbed $1.37 to $48.87.The gold sector was down, as Barrick Gold Corp. faded $2.71 to $37.31.The telecom sector was also weak, as Telus Corp. declined 74 cents to $35.19.Consumer staples stocks were also weak, with Shoppers Drug Mart down 73 cents to $42.98 and grocer Loblaw Cos. Ltd. shed 80 cents to $30.90.Lundin Mining Corp. shares gave back six cents to $2.11 after the Vancouver-based international miner said it is issuing at least 80 million new common shares in a bought deal worth $164 million.The Canadian dollar was up 0.48 cents to 81.25 cents U.S. ON BAYSTREET Of the 13 TSX subgroups, seven were negative, weighed lower by gold...