Business
Energy, financials boost TSX
Energy, financials boost TSX
About this update from Sherritt International Corporation
[{"type":"text","content":"\nEnergy, financials boost TSX\n\nU.S. stocks await Obama message\n Feb. 9, 2009 (Baystreet.ca) -- 12:35 pm EST\nMarkets in North America went in opposite directions by midday Monday, amid uncertainty over the ongoing U.S. economic stimulus debate and a delay in the announcement of the bank bailout plan.The S&P TSX Composite Index had surged 112.90 points by noon to 9,120.92The TSX financial sector was up 1.3% ahead of the announcement on the proposed bailout by U.S. Treasury Secretary Timothy Geithner with Scotiabank up 60 cents to $31.18 and TD Bank climbed 70 cents to $40.50.Kingsway Financial Services Inc. shares tumbled $1 or 16% to $5.25 after the company said it is quitting some lines of business, eliminating 750 jobs and selling assets, including its common-share equity portfolio, while warning of a "material" fourth-quarter loss.The TSX energy sector led this upward growth as EnCana Corp. rose $1.82 to $58.13 and Suncor Inc. advanced $1.38 to $26.87.Precision Drilling Trust units were well off early lows, up two cents to $4.97 after going as low as $4.32 following an announcement from Canada's largest oil and gas driller that it is indefinitely suspended distributions as the recession undermines demand for its services declines.Elsewhere in the oilpatch, the board of UTS Energy Corp. urged shareholders to reject Total E&P Canada's "inadequate" $617-million offer to acquire the Calgary oil sands operator. UTS shares gained seven cents to $1.77.The base metals sector rose with Sherritt International 14 cents higher to $2.93 and shares in Teck Cominco Ltd. were up 39 cents to $5.68 even as Moody's Investors Service on Friday lowered the miner's debt ratings and revised the outlook to negative.The gold sector fell as Barrick Gold Corp. faded $1.72 to $46.28.The Canadian dollar jumped 0.48 cents to $82.10 cents U.S., as Canada Mortgage and Housing Corp. reported a bigger than expected drop in housing starts last month. CMHC said the seasonally adjusted annual rate of housing starts declined to 153,500 units in January from 172,200 in December.Economists were expecting starts to come in at 169,000 but CMHC said reduced sales and increased listings of existing homes reduced demand for new dwellings.BAYSTREET\n \nOf the 13 TSX sub-groups, 11 were moving ahead, led by energy stocks, up 3.9%, metals an...