Business
Markets suffer late fade
Markets suffer late fade
About this update from Sherritt International Corporation
[{"type":"text","content":"\nMarkets suffer late fade\n\nIndustrials jump, metals fade\n Mar. 25, 2010 (Baystreet.ca) -- The Toronto stock market fell back near the closing bell Thursday, even amid encouraging news on U.S. employment and interest rates.\n\nThe S&P/TSX Composite Index ended the day lower by 4.86 points to 11,958.11, after spending much of the day in positive country. \n\nLululemon Athletica Inc. was a major gainer on the TSX after its profit more than doubled in the fourth quarter, rising to $28.5 million from $10.9 million in the same period a year earlier. \n\nThe specialty clothing retailer's quarterly revenue also improved, rising to $160.6 million from $103.9 million and its shares ran up $3.54 or 9.6% to $40.45.\n\nThe Canadian dollar was up after declining almost nine-10ths of a cent on Wednesday.\n\nThe loonie's rise came a day after a warning from Bank of Canada governor Mark Carney that Canadians could face higher interest rates sooner than previously thought as a result of stubborn inflation and stronger economic growth. It has been thought for some time that the bank would boost rates some time after the end of the second quarter, but some economists now think the first move could come as early as the beginning of June.\n\nBlue chips led the way to the TSX gain, led by a big climb in industrials. Railway stocks were especially active with Canadian National Railways gaining $1.23 to $61.40 in the wake of an upgrade by Credit Suisse to outperform from neutral and Canadian Pacific advanced $1.35 to $56.01.\n\nThe technology sector was ahead, with Celestica Inc. up 11 cents at $11.16.\n\nFinancials were also supportive with Manulife Financial ahead 14 cents at $20.14 and Scotiabank improved 41 cents to $51.73.\n\nCommodity stocks lost early momentum as the U.S. dollar strengthened against other currencies as sovereign debt issues again prompted traders to seek the relative safe haven status of the greenback.\n\nThe base metals component was down slightly as May copper shed early gains and was unchanged at $3.35 U.S. a pound. Sherritt International fell 26 cents at $8.45 and Inmet Mining lost 82 cents to $55.53.\n\nThe energy sector moved up with Canadian Oil Sands Trust ahead 61 cents to $28.81.\n\nThe TSX global gold index moved into negative territory, as Goldcorp Inc. faded 69 cents to $37.54.\n\nIn other corporate news, Rogers ...