Business
Streak continues for TSX
Streak continues for TSX
About this update from Sherritt International Corporation
[{"type":"text","content":"\nStreak continues for TSX\n\n5 straight for T.O.\n Jan. 6, 2010 (Baystreet.ca) -- The Toronto stock market was higher Wednesday afternoon as investors continued to snap up commodity stocks amid rising metal and oil prices.\n\nThe S&P/TSX Composite Index added 56.46 points to 11,944.54\n\nThe TSX was up for a fifth session in a row, an encouraging start to the year after charging ahead 31% in 2009.\n\nThe gold sector climbed as Barrick Gold Corp. gained 62 cents to $43.10 and Goldcorp Inc. climbed 53 cents to $43.28.\n\nThe base metals sector was also up as March copper added seven cents to $3.48 U.S. a pound. \n\nSherritt International ran up 35 cents to $7.22 and First Quantum Minerals gained $4.85 to $88.10.\n\nShares in Ivanhoe Mines gained 51 cents to $17.23 after it said Wednesday it had hired Citi investment bank and mining-sector specialist Hatch Corporate Finance to evaluate strategic options, including a sale of shares, debt or a subsidiary. \n\nIvanhoe's main property is the Oyu Tolgoi copper-gold project in southern Mongolia. Rio Tinto is a minority stakeholder in Ivanhoe and a funding partner in the project.\n\nThe energy sector was ahead despite the release of inventory figures from the U.S. showing that supplies ran up 1.3 million barrels last week. Suncor Energy gained 49 cents to $39.22.\n\nConsumer discretionary stocks were also supportive as Astral Media gained 46 cents to $34.14 and Magna International advanced 66 cents to $60.19.\n\nWestJet Airlines Ltd. ended 2009 on a high note, saying last month's passenger traffic was up 8.1% from December 2008. Its shares climbed 12 cents to $13.38.\n\nThe Canadian dollar gained 0.66 cents to 96.91 cents U.S. \n\nON BAYSTREET \n\nAll but four of the 14 TSX subgroups were higher. Metals and mining stocks were the champions, picking up 2.7%, materials next at 2.3% and global base metals were up 2.1%. \n\nHealth-care stocks were the worst off of the four laggards, sliding 0.7%, with real-estate off 0.6%, and financials 0.4% to the bad. \n\nThe TSX Venture Exchange advanced 25.88 points to 1,577.56, while the Nasdaq Canada index eased back 0.18 points to 729.02. \n\nON WALLSTREET\n\nIn New York, the Nasdaq slid and the broader market churned Wednesday as investors mulled weakness in tech and telecom along with signs of stabilization in the job market and services sector of ...