Business
TSX falls hard
TSX falls hard
About this update from Sherritt International Corporation
[{"type":"text","content":"\nTSX falls hard\n\nGreek uncertainty main factor\n\n Apr. 27, 2010 (Baystreet.ca) -- North American stock markets remained solidly in the red Tuesday afternoon after a ratings agency downgraded Greece's debt to junk status.The S&P/TSX Composite Index collapsed 134.23 points, or 1.1%, to end the day at 12,146.74Ratings agency Standard & Poor's deprived Greece of an investment-grade rating on its bonds, meaning it would pay higher costs to borrow if it taps debt markets again.German reluctance to fund the lion's share of a euro45-billion bailout of Greece by European governments and the International Monetary Fund is sending shudders through markets that the money may not reach Greece by May 19, when euro8.5 billion in bond payments come due.The agency also lowered Portugal's debt rating Tuesday amid concerns about the country's ability to get a handle on its debt load. While Portugal has less debt, economists have focused on it as the next possible victim if concerns over high levels of government debt in Europe spread.Among energy issues, shares in Suncor Energy Inc. lost 53 cents to $33.91.The gold sector gained, while shares in Barrick Gold Corp. added 83 cents to $41.43The base metals sector declined as the May copper contract plummeted 16.45 cents to $3.36 U.S. Shares in Teck Resources Ltd. fell $2.18 or 5% to $41.05.In Canada, earnings season began in earnest after markets closed on Monday with Canadian National Railway Co. reporting a $511-million profit during its first quarter, due mainly to higher freight volumes, a higher fuel surcharge and increased freight rates. The results were offset in part by a stronger Canadian dollar.Despite the better-than-expected results, CNR shares lost $1.51 or 2.4% to $62.21.Energy producer Nexen Inc. also posted an improvement in its first quarter, saying it earned $185 million due to the rising price of oil. Investors seemed unimpressed, sending Nexen's shares down $1.08 or 4.1% to $25.42.BlackBerry-maker Research In Motion unveiled a first look at its new smartphone operating system, set to debut next quarter, at its annual industry showcase in Orlando, Fla. It shares fell 28 cents to $72.59.And Sherritt International Corp. stock slipped four cents to $7.99 after the resources company said it earned $59.7 million during the first quarter, a sharp contrast to the loss it experienced a...