Business
TSX flat Friday
TSX flat Friday
About this update from Sherritt International Corporation
[{"type":"text","content":"\nTSX flat Friday\n\nHealth-care worst off in T.O.\n Mar. 26, 2010 (Baystreet.ca) -- The Toronto stock market was lower Friday afternoon, losing earlier gains that were collected in the wake of an agreement on a framework to help Greece deal with its debt crisis.\n\nThe S&P/TSX Composite Index was fairly flat on the day, after floundering much of the afternoon, closing at 11,957.37, an improvement on the week, however, of 9.39 points. \n\nThere didn't seem to be any one specific reason for the pullback.\n\nHowever, analysts have recently said that the market could be ripe for some kind of a retracement following the huge gains netted since hitting multi-year lows a year ago. They have also pointed out that the TSX seemed to be fairly valued, raising questions about what it would take to send the market even higher.\n\nBlue chips led TSX decliners with the telecom sector down. Rogers Communications lost 54 cents to $34.39.\n\nThe financials sector fell as Royal Bank gave back 78 cents to $59.60 but insurers fared better with Manulife Financial up 11 cents to $20.24.\n\nResearch In Motion Ltd. lent strength to the TSX as the market heavyweight moved ahead $1.85 to $76.96 after JPMorgan upgraded the stock to a "Buy" ahead of the BlackBerry maker's earnings next week.\n\nBase metals were up as the May copper contract in New York added two cents to $3.40 U.S. a pound. Equinox Minerals ended the day unchanged at at $3.59 while Sherritt International declined 27 cents to $8.20.\n\nThe TSX global gold index was higher with Barrick Gold Corp. edging up 59 cents to $38.24 and Goldcorp Inc. improving 49 cents to $37.99.\n\nThe TSX energy sector moved down as Suncor Energy was down eight cents to $30.80 while Canadian Oil Sands Trust lost 20 cents to $28.54.\n\nThe Canadian dollar slipped 0.18 cents to 97.42 cents U.S. \n\nON BAYSTREET \n\nOf the 14 TSX subgroups, nine had dipped lower by the end of the session. Health-care stocks had taken a 1.9% dive, while telecoms were 1.1% down, while utilities fell short by 0.9%. \n\nThe five gainers were led upward by gold, which gained 2.3%, global base metals, which prospered 1.5%, and materials, 1.3% to the good. \n\nThe TSX Venture Exchange prospered 9.22 points to 1,559.78, but still finished down on the week by 4.75 points. The Nasdaq Canada index surged 11.80 points to 803.54. \n\nON...