Business
On the right track?
On the right track?
About this update from Sprott Inc.
[{"type":"text","content":"\nOn the right track?\n\nMore hopeful economic signs\n Mar. 26, 2009 (Baystreet.ca) -- 04:35 pm EST\nThe rally on the Toronto stock market picked up momentum Thursday after two down days, rising on favourable U.S. news along with stronger oil and metal prices.New York indexes also advanced after there was strong interest in the U.S. government's latest debt auction. That came after tepid demand for Treasury notes the day before had raised doubts about Washington's ability to finance its huge economic stimulus and financial bailout programs.The S&P/TSX Composite Index closed the day 193.48 points to the good, finishing up at 8,990.92 Since the rally took hold March 10, the main TSX index is up about 16% while the Dow industrials have risen 18%.The TSX energy sector rose as EnCana Corp. climbed $1.84 to $54.96. The company and U.S.-based ConocoPhillips are seeking approval to more than double the output of their Christina Lake oilsands venture over the next decade. Suncor Energy Inc. was up $1.55 to $29.97.The Toronto base-metals group rose, with copper gaining five cents to $1.85 U.S.a pound on the Nymex. Teck Cominco Ltd. advanced 45 cents to $7.65 and HudBay Minerals improved 45 cents to $6.29.The TSX financial sector gained, with Manulife Financial ahead 64 cents to $15.52 while Royal Bank added 62 cents to $37.44.Money management firm Sprott Inc. reported fourth-quarter net income of $20.4 million, down from a year-ago $27.6 million as assets under management fell 21% in three months. Its shares added four cents to $4.63.AbitibiBowater Inc. working to avoid bankruptcy, has again extended a deadline to refinance $1.8 billion U.S. of debt held by its Bowater subsidiary in the United States. Its shares were ahead four cents to 72 cents.Magna International Inc. rose $1.19 to $35.78 after it declined an offer of U.S. federal loans to keep a Syracuse, N.Y. auto parts plant open. Magna says money isn't the only issue and the plant is uncompetitive.The Canadian dollar had gained 0.19 to 81.37 cents U.S. ON BAYSTREET Of the 13 TSX subgroups, 11 ended the day in positive territory, led by metals and mining, up 4.6%. Information technology was ahead 3.8%, industrials up 3.6%Only a 1% drop by health-care stocks and a half-percentage-point setback for utilities kept it from being unanimous. The TSX Venture Exchange increased nearly 25...