Business
TSX shakes off Dubai factor
TSX shakes off Dubai factor
About this update from Sterling Metals Corp.
[{"type":"text","content":"\nTSX shakes off Dubai factor\n\nHealth-care up, likewise financials\n Nov. 27, 2009 (Baystreet.ca) -- Bay Street stocks remained modestly higher in Friday afternoon trading as strength in the industrial and financial sectors offset a drop of gold stocks.\n\nBy the end of the session, the S&P/TSX Composite Index had survived a 100-point-plus fall early in the morning to finish above water by 19.37 points to 11464.41, following Thursday's 200-point tumble.\n\nIndustrials were up, led by the major rail companies. Canadian Pacific was up 1.6% and Canadian National railway gained 1.3%. \n\nFinancials have added 0.7%. CIBC was up 1.5%, Royal Bank has added 1.4% and Bank of Montreal was up 1.3%. \n\nQLT soared 8% after RBC Capital upgraded the stock to "outperform" from "sector perform" and boosted its target price to $6 from $4.50. On Wednesday, the company announced the settlement of its litigation with Massachusetts General Hospital. \n\nGold stocks have lost a fair bit of strength as the precious metal finished lower on the Comex. Novagold dropped 3.9% and Centerra Gold lost 2%. \n\nPinetree Capital declined 5.6% after the company announced that it acquired of 1.58 million common shares of Latin American Minerals.\n\nIn economic news, the Canadian currency account balance data showed a record third-quarter deficit of $13.12 billion, compared to a revised deficit of $11.94 billion in the second quarter.\n\nThe Canadian dollar was still negative 0.06 cents to 94.19 cents U.S. \n\nON BAYSTREET \n\nOf the 14 TSX subgroups, eight ended the day lower. Global base metals took the biggest hit, off 2.6%, gold was off 1.9%, metals and mining stocks lost 1%. \n\nThe half-dozen gainers were led by health-care, up 0.9%, while financials and industrials slid 0.7% each. \n\nThe TSX Venture Exchange remained in the red by 13.77 points to 1,405.60, while the Nasdaq Canada surrendered 16.50 points to 646.75. \n\nON WALLSTREET\n\nIn New York, stocks tumbled Friday afternoon as fears about the fallout from Dubai's debt problems rattled Wall Street in a thinly-traded half-day session following Thanksgiving.\n\nThe Dow Jones Industrials was down 154.48 points, or 1.5%, to 10,309.92. The S&P 500 index stumbled 19.14 points to 1,091.49, while the Nasdaq jettisoned 37.61 points to 2,138.44. \n\nAll financial markets were closed Thursda...