Business
Friday fall for TSX
Friday fall for TSX
About this update from Suncor Energy Inc.
[{"type":"text","content":"\nFriday fall for TSX\n\n\n May 14, 2010 (Baystreet.ca) -- Canadian stocks extended their declines in early afternoon trade Friday, as oil prices plunged in the face of a surging U.S. dollar.The S&P/TSX composite index moved sharply downward, 101.62 points, to end the day and week at 12,014.97Fears that euro-zone debt problems could slow down global economic growth continued to rattle investors.The main index had eased over 500 points in the previous week, but recovered losses in the first three sessions of the current week after the European Union and the International Monetary Fund approved a massive aid package for debt-ridden euro-zone nations. However, the market once again switched to a selling mode following apprehensions about long-term fiscal stability in the region. The price of crude oil plummeted to a three-month low, pushing the energy sector down Suncor Energy shed 2.7% to $31.97 and Imperial Oil trimmed 2.2% to $41.36. Nuvista Energy lost 4.9% to $11.19. The oil and gas explorer reported a rise in first-quarter profit to $5.8 million from $2.6 million in the year-ago period, but said funds from operations decreased to $53.1 million from $56.7 million. The base metal sector surrendered ground, with Teck Resources down 5.7% to $35.10 and Quadra Mining down 6.1% to $13.71.Finning International eased 2% to $18.80. The heavy equipment dealer's first-quarter profit fell 55% to $20 million as decline in new equipment sales hurt revenues.Among financial stocks, TD Bank dropped 1.7% to $73.26 and Manulife Financial gave in 2.7% to $18.18.Meanwhile, the Global Gold Index edged higher as gold prices held steady. Among gold stocks, Barrick Gold added 2.7% to $47.01 and Agnico-Eagle Mines gained 1.6% to $66.34. Claude Resources fell 3.2% to $1.21. The Saskatchewan-based gold explorer's first-quarter loss narrowed to $200,000 from $1 million a year ago, but gold production fell 13% to 9,221 ounces. MEGA Brands rose 7.8% to 55 cents. The toy maker reported a first-quarter profit of $98.21 million compared to a loss of $25.92 million last year, helped by a hefty gain on settlement of debt as well as a 13% growth in revenues.Information technology solution provider Hartco Inc., which reported a first-quarter profit that rose to $1.9 million from last year's $400,000, soared 12% to $3.55In economic news, Statistics Canada said manu...