Business
Strong start to short week
Strong start to short week
About this update from Suncor Energy Inc.
[{"type":"text","content":"\nStrong start to short week\n\nMetals, energy power TSX\n Feb. 16, 2010 (Baystreet.ca) -- Mining and energy stocks led the way to a strong gain on the Toronto stock market Tuesday as U.S. dollar weakness and manufacturing data pushed oil and metals prices higher.\n\nThe S&P/TSX Composite Index sprinted ahead 116.56 points, or 1%, to 11,586.37, on top of last week's 2.2% run-up amid a commitment by the European Union to stand beside Greece as the country deals with its debt crisis. European leaders on Monday said Greece will have another month to come up with a plan to cut its deficit.\n\nThe energy sector rose, as Suncor Energy was up 70 cents at $31.55.\n\nThe Deep Panuke natural gas project off Nova Scotia likely won't be producing until the middle of 2011. A spokeswoman for Calgary-based EnCana Corp. said that drilling work is continuing but a delay in construction of the production facility, being built in the Middle East, has thrown the project off schedule. EnCana shares gained $1.00 to $34.68.\n\nAmong gold issues, Barrick Gold Corp. climbed 29 cents to $39.03 and Goldcorp Inc. was ahead 73 cents at $40.08.\n\nThe base metals sector advanced as March copper in New York climbed 14 cents to $3.22 U.S. a pound. Teck Resources advanced $1.17 to $39.04 while HudBay Minerals rose 31 cents to $13.51.\n\nThe TSX financial sector ticked higher after Finance Minister Jim Flaherty announced tighter rules for homebuyers because of concern Canadians may be taking on too much debt. One change would see borrowers required to meet the standards for getting a five-year fixed mortgage even if they are just opting for a cheaper, variable-rate instrument.\n\nBank of Montreal climbed 66 cents to $54.64.\n\nThe tech sector was down as Research In Motion Ltd. declined $1.95 to $73.35 even as the company launched a new BlackBerry web browser.\n\nIllinois-based fertilizer producer CF Industries Holdings Inc. reported that it earned $51.4 million U.S. in the fourth quarter, down from $190.1 million a year ago. CF's revenue was down 53% to $506.7 million. \n\nCalgary-based rival Agrium Inc. has made a $5.2-billion hostile bid for CF. The offer expires Feb. 22. In New York, CF shares rose $3.46 to $103.96, while Agrium shares were up $1.19 to $68.79 on the TSX.\n\nIn other corporate developments, Rogers Communications Inc. said it plans to defend i...