Business
TSX drops at open
TSX drops at open
About this update from Suncor Energy Inc.
[{"type":"text","content":"\nTSX drops at open\n\nMetals dive\n Feb. 25, 2010 (Baystreet.ca) -- The Canadian market may witness a mixed opening session Thursday, with solid earnings from Canadian banks likely to offset concerns about lingering weakness in the U.S. jobs market.\n\nThe S&P/TSX composite index was off 48.53 points at the outset to 11,473.30\n\nThe financials stocks may thrive on solid earnings reported by Canadian Imperial Bank and National Bank of Canada. Energy sector may feel the heat early in the day as the price of oil eased somewhat. \n\nIn corporate announcements, Canadian Imperial Bank reported a rise in first-quarter earnings to $652 million from $147 million in the prior-year quarter. \n\nNational Bank of Canada reported a substantial increase in first-quarter net income to $215 million from $69 million in the comparable quarter.\n\nSuncor Energy announced the sale of its natural gas assets in Trinidad and Tobago to British energy company Centrica PLC for approximately $380-million U.S.\n\nPharmaceutical company Biovail Corp. reported a decline in its fourth-quarter net income to $73.0 million U.S. from $120.4 million U.S. in the year-ago quarter.\n\nPaladin Labs Inc. reported its net income for the fourth quarter decreased to $4.4 million from $6.1 million last year.\n\nCoffee chain Tim Hortons Inc. reported a 31.6% increase in its fourth-quarter net income to $91.0 million from $69.1 million last year. It also declared a dividend of $0.13 per common share, payable on March 23. \n\nPhoenix Coal Inc. announced the completion of the sale of its Panama South property lease to a major U.S. coal producer for $10 million U.S.\n\nThe Canadian dollar subsided 1.07 cents to 93.77 cents U.S. \n\nON BAYSTREET \n\nAll but three of the 14 TSX subgroups went down. Metals and mining took the biggest hit, at 1.9%, followed by global base metals, down 1.6%, energy stocks were off 1.5%. \n\nThe three gainers were headed by gold, up 1%, followed by industrials, gaining 0.4%, and financials, ahead 0.3%. \n\nThe TSX Venture Exchange fell back 15.69 points to 1,503.72, while the Nasdaq Canada index slipped 13.57 points to 732.37.\n\nON WALLSTREET\n\nIn New York, stocks plunged at the open on Thursday following a dismal report on jobless claims and heightened worries over Greece.\n\nThe Dow Jones industrial average lost 156.29 points, or 1.5%, to start ...