Business
TSX flexes muscles
TSX flexes muscles
About this update from Suncor Energy Inc.
[{"type":"text","content":"\nTSX flexes muscles\n\nEurope debt woes ease\n Feb. 9, 2010 (Baystreet.ca) -- The Toronto stock market was well into positive territory Tuesday as investors hoped that European leaders will move to address worries about severe government debt issues on the continent.\n\nThe S&P/TSX Composite Index roared ahead 158.94 points, or 1.4 to 11,274.24 \n\nThe base metals sector moved ahead as March copper added four cents to $2.95 U.S. a pound and investors also took in major earnings reports from the commodity sector.\n\nTeck Resources Ltd. said Monday it earned $411 million in its latest quarter as revenue increased 35% compared with a year ago, helped by sharply higher copper and zinc revenue but offset by lower coal prices. \n\nThe mining company said its profit amounted to 70 cents per diluted share compared with a loss of $607 million or $1.27 per diluted share a year ago. Teck shares gained $1.72 to $36.22.\n\nFertilizer producer Agrium Inc. reported fourth-quarter profit came in at $30 million U.S., down sharply from $124 million a year earlier when it and other fertilizer producers were still reaping the rewards of strong demand and high prices. \n\nAgrium's net sales fell to $1.44 billion in the fourth quarter of 2009, down from $1.94 billion U.S. in the comparable period of 2008 and its shares gained $2.62 to $64.64. Shares in rival Potash Corp. advanced $3.43 to $112.77. \n\nInmet Mining Corp. shares moved ahead $3.76, or 7.1%, to $56.61 as the company reported an $89.8-million profit in the fourth quarter, a turnaround from the $32.5-million loss that the Toronto-based company had a year earlier. Sales revenue more than doubled to $290.6 million.\n\nAnd Western Coal Corp. shares ran ahead 32 cents to $3.47 after it said its quarterly profit fell to $24 million or nine cents per diluted share. That was down from a profit of $62.5 million or 29 cents per share in the year-earlier period. Revenue fell to $118.7 million from $176.6 million in the final three months of 2008.\n\nThe TSX energy sector advanced as a weakening U.S. dollar offset concerns about the strength of the global economic recovery. Suncor Energy gained 61 cents to $31.89.\n\nHusky Energy Inc. shares crawled ahead six cents to $26.70 even as the company announced its third significant discovery in the South China Sea. The Calgary-based company said Monday th...