Business
TSX gains ground
TSX gains ground
About this update from Suncor Energy Inc.
[{"type":"text","content":"\nTSX gains ground\n\nMetals, gold lead way\n\n Apr. 22, 2010 (Baystreet.ca) -- The main Toronto stock index erased its earlier losses in afternoon trading Thursday -- and actually went into the green -- as buyers took advantage of low prices to move back into the market.\n\nThe S&P/TSX Composite Index ended the day ahead 26.31 points, to 12,160.87\n\nOn the TSX, shares in Suncor Energy Inc. lost 21 cents to $33.86.\n\nThe base metals sector added strength as the May copper contract on the Nymex slipped 4.85 cents to $3.49 U.S. per pound. Shares in Teck Resources Ltd. shares jumped $2.28 or 5.5% to $43.99 after the company said it would reinstate its dividend at an annual rate of 40 cents per share.\n\nAmong gold issues, Goldcorp Inc. gained 34 cents to $39.87.\n\nAmong financial issues, Royal Bank of Canada stock gained 22 cents to $61.78.\n\nIn corporate news, Precision Drilling Trust said its first-quarter profit improved a smaller-than-expected 8% from a year ago to $62 million as oil well activity exceeded expectations. \n\nShares in Precision gained eight cents to $7.73.\n\nCelestica Inc.'s first-quarter profit was up nearly 35% from a year ago, although its adjusted earnings improved less than analysts expected. Shares in the Toronto-based contract manufacturer, which makes products in factories around the world for brand-name companies, added 13 cents to $10.55.\n\nCenovus Energy Inc. said an independent analysis confirmed that the oilsands company has between 3.9 billion and 7.3 billion barrels of bitumen reserves, before royalties. Shares in Cenovus lost 56 cents or 1.9% to $28.54.\n\nAnd shares in Enerchem International Inc. jumped 83 cents or more than 44% to $2.70 after it announced it had received a takeover offer from an unnamed private Canadian company in a $41.4-million all cash deal.\n\nIn economic news, Bank of Canada governor Mark Carney said Thursday the pace of economic growth in Canada has already begun to slow. He said the housing sector will become a negative influence on growth by next year, and the withdrawal of government stimulus, the high Canadian dollar and continued low demand in the United States will be a further drag on the economy.\n\nStatistics Canada reported that the number of people who received regular Employment Insurance benefits in February was virtually unchanged from the previous mon...