Business
TSX nears 18-month high
TSX nears 18-month high
About this update from Suncor Energy Inc.
[{"type":"text","content":"\nTSX nears 18-month high\n\nAll groups gain in Toronto\n\n Apr. 23, 2010 (Baystreet.ca) -- Canadian stocks were hovering in positive territory in mid-morning deals Friday amid inflation and retail sales data. Traders were also reacting to mixed economic data from the U.S., the country's biggest trading partner.\n\nThe S&P/TSX Composite Index surged 42.94 points by Friday noon to 12,203.81, just below its 18-month high of 12,211 hit on April 15.\n\nAmong energy stocks, Suncor Energy gained 0.74% and Pacific Rubiales Energy rose 2.58%.\n\nIn the information technology space, Open Text gathered 4.06%. The company scheduled to report its earnings next week. \n\nMeanwhile, Research In Motion eased 0.39%.\n\nAmong financial stocks, CIBC was up 0.70% and Scotiabank edged up 0.27%.\n\nIn the gold space, Lihir Gold moved up 1.12% and New Gold was up 2.05%.\n\nMeanwhile, International Forest Products lost 1.63% even after reporting a narrower first quarter loss of $0.07 per share, compared to a loss of $0.29 in the year-ago period. \n\nSears Holdings said it will add a further 17.3% stake in merchandising company Sears Canada by purchasing over 18 million shares at $30 each from Pershing Square Capital Management LP Funds. This would take up its total stake to 90.4%. Sears Canada gave in 1.60%\n\nIn economic news, Statistics Canada said the country's annual inflation rate slowed to 1.4% in March from 1.6% the previous month. The agency noted that gasoline prices exerted the most upward pressure on the all-items consumer price for a fifth straight month.\n\nIn other report released today, the agency said retail sales in Canada were up 0.5% in February from the previous month, following January's 0.9% increase. Excluding auto, retail trade slipped 0.1% on a monthly basis compared to the consensus forecast of 0.8% increase.\n\nThe Canadian dollar docked 0.30 cents to 99.70 U.S. \n\nON BAYSTREET \n\nAll but one of the 14 TSX subgroups were in positive territory by noon. Gold led the way, climbing 1.4%, while information technology and materials gained 0.8% each. \n\nThe lone naysayer was the global base metals group, which slipped 0.4%. \n\nThe TSX Venture Exchange regained 7.35 points to 1,659.40, while the Nasdaq Canada index was off 3.44 points to 789.12. \n\nON WALLSTREET\n\nIn New York, equities sank Friday, after a report showed a spik...