Business
TSX slides a bit
TSX slides a bit
About this update from Suncor Energy Inc.
[{"type":"text","content":"\nTSX slides a bit\n\nGold weighs most on T.O.\n Mar. 8, 2010 (Baystreet.ca) -- The Toronto stock market was flat Monday afternoon as investors stepped back after sending the TSX up sharply higher last week.\n\nThe S&P/TSX composite index tailed off 11.30 points to end the day at 11,963.84, after positive bank earnings and higher commodity prices pushed the main index up by 3% last week to its highest level of 2010.\n\nEarlier in the day, the index actually surpassed 12,000 before beginning its descent. \n\nThe gold sector was weakest of the bunch, as Barrick Gold Corp. declined 72 cents to $40.83.\n\nLower railway stocks pushed the industrial sector down with Canadian National Railways down 55 cents to $57.37.\n\nThe telecom sector rose, with Telus Corp. ahead 74 cents to $36.77.\n\nResearch In Motion Ltd. was a major source of support, up $4.04 to $75.59 after BMO Capital Markets upgraded the BlackBerry maker to "outperform" from "market perform" and lifted its price target on the New York Stock Exchange to $88 U.S. from $70 U.S. a share. \n\nBMO said it expected a strong earnings report on March 31. And it added that "competition that we were expecting now seems further away."\n\nThe base metals sector was up even as May copper lost early gains and was unchanged at $3.42 U.S. a pound. FNX Mining was ahead 21 cents to $15.30 while Sheritt International climbed 12 cents to $8.55.\n\nA subsidiary of China's largest utility company is planning to buy a 10% stake in Quadra Mining Ltd. for $151.6 million. The two companies will also create a joint venture mining company.\n\nThe Vancouver-based copper and gold producer also reported a $46.6-million U.S. profit in the fourth quarter and its shares gained 87 cents to $16.40.\n\nThe financials sector climbed, with Royal Bank up 61 cents to $58.60. Scotiabank which reports earnings Tuesday, edged up 22 cents to $50.07.\n\nThe energy sector nipped up, as Suncor Energy rose 19 cents to $32.07.\n\nOil has soared about 18% since Feb. 5 as investors become more convinced that a growing global economy will boost crude demand.\n\nIn other corporate news, shares in WestJet Airlines Ltd. declined two cents to $14.03 as the carrier unveiled its long-delayed credit card and frequent flyer programs. The airline is offering two different Royal Bank of Canada-branded Mas...