Business
TSX sneaks into green
TSX sneaks into green
About this update from Suncor Energy Inc.
[{"type":"text","content":"\nTSX sneaks into green\n\nGold, materials at helm\n\n Apr. 30, 2010 (Baystreet.ca) -- Gold and energy stocks led Toronto's main index higher Friday afternoon, amid rising commodity prices and data affirming continued economic expansion in both sides of the border. The S&P/TSX composite index fell off its highs of the day to finish 10.38 points to the good to wind up the day, week and month at 12,210.70. The index lost 28.94 points on the week, or 0.2%, but prospered on the month, 172.97 points or 1.44%. Hopes of a Greek bailout deal nearing underpinned the sentiment.The Canadian economy grew for the sixth straight month in February, while the U.S. gross domestic product marked the third consecutive quarter of growth.The Global Gold Index rose as Barrick Gold added 3.2% to $44.41 and Iamgold advanced 4.2% to $18.19.Among energy stocks, Suncor energy gained 2.1% to $34.82 and Encana gathered 2.2% to $33.66.However, the gains were not broad-based. Technology was deep in the red, while financials, base metals, industrials and consumer staples declined moderately.The IT Index fell, with Open Text plummeting 9.5% to $42.79. The content management software provider reported a decline in third-quarter profit to $13.1 million U.S. from last year's $22 million U.S., with adjusted net income of $0.70 U.S. per share falling short of consensus estimate of $0.74 U.S. per share. In the financial sector, BMO eased 0.9% to $63.07 and RBC lost 1% to $61.75CIBC gave in 1% to $74.64. The bank revealed acquiring full ownership of asset-based lending firm CIT Business Credit Canada Inc., which it jointly owned with a subsidiary of US commercial lender CIT Group Inc.Base metals producer Lundin Mining shed 3% to $4.79, construction and engineering firm SNC-Lavalin trimmed 2.4% to $50.55 and food processing company Maple Leaf Foods lost 3.3% to $9.60.Utility company Fortis, which reported a first-quarter profit that rose to $100 million from $92 million for the year-ago quarter, gained 2.1% to $28.05.In economic news, Statistics Canada said the country's real gross domestic product increased 0.3% in February, largely helped by growth in manufacturing and mining. The manufacturing sector grew 1.2% and the mining sector increased 0.4% in February.In another report, the agency said the Industrial Product Price Index (IPPI) declined 0.4% and the Raw Materi...