Business
TSX tanks on Thursday
TSX tanks on Thursday
About this update from Suncor Energy Inc.
[{"type":"text","content":"\nTSX tanks on Thursday\n\nJobs, Europe debt factor in\n Feb. 4, 2010 (Baystreet.ca) -- The Toronto stock market went for a dunk Thursday afternoon as investors were unnerved by more trouble for debt-burdened European countries and disappointing employment data\n\nThe S&P/TSX Composite Index shed 261.70 points, or 2.3%, to 11,128.76, its three-month low. \n\nThe energy sector fell as Suncor Energy fell 93 cents to $31.75 and Canadian Natural Resources lost $1.50 to $70.35. \n\nThe gold sector was down, as Barrick Gold Corp. faded $1.66 to $36.39 and Goldcorp Inc. stepped back $1.59 to $35.68. \n\nMarch copper was nine cents lower at $2.88 U.S. a pound and the base metals sector fell, with Teck Resources down $2.79 to $34.07 while HudBay Minerals declined 36 cents to $12.10. \n\nFinancials were also a major drag, as Scotiabank gave back 89 cents to $44.79, while Manulife Financial was down 70 cents to $19.36. \n\nThe tech sector managed a gain in the wake of a solid earnings report from Cisco Systems after the close Wednesday. Open Text Corp. shares jumped $3.51, or 8.2%, to $46.54 after the company reported Wednesday a second-quarter profit of $21.2 million U.S., up sharply from a year ago and boosted by strong revenue growth. But elsewhere in the sector, Research In Motion Ltd. shed $1.07 to $70.93.\n\nIn other earnings news, telecom giant BCE Inc. said its acquisition of The Source electronics stores and the remaining half of Virgin Mobile Canada helped it turn a $350-million profit and increase quarterly revenues by 3.9% to $4.65 billion. That was a sharp reversal from a $48-million loss for the same period last year. BCE shares gained 74 cents to $28.36. \n\nCanaccord Financial Inc. shares dipped 20 cents to $9.60 after it said its revenue in the last three months of 2009 nearly doubled compared with a year earlier, reaching $173.2 million. The Vancouver-based securities broker also says net income was $15.1 million or 27 cents per share, compared with a loss of $1.27 per share or $62.4 million a year earlier when Canaccord recorded substantial one-time charges. \n\nIts quarterly financial report didn't comment on a news report that said Canaccord has been in talks to acquire Toronto-based Genuity Capital Markets. \n\nHusky Energy Inc. earned $320 million or 38 cents a share for the last quarter, compared with a profit of $2...