Business
TSX up slightly
TSX up slightly
About this update from Suncor Energy Inc.
[{"type":"text","content":"\nTSX up slightly\n\nMetals, gold lead way\n Mar. 3, 2010 (Baystreet.ca) -- The Toronto stock market was higher Wednesday afternoon as commodity prices improved, but the market was held back by the financial sector after Royal Bank delivered an earnings report that disappointed investors.\n\nThe S&P/TSX composite index was ahead 24.54 points to end the day at 11,852.85. \n\nRoyal Bank of Canada broke a string of better-than-expected earnings reports from Bank of Montreal, CIBC and National Bank over the past week.\n\nRBC reported a $1.5-billion profit, up 35% from a year before, with provisions for credit losses reduced by 37%, falling to $493 million. However, cash earnings per share were $1.03, a penny short of analysts' expectations and its shares lost $1.14 to $57.10.\n\nElsewhere in the sector, Laurentian Bank of Canada shares rose $1.37 to $41.76 after it said its profit was up 28% from a year ago to $32 million or $1.21 per common share in its most recent quarter. Revenue at the Montreal-based bank was up 15% to $180.4 million.\n\nThe base metals sector was stronger as May copper climbed two cents at $3.43 U.S. On the TSX, Teck Resources gained 87 cents to $41.07 and Equinox Minerals was up 23 cents at $3.62.\n\nThe energy sector was up as oil prices gained momentum, despite an increase in U.S. crude inventories of 4.1 million barrels last week, which was well over the estimate for one million barrels. However, distillates including heating oil and diesel inventories fell more than expected.\n\nAmong energy issues, Suncor Energy climbed 53 cents to $31.63 while EnCana Corp. dipped 53 cents to $35.15.\n\nThe TSX global gold index moved up, as Goldcorp Inc. ran ahead 66 cents to $41.39 while Barrick Gold improved 55 cents to $41.50.\n\nIn other earnings news, newspaper, book and Internet publisher Torstar Corp. had a $57.4-million profit in the fourth quarter, a turnaround from the $213.9-million loss it reported a year earlier when the publishing and media company recorded major writedowns. Its shares rose 49 cents or 6.8% to $7.74.\n\nTechnology licensing company Wi-LAN Inc. said it lost $1.7 million in the 14 months ended Dec. 31, compared with a net loss of $9.2 million in the 12 months ended Oct. 31, 2008, when the company used a different year-end. Yearly revenues increased to $35.4 million from $26.6 million.\n\nThe ...