Business
Big dip for equities
Big dip for equities
About this update from Tc Energy Corporation
[{"type":"text","content":"\nBig dip for equities\n\nMetals tumble on TSX\n Feb. 23, 2010 (Baystreet.ca) -- The Toronto stock market was sharply lower late Tuesday as commodity prices backed off and new doubts cropped up about how much strength the consumer can lend to the U.S. economic recovery.\n\nThe S&P/TSX composite index stumbled 108.04 points to end the day at 11,526.71\n\nA 75-point decline on Monday broke an eight-day string of gains that had sent the TSX up over 5% on an improved outlook for the American economy.\n\nInvestors hoping to find further evidence of strength were disappointed when the U.S. Conference Board reported that its consumer confidence index fell this month (see below). \n\nThe TSX energy sector lost gumption as oil prices fell back after rallying 15% over the last three weeks on hopes that improving economic conditions would lead to higher demand. Suncor Energy backed off 74 cents to $30.81 and Canadian Natural Resources moved 93 cents lower to $71.09.\n\nThe base metals sector stepped back with the March copper contract off nine cents to $3.22 U.S. a pound. Teck Resources slipped $1.21 to $38.51 while HudBay Minerals lost 47 cents to $13.09.\n\nThe TSX gold sector was down, as Barrick Gold Corp. lost 70 cents to $39.37 while Goldcorp Inc. was down $1.25 at $38.45.\n\nThe financials sector was lower with Royal Bank down 55 cents to $56.05 and Manulife Financial declining 14 cents to $19.34.\n\nIn other earnings news, Calgary-based TransCanada Corp. shares climbed 28 cents to $34.93 after it reported a 37.5% improvement in fourth-quarter profit to $381 million. TransCanada increased its quarterly dividend to 40 cents per share, the equivalent of $1.60 per year, up 5%. The company's revenue declined 5.4% to $2.2 billion.\n\nCanadian bakery giant George Weston Ltd. reported its net earnings slid to $82 million in the fourth quarter. That was down sharply from $405 million a year ago when it booked gains from the sale of its Neilson Dairy business. Quarterly sales fell 6.4% to $7.5 billion, also impacted by the sale of the dairy division, but its shares climbed 80 cents to $71.50.\n\nMeanwhile Sears Canada Inc. handed in a $128.2-million profit in its most recent quarter, a 29% increase from the year-earlier period. The Toronto-based retailer's same-store sales decreased by 1.7%. Sears Canada shares rose 15 cents to $25.90.\n\nTh...