Business
Buyers ignore bad news
Buyers ignore bad news
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\nBuyers ignore bad news\n\nJobless figures released\n Feb. 5, 2009 (Baystreet.ca) -- 12:25 pm EST\nThe buyers returned to the markets by midday Thursday, after a first hour or two in the dungeons, vaulting stocks to positive territory in both Toronto and New York. The S&P TSX Composite Index was ahead 92.11 points by the noon hour, to 8,785.2, as investors bought up mining stocks and early losses in the financial sector disappeared.New York markets shook off steep early losses as investors coped with disappointing news from technology giant Cisco Systems, soft U.S. retail sales and a further indication of big American job losses. Bombardier shares were 12 cents lower to $3.69 after the company said it is cutting 1,360 jobs, or about 4.5% of its workforce, because of falling production of Learjet and Challenger executive jets. The Montreal-based company says it expects more challenges throughout 2009.Barrick Gold Corp. ran ahead $1.10 to $46.83.The base metals sector gained as Teck Cominco Ltd. climbed eight cents to $4.78.The TSX energy sector was off as oil prices eased. Husky Energy Inc. shares were down 95 cents to $28.98 after a sharp drop in earnings and a dividend cut. Husky earned $232 million in the final three months of 2008, down from $1.1 billion a year earlier.Oilexco Inc. plunged 4.5 cents to 15 cents after lenders demanded immediate repayment of a $547.5-million U.S. credit facility and a 100-million-pound credit line at insolvent Oilexco North Sea Ltd.The consumer staples sector moved ahead, as shares in Saputo Inc. jumped $2.05 to $20.80. The cheese giant's stock had fallen 4% Wednesday after quarterly profit fell nearly 30% despite a 19% sales increase.Shares in Certicom Corp. were ahead five cents to $3.21 after it said BlackBerry maker Research In Motion Ltd. is leading the bidding war for the encryption technology company. RIM's offer of $3 per share is “superior” to a bid of $2.10 per share from California-based VeriSign Inc.RIM shares were off a dime at $69 as its top executives, Jim Balsillie and Mike Lazaridis, appeared before the Ontario Securities Commission on a proposed settlement over backdating of stock options.Utility operator Fortis Inc. says fourth-quarter profits slipped to $76 million from $79 million in line with analyst expectations. Quarterly revenue rose to $1.2 billion f...