Business
Energy, mining sinks TSX
Energy, mining sinks TSX
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\nEnergy, mining sinks TSX\n\nObama looks into foreclosures\n Feb. 10, 2009 (Baystreet.ca) -- 10:25 am EST\nIt was another pronounced pullback for stocks in Toronto within a few minutes of the opening bell WednesdayThe S&P TSX Composite Index continued its freefall, 98.04 points to begin the day's trading at 8,280.66, dragged down by energy and mining stocks along with a poorly received earnings report from Rogers Communications.New York markets were little changed ahead of an announcement by U.S. President Barack Obama to deal with the home foreclosure crisis.The TSX energy sector lost 0.6% as oil prices stabilized. EnCana Corp. declined 50 cents to $50.80.The financial sector was off 0.3% after falling 6% Tuesday on rising concerns about the state of the East European banking sector. CIBC fell 55 cents to $43.05.The gold sector off, as Barrick Gold Corp. declined 51 cents to $46.68.Mining stocks also dragged, as Teck Cominco Ltd. lost 11 cents to $4.33.It's also a heavy earnings day in Canada.Rogers Communications Inc. shares fell $3.05 or 8.8% to $31.30 after it said a decrease in the value of its television division generated impairment charges that propelled the company to a fourth-quarter loss of $138 million.The result marks a sharp drop from a profit of $254 million recorded in the same quarter a year earlier.Grocery chain operator Loblaw Companies Ltd. posted fourth-quarter profit of $188 million, up from a year-earlier $40 million, as sales jumped 11%, helped by one-time gains and an extra week in the accounting period.Sales rose to $7.75 billion from $6.97 billion and its shares were up 39 cents to $33.79.The Canadian dollar gained 0.42 cents to 79.49 cents U.S. BAYSTREET\n \nAll of the 13 TSX sub-groups were in negative territory to start the midweek session. Telecoms slipped 2.4%, followed by metals and mining, down 2% and gold, off 1.5%. The TSX Venture Exchange stumbled 1.33 points to 917.83 while the NASDAQ Canada index picked up 3.88 points, to 464.40ON WALLSTREETThe Dow Jones industrials index inched out of its burrow 7.33 points ahead, to 7,559.93, after Tuesday's nasty selloff. The Standard & Poor's 500 index gained 1.55 points to 790.72, while the NASDAQ composite index edged up 2.08 points at 1,472.74. A day after signing a massive $787-billion U.S. stimulus plan into law, Obama plans to tackle the ...