Business
Five straight jumps for TSX
Five straight jumps for TSX
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\nFive straight jumps for TSX\n\nSoothed by Fed chair\n Mar. 16, 2009 (Baystreet.ca) -- 04:30 pm EST\nThe stock market rally in North America extended to most indexes for a fifth day with the financial sector again providing leadership on fresh hopes the recession could end during 2009.Toronto's S&P/TSX composite index ran up 84.84 points to 8,388.23 after a string of good news from the American financial sector pushed the main index almost 10% higher last week. The financial sector soared more than 17% after Citigroup and Bank of America reported they were profitable in the first two months of this year.British bank Barclays PLC said Monday its operations were also improving.Economically speaking, Statistics Canada reported that industries operated at 74.7% of their capacity in the fourth quarter of 2008, down from 78.1% in the third quarter and the lowest capacity utilization rate since the federal agency began keeping records in 1987.The agency reports the fourth-quarter decline was driven mainly by weak domestic and foreign demand for manufactured goods.Chris Johnson, president of Johnson Research Group in New York, noted that some short covering was still helping to boost the market, though not to the extent as it did at the beginning of the rally last week. Short covering occurs when investors who sold borrowed stock on expectations the market would fall are forced to buy shares to repay their debts.The Toronto financial sector continued to run higher, as TD Bank climbed $2.13 to $43.31 and Manulife Financial rose $1.21 to $14.02.Hopes that an early end to the recession would boost commodity prices sent the TSX base metals sector ahead with FNX Mining up 42 cents to $4.68 and Teck Cominco Ltd. added 33 cents to $5.37.Industrials were also strong with Canadian National Railways up $2.14 to $44.68 and Bombardier Inc. ahead 13 cents to $2.91.The energy sector participated in the upsurge after crude prices reversed course. Prices went as low as $43.62 U.S. during the morning in the wake of OPEC's weekend decision to maintain production at current levels. EnCana Corp. rose 71 cents to $50.30 while Petro-Canada gained 48 cents to $29.99.Crescent Point Energy Trust units fell 26 cents to $24.32 after it reported fourth-quarter net income of $361.4 million on record quarterly production, compared to a year-earlier loss of $90....