Business
Make it six in a row
Make it six in a row
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\nMake it six in a row\n\nFinancials, energy lead charge\n Mar. 17, 2009 (Baystreet.ca) -- 04:30 pm EST\nThe buying momentum on the Toronto stock market continued for a sixth day today, with gains led by a sharp rise in oil stocks as crude approached the $50-U.S.-a-barrel level.New York markets revived after a shaky start and moved higher as investors bought financial and homebuilder stocks following a surprisingly upbeat report on housing starts.Toronto's S&P/TSX composite index gained 167.31 points to close at 8,554.02, putting the exclamation mark on a sixth straight upward session. The financial sector remained in positive territory, adding up to a staggering gain of more than 25% over the last five days.Economically speaking, Statistics Canada said sales dropped 5.4% to $41.7 billion as motor vehicle and motor vehicle parts industries, particularly in Ontario, reported record decreases during the month. Excluding motor vehicles and parts and accessories, manufacturing sales decreased a more moderate 1.2% compared with December. Despite the overall market weakness, analysts said this rally could still have a good bit of momentum.The TSX financial sector moved ahead as Bank of Montreal rose 48 cents to $32.80 while Scotiabank advanced 55 cents to $31.30.The energy sector rose as EnCana Corp. gained 90 cents to $50.95 while Canadian Natural Resources headed $1.67 higher to $49.36.The base metals sector lost ground with Teck Cominco Ltd. off eight cents to $5.20 while Sherritt International jumped 34 cents to $2.47.The gold sector was down as Goldcorp Inc. faded 84 cents to $36.27.Telus Corp. shares rose 57 cents to $33.66 as it announced it will spend $500 million from its 2009 capital budget to advance wireless and wireline broadband infrastructure in British Columbia.Potash Corp. of Saskatchewan has extended 940 temporary layoff notices to workers at its three largest mines. Its shares rose $1.23 to $97.65.The Canadian dollar was ahead 0.17 cents at 78.81 cents U.S. BAYSTREET Of the 13 TSX subgroups, all but two were in positive territory. Energy gushed ahead 3.5%, followed by financials, 1.8% richer, and utilities, 1.6% brighter.The two subgroups that avoided the party were gold, 1.8% off, and materials, a solid percentage point down. The TSX Venture Exchange gained 5.80 points to 853.12, while the Nasdaq Canada index s...