Business
Mixed Monday for equities
Mixed Monday for equities
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\nMixed Monday for equities\n\nISM figures bleak\n Feb. 2, 2009 (Baystreet.ca) -- 12:20 pm EST\nStocks started to come out of their funk by midday Monday, after digesting some more unfavorable economic news The S&P TSX Composite Index was still in negative territory at lunch time, by 80.39 points, to 8,614.51 New York markets tumbled as investors stateside worried that a "bad bank" plan has not yet emerged from the White House. Such a plan would have the government take the riskiest banks and make them into one entity. \n \nThe TSX financial sector was down, with Royal Bank off 49 cents to $29.92 and CIBC down $1.70 cents to $44.93The energy sector slipped. Canadian Natural Resources fell $1.79 to $42.10.Petro-Canada shares were up 31 cents to $26.90 on a report that the Ontario Teachers' Pension Plan is pressing for a restructuring that could lead to a showdown with the board.The base-metals sector moved down one per cent as Sherritt International dipped 17 cents to $2.50 while Teck Cominco Ltd. moved 12 cents lower to $4.62.The industrial sector also pulled the TSX lower, as transportation giant Bombardier Inc. lost 33 cents to $3.47.In corporate news, Aecon Group Inc. has agreed to acquire mechanical construction contractors Lockerbie & Hole Inc. for about $220 million. Lockerbie shareholders are to get $8 for each share, either in cash or Aecon stock. Aecon shares fell 56 cents to $9.69 while Lockerbie rose $1.65 or 27% to $7.80.Maple Leaf Foods Inc.has confirmed a $27-million settlement of class-action lawsuits over last year's listeriosis outbreak which killed at least 20 people. The Toronto-based company says it will pay up to $125,000 for those with serious and long-lasting health effects. Its shares declined 18 cents to $10.72.Canwest Global Communications Corp. shares backed off four cents to 49 cents after it said the company is reviewing strategic alternatives and looking at divesting non-core assets.Canwest also said Monday that its bankers have limited borrowing under the Canwest Media division's $300-million senior credit facility. The revisions will limit borrowing under the credit line to $20 million until Feb. 27, in addition to $92 million already drawn on the facility.The Canadian dollar was off its lows for the day, though still in the red, 0.83 cents to $80.70 cents U.S.BAYSTREET\n \nOf th...