Business
Oil-powered rally
Oil-powered rally
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\nOil-powered rally\n\nInflation fears sink U.S. index\n Feb. 10, 2009 (Baystreet.ca) -- 04:34 pm EST\nThe Toronto stock market staged a modest advance Thursday after three straight sessions of triple-digit losses, led by a sharp rise in energy stocks on surging oil prices.But early solid gains on New York markets disappeared as investors took in a weak earnings report from computer and printer company Hewlett-Packard Co., which helped send the Dow Jones industrials below an important psychological barrier.The S&P TSX Composite Index faded from earlier gains to conclude the day ahead only 7.61 points at 8,183.56The TSX tech sector was lower, however, as CGI Group fell 30 cents to $9.58.But shares in Research In Motion Ltd. were up 22 cents to $53.04, even though the shares have plunged from $70.88 a week ago, before the BlackBerry maker said its fourth-quarter profits will come in at the lower end of the company's previous guidance and a Credit Sussex analyst cut his rating to under perform from neutral and slashed his earnings expectations for the February 2010 fiscal year.The energy sector rose as Petro-Canada rose $1.07 to C$27.12 and EnCana Corp. gained 73 cents to $50.13.Precision Drilling Trust units fell 20 cents to $2.80 after the energy services company announced a $250-million U.S. debt offering had been postponed due to currently unfavourable market conditions.The financial sector was well off early highs but still up, as Royal Bank gained 71 cents to $27.69 but Manulife Financial fell 35 cents to $14.73.The base metals sector ran up, as Teck Cominco Ltd. improved 12 cents to $4.27 and Ivanhoe Mines surgedCameco Corp. shares were down $1.29 to $17.83 after the uranium miner said it is raising between $400 million and $460 million in an issue of new common stock "to strengthen its capital position and enhance its financial flexibility to allow it to take advantage of opportunities that may emerge from the current industry environment."The gold sector was down as shares in Goldcorp Inc. were down $1.18 at $39.67 as the miner ended 2008 with its biggest-ever quarterly gold production and a 7% year-over-year increase in reserves, while booking fourth-quarter net income of $958.1 million U.S. thanks to a $985.7-million non-cash foreign exchange gain on revalued future tax liabilities.In other earnings news, s...