Business
Rally gathers steam
Rally gathers steam
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\nRally gathers steam\n\nU.S. data not so bad\n Mar. 26, 2009 (Baystreet.ca) -- 12:48 pm EST\nHigher oil and base-metals stocks helped the Toronto stock market post triple-digit index gains Thursday morning.New York indexes also advanced as the rally continued after data confirmed a deep slump in the American economy, but not as deep as markets had feared.The S&P/TSX Composite Index had sprinted 147.18 points to 8,944.62 by noon Since the rally took hold March 10, the main TSX index is up about 16% while the Dow industrials have risen 18%.The TSX energy sector rose this morning as EnCana Corp. climbed $1.02 to $54.14 and Suncor Energy Inc. was up 91 cents to $29.33.The base-metals group rose, with copper gaining six cents to $1.86 U.S. a pound on the Nymex. Sherritt International moved ahead nine cents to $3.01 and Teck Cominco Ltd. advanced 46 cents to $7.66.The TSX financial sector edged up, with Manulife Financial ahead 36 cents to $15.24 while Bank of Montreal gained 34 cents to $33.63.Money management firm Sprott Inc.reported fourth-quarter net income of $20.4 million, down from a year-ago $27.6 million as assets under management fell 21% in three months. Its shares added one cent to $4.60.AbitibiBowater Inc., working to avoid bankruptcy, has again extended a deadline to refinance $1.8 billion U.S. of debt held by its Bowater subsidiary in the United States. Its shares were ahead four cents to 72 cents.The Canadian dollar had gained 0.13 to 81.32 cents U.S. ON BAYSTREET Of the 13 TSX subgroups, 10 remained in positive territory, led by metals and mining, up 5.8%, industrials and energy, up 2.7%The three laggards were health-care stocks, down 0.7%, utilities, off 0.6%, and consumer staples, 0.5% lower. The TSX Venture Exchange increased 18.14 points to 967.18 while the Nasdaq Canada Index picked up 15.11 to 464.39. ON WALLSTREETThe Dow Jones Industrials average managed to hold onto some of its gains, finding itself 94.70 points ahead, to 7,844.51. The S&P 500 index gained 11.56 points to 825.44, while the Nasdaq tacked on 37.66 points to 1,566.61. A better-than-expected new home sales report helped investors push stocks higher Tuesday at the end of a choppy session. It was the latest in a string of slightly better-than-anticipated news that has bolstered hopes that the economy could be closer to stabilizing. Such sig...