Business
Rough day for stocks
Rough day for stocks
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\nRough day for stocks\n\n\"Bad bank\" still stuck\n Feb. 2, 2009 (Baystreet.ca) -- 04:38 pm EST\nStocks ended mixed Monday, after taking in some news indicating the recession is deepening. The S&P TSX Composite Index started the week in negative territory, sliding 88 points, to 8,606.90Investors also fretted about the Obama administration's plans for a "bad bank," one of the options discussed over the weekend by Treasury officials and representatives of the financial industry.A so-called "bad bank" would take the riskiest assets from commercial banks' books and put them into a government-controlled entity.Administration officials said as recently as Saturday that they planned to release the plans this week, but have since pulled back.The TSX financial sector was down 1.15% with TD Bank off 77 cents to $39.03 and CIBC down $1.28 to $45.35.The energy sector slipped 0.8% as Canadian Natural Resources fell $1.17 to $42.72.\nPetro-Canada shares were up 29 cents to $26.88 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 1.2% as Sherritt International dipped 10 cents to $2.57 while Teck Cominco Ltd. moved 11 cents lower to $4.63.The industrial sector also pulled the TSX lower, as transportation giant Bombardier Inc. lost 35 cents or 9.2% to $3.45.The telecom sector was off 1.15% after the CRTC gave wireless service providers one year to upgrade their emergency 911 operations to ensure police, fire or ambulance dispatchers can trace the location of a caller. BCE Inc. shares were down 34 cents to $24.77 while Telus Corp. was off 56 cents to $34.20.The gold sector retraced, as Barrick Gold Corp. faded $1.42 to $44.72.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 30 cents to $9.95 while Lockerbie rose $1.75 or 28% to $7.90.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 decline...