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Seventh heaven for TSX
Seventh heaven for TSX
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\nSeventh heaven for TSX\n\nU.S. Fed to the rescue\n Mar. 18, 2009 (Baystreet.ca) -- 04:33 pm EST\nNorth American stock markets shook off early losses this afternoon following dramatic moves by the U.S. Federal Reserve to unclog credit markets.Toronto's S&P/TSX composite index posted its seventh straight gain, picking up 76.08 points to 8,635.68. The rally has been especially beneficial for the financial sector, which has soared 28% over the six days, sparked by news that American banks Citigroup and Bank of America were profitable in the first two months of this year.Even so, the upturn still leaves the TSX down about 7% year-to-date and analysts point out that worsening economic fundamentals do not bode well for stock markets in the near term.The energy sector was lower as EnCana Corp. stepped back 99 cents to $50.51 while Suncor Inc. moved down $1.75 to $31.50.Libya's National Oil Company says it will buy Canada's Verenex Energy Inc., matching a $394-million U.S. bid by a subsidiary of the China National Petroleum Corp, although the Calgary company says it hasn't been able to confirm the report.Verenex has operations in Libya's Area-47, a region estimated to hold roughly 2.15 billion barrels in crude oil reserves. Its shares dipped 65 cents to $8.67 Canadian. The TSX financial sector mended early losses and was flat following the Fed announcement with TD Bank down $1.19 to $42.34 while Manulife Financial gained 74 cents to $14.54.The gold sector was up, as Barrick Gold Corp. was ahead 98 cents to $37.59.Allied Nevada Gold Corp., which is working to get the Hycroft project into commercial production, says its annual net loss increased last year to $79.6 million U.S., up from $11.3 million in 2007. The company reported no revenues for last year or the prior year and its shares rose 30 cents at $5.55.The base metals sector stepped back, as Teck Cominco Ltd. lost 10 cents to $5.15.Shares in Timminco Ltd. plunged 20 cents or 8.5% to $2.15 after it said Tuesday it will temporarily cut jobs and reduced production of silicon due to difficult market conditions and reduced demand.Union workers at a Syracuse-area auto parts plant owned by Magna International have again rejected a contract proposal aimed at keeping the money-losing factory open. Magna has said it would accelerate the shutdown of New Process Gear if the offer was reje...