Business
Stocks fizzle by midday
Stocks fizzle by midday
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\nStocks fizzle by midday\n\nJob numbers main factor\n Mar. 6, 2009 (Baystreet.ca) -- 12:27 pm EST\nEarly morning gains by equity markets slowly dissolved as the clock approached noon on Friday, as initial relief from U.S. job figures gave way to more pessimism. Toronto's S&P/TSX composite index was off its highs at midday, though still in the black, about 20 points to 7,649.16Many analysts believe there is little keeping stocks from falling even further as worries about the automotive and financial sectors continue to weigh on investors.The Toronto financial sector was down, as CIBC shed 71 cents to $37.15. The Bank of Nova Scotia has taken a majority interest in Five Continents Financial Ltd., a global asset management firm in the Cayman Islands. The terms of the transaction were not disclosed and Scotiabank shares were down 45 cents to $25.76. The TSX energy sector plowed ahead as Suncor Inc.rose $1.44 to $27.64 and Canadian Natural Resources gained $1.75 to $42.26. The base metals sector rose as Teck Cominco Ltd. improved 28 cents to $3.70. Quadra Mining Ltd shares rose 16 cents to $3.75 after it reported a fourth-quarter net loss of $126.1 million U.S. compared to a year-earlier profit of $5.5 million. Revenues were negative $7.1 million compared to $81.7 million in the fourth quarter of 2007 as a result of plunging copper prices which led to negative price adjustments in the second half of 2008. The gold sector rose as Goldcorp Inc.advanced 64 cents to $39.09. Canadian autoparts maker Linamar Corp. has cut its quarterly dividend in half. The Ontario-based company reported a fourth-quarter loss Thursday and said it would pay a quarterly dividend of three cents per share, down from six cents in the previous quarter. Linamar shares fell 24 cents to $2.76. SNC Lavalin Group Inc. reported fourth-quarter net income of $75 million, compared with a net income of $68.7 million for the same period in 2007. For all of 2008, the engineering giant reports $312.5 million in net income, compared with $153.2 million in 2007. SNC also announced a 25% increase to quarterly dividends. Its shares climbed 85 cents to $29.50. Industrial waste management services provider Newalta Inc. said Friday it was cutting its dividend by 14 cents to five cents after reporting a drop in profits for both the most recent quarter and fiscal year. The compa...