Business
Stocks inch higher
Stocks inch higher
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\nStocks inch higher\n\nTrade data provides damper\n Feb. 10, 2009 (Baystreet.ca) -- 12:48 pm EST\nTraders managed to hold onto their gains by noon Wednesday, still treading carefully amid the massive losses from Tuesday. In New York, stocks bounced Wednesday morning, following the previous session's selloff, but gains were tentative amid ongoing skepticism about the government's plans to help the banking system and manage the recession.The S&P TSX Composite Index was still in positive country at midday, up 58.55 points to 8,876.44, despite an earnings warning posted by technology whiz Research in Motion, prompting a sharp drop in share prices. Investors were discouraged by a lack of details from U.S. Treasury Secretary Timothy Geithner on how Washington plans to direct more than $1 trillion U.S. in public and private aid to support the ailing financial system.RIM shares fell $10.78 or 15% to $60.10 in Toronto even as it disclosed a rise of more than 20% in subscriber additions for the holiday quarter. But the BlackBerry maker added that it will report fourth-quarter profit at the low end of its guidance of 83 to 91 cents U.S. per share on revenue near forecast levels of $3.3 billion to $3.5 billion U.S.The TSX gold sector was up as Goldcorp Inc. advanced $2.04 to $38.87 while Barrick Gold Corp. climbed $1.86 to $48.05.The base metals sector ran ahead as Teck Cominco Ltd. was up 17 cents to $5.13 and Ivanhoe Mines ran ahead 34 cents to $4.23.The TSX energy sector was well off early highs, rising marginally as oil prices picked up after losing $2 on Tuesday. Petro-Canada moved up 33 cents to $28.59 and Suncor Inc. improved 23 cents to $2.79.The financial sector was up 0.7% with Manulife Financial ahead 24 cents to $20.33.BCE Inc. posted a fourth-quarter loss of $48 million or six cents per share on investment losses and writedowns. The telecom company also boosted its dividend 5% and its shares were ahead 48 cents to $25.61.WestJet shares dropped $1 to $12.75 as fourth-quarter profit fell to $40.8 million from $75.4 million.Fourth-quarter profits at fertilizer producer Agrium Inc. fell to $124 million from $172 million, but its annual profit of $1.3 billion more than tripled its previous record earnings in 2007. Agrium shares rose $2.40 to $48.41.CAE Inc. rose 32 cents to $7.62 after the Montreal-based global leader in flight...