Business
Stocks still seek bottom
Stocks still seek bottom
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\nStocks still seek bottom\n\nInvestors stressed over \"bad bank\"\n Feb. 2, 2009 (Baystreet.ca) -- 10:20 am EST\nStock investors were spooked by their shadows on Groundhog Day Monday, signaling a rough start to the week. The S&P TSX Composite Index opened the week down 110.75 points, to 8,584.15 New York markets tumbled as investors stateside worried that a "bad bank" plan has not yet emerged from the White House. Such a plan would have the government take the riskiest assets from banks' books and put them into a government-controlled entity.Jitters were felt in Toronto, where the TSX financial sector was down with Royal Bank off 98 cents to $29.41 and Bank of Montreal down $1.35 to $31.90The energy sector dropped. EnCana Corp. lost $1.37 to $53.20.Petro-Canada shares were off 14 cents to $26.45 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 3.5% as Teck Cominco Ltd. declined 28 cents to $4.46.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 90 cents to $9.35 while Lockberbie rose $1.65 or 26% to $7.80.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 declined 17 cents to $10.73.Canwest Global Communications Corp. edged up one cent to 54 cents after it said it is exploring strategic alternatives, and its lenders are limiting borrowing under a $300-million senior credit facility.The Canadian dollar lost 1.02 cents to $80.51 cents U.S.BAYSTREET\n \nAll 13 TSX sub-groups moved lower, weighed down by metals and mining off 2.5%, financials, subsiding 2.4% and energy stocks, down 1.7% The TSX Venture Exchange retreated 3.99 points to 878.64, while the NASDAQ Canada index stumbled 3.74 points to 545.05ON WALLSTREETThe Dow Jones industrials index kept the negative momentum from the end of the previous month (its worth January ever) by giving back 94.3 points to 7,906.56. The Standard &am...