Business
The buyers are back
The buyers are back
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\nThe buyers are back\n\nAll indexes advance\n Feb. 5, 2009 (Baystreet.ca) -- 04:35 pm EST\nThe buyers returned to the markets Thursday, sending all major indices in New York and Toronto soaring. The S&P TSX Composite Index was ahead 162.76 points to 8,855.85, as investors bought up mining stocks and early losses in the financial sector disappeared.New York markets rallied on a mix of optimism about the government's new version of the bank bailout plan and better-than-expected monthly sales from Wal-Mart Stores.Bombardier shares were seven cents lower to $3.65 after the company said it is cutting 1,360 jobs, or about 4.5% of its workforce, because of falling production of Learjet and Challenger executive jets. The Montreal-based company says it expects more challenges throughout 2009.Investors were also focused on Research In Motion Ltd. Its shares rose 47 cents to $69.57 U.S. after the Ontario Securities Commission arrived at a settlement with co-CEOs Mike Lazaridis and Jim Balsillie over a prohibited practice known as stock option back-dating, which occurred at the technology company from 1996 until 2006. Balsillie was slapped with a $5-million fine while Lazaridis will have to pay a $1.5-million penalty.Balsillie will also be prevented from being a director of any company for a year - although he'll be allowed to remain an executive at RIM.Much of the base metals sector's strength came from stocks such as Teck Cominco Ltd., which climbed 27 cents to $4.97 and FNX Mining, which gained 51 cents to $4.25.Barrick Gold Corp. carried much of the gold sector, running ahead $1.22 to $46.95, while Goldcorp Inc. gained 42 cents to $36.94.The TSX financial sector rose as Royal Bank gained 53 cents to $31.15 and CIBC advanced $1.48 to $46.92.The TSX energy sector was up, powered by the likes of Husky Energy Inc. shares were down 75 cents to $29.18 after a sharp drop in earnings and a dividend cut. Husky earned $232 million in the final three months of 2008, down from $1.1 billion a year earlier.Oilexco Inc. plunged 3.5 cents to 16 cents after lenders demanded immediate repayment of a $547.5-million U.S. credit facility and a 100-million-pound credit line at insolvent Oilexco North Sea Ltd.The consumer staples sector moved ahead, as shares in Saputo Inc. jumped $2.45 to $21.20. The cheese giant's stock had fallen 4% Wednesday after qu...