Business
The streak could end today
The streak could end today
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\nThe streak could end today\n\nSuspense over Fed meeting\n Mar. 18, 2009 (Baystreet.ca) -- 10:33 am EST\nThe Toronto stock market was sharply lower early Wednesday following six days of blistering gains that sent the main index up 13% New York markets also stepped back after rising sharply for five of the past six days as investors look to the conclusion of the Federal Reserve's interest rate meeting at mid-afternoon and deal-making in the tech sector.Toronto's S&P/TSX composite index took off 143.51 points in the opening half-hour to 8,416.02The 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.In Canadian economic news, wholesale sales declined 4.2% to $41.1 billion in January. Statistics Canada said the drop was due largely to lower activity in the automotive products sector.The TSX financial sector declined, with TD Bank down 58 cents to $42.95 and Manulife Financial fell 21 cents to $13.59.The energy sector was lower ahead of U.S. inventory figures coming out later in the morning. EnCana Corp. stepped back 61 cents to $50.89 while Suncor Inc. moved down $1.08 to $32.17.Libya's National Oil Company says it will buy Canada's Verenex Energy Inc., matching a $394-million dollar U.S. bid by a subsidiary of the China National Petroleum Corp.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 two cents to $9.30.The gold sector was down, as Barrick Gold Corp. faded 97 cents to $35.64.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 U.S. in 2007. The company reported no revenues for last year or the prior year and its shares were unchanged at $5.25 Canadian.The base metals sector stepped back, as Teck Cominco Ltd. lost 19 cents to $5.06.The Canadian dollar was ahead 0.23 cents at 78.96 cents U.S. BAYSTREET Of the 13 TSX subgroups, all but two were in negative territory to begin the session. Energy was lower by 3.1%, materials off 2.6% and gold was down 2.5%.Only two subgroups provided some spark; consumer staples were ahead 0.9% and cons...