Business
T.O. slides, N.Y. keeps gains
T.O. slides, N.Y. keeps gains
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\nT.O. slides, N.Y. keeps gains\n\nFinancials factor in\n Mar. 25, 2009 (Baystreet.ca) -- 04:33 pm EST\nStock markets in Toronto turned lower Wednesday afternoon as financial shares gave up early strength and energy issues backed off in the face of sliding oil prices.The S&P/TSX Composite Index lost momentum as the afternoon wore on, and lost 38.59 to end the day at 8,810.80The TSX energy sector was off, as New U.S. inventory figures showed crude supplies rose by 3.3 million barrels last week, about twice the amount expected. EnCana Corp. gave back $1.18 to $53.32 and Petro-Canada declined 36 cents to $33.65.Financials were under pressure as Britain experienced its first incomplete auction of government bonds in almost seven years. The treasury attracted bids for only 1.63 billion pounds of a 1.75-billion-pound issue of 40-year gilts.The Toronto financial sector lost as CIBC fell $1.75 to $46.31 and National Bank was down $1.12 at $41.85.AGF Management Ltd. dropped 23 cents to $8.06 after its first-quarter profit fell 80% from a year earlier to $12.2 million.The TSX base-metals sector moved ahead, as Teck Cominco Ltd. added 47 cents to $7.25. HudBay Minerals declined 12 cents to $5.88.The Toronto gold sector rose, as Barrick Gold Corp. was up $1.42 to $40.94; Goldcorp Inc. lost $1.49 to $42.86.A Hong Kong-based company controlled by China National Nuclear Corp. is offering $31 million in cash in a friendly offer for Western Prospector Group Ltd.. Western shares soared 17 cents or 46% to 54 cents.Among TSX industrials, Magna International rose 16 cents to $34.17 after U.S. Sen. Charles Schumer said the company has agreed to discuss a last-minute aid package that could keep Magna from closing its New Process Gear plant in upstate New York.CGI Group Inc. rose 12 cents to $9.87 after winning a 10-year, $182-million contract to manage information technology for the Foresters life insurance organization.The Canadian dollar nipped ahead 0.04 cents to 81.26 cents U.S. ON BAYSTREET Of the 13 TSX subgroups, winners nosed out losers seven to six, led by gold, up 2.6%, materials, ahead 1.4%, and metals and mining, up 1.3%. Utilities had the biggest tumble of the losers, off 2.4%; financials were down 2.1% while industrials moved 1.7% lower. The TSX Venture Exchange increased 24.56 points to 948.85, while the Nasdaq Canada Index fell 10....