Business
TSX chants T.G.I.F.
TSX chants T.G.I.F.
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\nTSX chants T.G.I.F.\n\nBank nationaliz'n fears to blame\n Feb. 10, 2009 (Baystreet.ca) -- 04:30 pm EST\nStock traders bade a not-so-fond farewell to a rough, albeit short, week Friday, with markets on both sides of the border smarting from near-historic losses. Both Toronto and New York markets were off Monday for the Family Day and Presidents Day holidays, respectively. The S&P TSX Composite Index plunged 223.11 points Friday to 7,962.24 as the main index closed in on its most recent low of 7,725 from late November, due largely to weakness in financials and energy stocks. The financial sector in both countries bore the brunt of early losses as investors worry that a string of programs announced by the Obama administration in the past two weeks won't be enough to pull the U.S. out of a deep recession.In particular, investors have been disappointed over a lack of details contained in U.S. Treasury Secretary Timothy Geithner's bank bailout announcement last week.The TSX financial sector fell hard, with Royal Bank down $1.75 to $26.18 and Manulife Financial lost $1.40 to $13.10.Kingsway Financial Services Inc. said Friday its loss for the fourth quarter exceeded gloomy estimates released earlier this month, citing underwriting charges at one of its troubled U.S. subsidiaries and impairments to goodwill.Kingsway, which focuses primarily on auto insurance, reported a loss of $360.4 million U.S., which widened year-earlier losses of $103.5 million. Its shares fell 16 cents to $2.99.Shares in Fairfax Financial Holdings Ltd. were down $24.72 to $346.79 even as the international insurance and investment company reported the biggest annual profit in its 23-year history thanks to "the best returns ever in a brutal investment environment."The company, which keeps its accounts in U.S. dollars, earned $1.47 billion on revenue of $7.98 billion for the year.The energy sector also dipped, as oil prices fell back from Thursday's 14% surge. Suncor Inc. declined $1.76 to $22.19 in Toronto and Canadian Natural Resources stepped back $2.12 to $38.24.The gold sector did provide support, however, rising as nervous investors sent the price of gold over $1,000 U.S. for the first time in almost a year. Goldcorp Inc. advanced $1.02 to $40.16.Barrick Gold Corp. shares were up 35 cents to $46.25 after the company took a $773-million U.S. good...