Business
TSX marches on
TSX marches on
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\nTSX marches on\n\nRBC comments register\n Apr. 1, 2009 (Baystreet.ca) -- 12:35 pm EST\nStock markets were positive late Wednesday morning as better-than-expected readings on U.S. manufacturing and construction helped balance other data suggesting bigger-than-expected American job losses last month.The S&P/TSX Composite Index was on the march by noon hour, advancing 141.18 points to 8,861.57\nThe performance extended a rally that started just over three weeks ago and has lifted the TSX about 16% after the main index had sold off to 2004 levels.Perhaps investors took some cheer from statements published Wednesday by the head of the Royal Bank of Canada. CEO Gordon said the worst of the financial crisis may be over. "The financial services crisis has stabilized," Nixon said in an interview yesterday in New York. "The worst is over." Nixon also went on record as saying Canada's biggest banks probably won't need to tap a $218-billion debt backstop program set up by the federal government because their finances are sound.The Toronto market's energy sector was ahead even as U.S. crude inventories rose a more than expected 2.8 million barrels last week and gasoline stockpiles increased despite analysts' predictions for a steep dropEnCana Corp. gained $1.35 to $52.95 and Suncor Inc. rose 42 cents to $28.56.The financial sector improved as Royal Bank rose 57 cents to $37.35 and CIBC climbed $1.78 to $47.66.The base metals sector rose as Teck Cominco Ltd. gained 34 cents to $7.39 and Ivanhoe Mines Ltd. rose 45 cents to $8.23.The gold sector moved up as Barrick Gold Corp. gained $1.03 to $41.84.AbitibiBowater Inc. said Wednesday it would pursue new restructuring options after an effort to refinance its U.S. subsidiary's $1.8-billion U.S. debt expired.The Montreal-based newsprint producer said debt exchange offers meant to tackle Bowater's debt have been terminated, with all previously tendered notes being returned to their original holders and its shares fell 14 cents to 68 cents.Shares in Research in Motion Ltd. were ahead $3.59 to $58.08 as the BlackBerry maker launched its one-stop shop for add-on applications. BlackBerry App World is available as a free download from RIM's website, with 1,000 applications. Users need an account with eBay Inc.'s PayPal payment service and a BlackBerry with a trackball or touch s...