Business
Mixed cues for markets
Mixed cues for markets
About this update from Thomson Reuters Corporation
[{"type":"text","content":"\nMixed cues for markets\n\nHealth-care, materials lead TSX\n Apr. 12, 2010 (Baystreet.ca) -- Canadian stocks may struggle for direction Monday morning amid mixed cues.\n\nThe S&P/TSX Composite Index came out of the starting blocks ahead 32.17 points to 12,209.01. \n\nWhile the recently announced EUR-30-billion bailout package for the Greece may lift sentiment, continued weakness in the price of oil may put pressure on energy stocks and spoil the party.\n\nBanking stocks may be in focus after UBS reported the highest quarterly profits in almost three years. The bank reported $2.4 billion pretax profit for the first quarter. \n\nIn corporate news, oil and gas explorer Ithaca Energy swung to profit in 2009, reporting net income of $0.05 per share versus a loss of $0.23 per share in the year-ago period. Looking ahead for 2010, the company aims to produce an average of 5,100 barrels of oil per day, as against 4,042 barrels a day in 2009.\n\nOil and gas industry services provider High Arctic Energy Services said it will be issuing nearly 170 million shares in settlement of outstanding debt to various creditors. \n\nLiquid bulk storage and transporter World Point Terminals said it will acquire World Point Holdings, Inc.\n\nIn brokerage updates, RBC trimmed its rating on Yellow Pages Income Fund to a "Sector perform" from an "Outperform." RBC initiated coverage of Lake Shore Gold with an "Outperform" rating \n\nRaymond James Reduced its price target on Suncor Energy to $41 from $43.\n\nIn economic news, Canada Mortgage and Housing Corp. said the seasonally annual rate of housing starts dipped by 1.5% to 197,000 units in March, after having gained in the past two months. \n\nThe Canadian dollar slumped 0.18 cents to 99.43 cents U.S. \n\nON BAYSTREET \n\nAll but two of the 14 TSX subgroups were higher to begin the week. Health-care stocks led the gainers, up 0.8%, while materials surged 0.5%, while metals and mining gained 0.4%. \n\nThe two laggards were information technology and consumer discretionary stocks, each up 0.1%. \n\nThe TSX Venture Exchange put on 9.26 points to begin the day at 1,689.83, while the Nasdaq Canada index tailed off 0.62 points to 779.30. \n\nON WALLSTREET\n\nIn New York, stocks moved just a tad above the breakeven Monday, losing momentum after an influential economists' group said ...