Business
Rebound for stocks
Rebound for stocks
About this update from Thomson Reuters Corporation
[{"type":"text","content":"\nRebound for stocks\n\nAll TSX groups in the green\n Feb. 1, 2010 (Baystreet.ca) -- The Toronto stock market rebounded Monday following three losing sessions amid rising commodity prices and some positive U.S. economic data.\n\nThe S&P/TSX Composite Index ended the day up 218.30 points, or nearly 2%, to 11,312.61. \n\nThe TSX energy sector moved higher as oil prices rose following four days of declines. On the TSX, EnCana Corp. rose 88 cents to $33.58 while Canadian Natural Resources climbed 87 cents to $69.12.\n\nThe gold sector was up, as Barrick Gold Corp. gained $1.55 to $38.67 while Goldcorp Inc. advanced $1.42 to $37.66.\n\nThe base metals sector rose, with March copper ahead two cents at $3.07 U.S. a pound. Teck Resources Ltd. rose $1.67 to $36.68 and FNX Mining rose 64 cents to $12.70.\n\nThe financial sector was also supportive, as Manulife Financial advanced 40 cents to $19.94.\nA major loser on the TSX was Cinram International, one of the world's biggest DVD manufacturers. \n\nIts units plunged $1.75 or 60.1% to $1.16 after Warner Home Video announced it is ending its agreement with the Toronto-based supplier. Cinram estimates about 28% of its revenue last year came from Warner Home Video.\n\nConjuChem Biotechnologies Inc. said Friday it lost $15.8 million in its latest financial year compared with a loss of $39.4 million the previous year. Its shares were off one cent at 10 cents.\n\nImperial Oil Ltd. says noise restrictions recommended in a regulatory report last month are so stringent they may threaten the development of the Mackenzie Gas Project. The report says noise from facilities to be built in the Kendall Island Bird Sanctuary should be at or below 50 decibels, 300 metres from the fence line. Its shares rose 53 cents to $38.97.\n\nShares in MagIndustries Corp. rose a nickel to 57 cents after the Toronto-based company signed a framework agreement with a Beijing-headquartered construction company, which is negotiating to build and find up to $1.2 billion U.S. in financing for the proposed Mengo potash project in western Africa.\n\nThe battle between Toronto-based merchant bank C.A. Bancorp Inc. and a hostile bidder appears to have come to an end, with Maxam Opportunities Fund Ltd. backing away from its offer. The self-described alternative asset manager said it would let its takeover offer for C.A. Bancorp exp...