Business
Red ink for TSX
Red ink for TSX
About this update from Thomson Reuters Corporation
[{"type":"text","content":"\nRed ink for TSX\n\nGold stocks lose shine\n Jan. 15, 2010 (Baystreet.ca) -- Canadian stocks continued to linger in the red in early morning deals Friday, amid widespread selling. Losses were more pronounced among gold and material stocks on falling commodity prices.\n\nThe S&P/TSX Composite Index jettisoned 113.04 points, or 1%, by noon to 11,691.34. Gold stocks continued to drift along with the price of bullion, which lost ground. \n\nKinross Gold shed 4.34% to $19.84 after UBS trimmed its price target on the stock to $25 from $26. The company said its 2009 full-year production is expected to be about 2.23 million gold equivalent ounces, an increase of around 21% over 2008 production. Looking ahead for 2010, it expects full year production to be approximately 2.2 million gold equivalent ounces.\n\nGold explorer Pacific Rim Mining dwindled 12.24% after announcing that it has closed its $2.355 million private placement financing.\n\nEnergy stocks pulled back from early morning gains. Encana Corp. lost 1.09% and Canadian Natural Resources slipped 0.89%.\n\nOil and gas producer Anderson Energy gave in 7.64% after announcing plans to sell at least 19.2 million shares at $1.45 a share to part finance its debt repayment and expansion.\n\nMineral explorer Ivanhoe Mines lost 2.23% even after denying a Dow Jones news service report that it chairman is selling his stake in the company.\n\nOn the other hand, oil field services provider Pure Energy Services rose 0.83% after announcing that its Board of Directors has approved an initial capital expenditure budget for 2010 of about $6 million.\n\nPotash Corp edged down 0.18%. RBC hiked the price target on the stock to $150 from $125.\n\nAgrium Inc. surrendered 4.10% on reports the company will intensify its efforts to acquire CF Industries Holdings.\n\nResearch In Motion eased 0.48%. Eastman Kodak filed complaint with the U.S. International Trader Commission claiming Apple and Research In Motion are infringing a patent related to ways to preview images. \n\nPinetree Capital eased 0.90% after it said it upped its stake in Silver Spruce Resources Inc to 15.6% by acquiring four million common shares and four million common share purchase warrants. \n\nHealth-care provider DiagnoCure Inc. moved down 6.72% after reporting that its fourth-quarter net loss narrowed to $0.07 per share from $0.09 pe...