Business
TSX down Tuesday
TSX down Tuesday
About this update from Thomson Reuters Corporation
[{"type":"text","content":"\nTSX down Tuesday\n\nMetals, materials slide in T.O.\n Apr. 13, 2010 (Baystreet.ca) -- The Toronto stock market was sharply lower Tuesday morning as oil prices backed off for a fifth session on demand concerns and a warning that prices have run up too high recently.\n\nThe S&P/TSX Composite Index surrendered 47.14 points to end the day of 12,101.52.\n\nThe TSX energy sector dropped as Suncor Energy declined 35 cents to $34.83 while Canadian Oil Sands Trust shed 76 cents to $31.46.\n\nPrices have headed lower since the middle of last week on data showing rising inventories.\n\nOn Tuesday, the IEA expressed concern that oil markets are "overheated."\n\nOther commodity stocks backed away amid weakening gold prices. The TSX global gold index faded as Barrick Gold Corp. was down 45 to $40.45 while Goldcorp Inc. lost 39 cents to $39.79.\n\nThe base metals sector lost ground as Equinox Minerals stepped back 18 cents to $4.19 while Teck Resources dropped 51 cents to $44.93.\n\nShares of junior miner Khan Resources Inc. fell 31 cents or 36.5% to 54 cents after the company announced that its Mongolian subsidiary and a joint venture have had their uranium mining and exploration licences invalidated.\n\nIn other corporate news, shares in Viterra Inc., one of Canada's largest agribusinesses, were off seven cents to $9.28 after it said that it is selling its half-ownership in the Australian Bulk Alliance. A subsidiary of Japan-based Sumitomo Corp. is paying A$8.6 million, or about $7.9 million, to buy the remainder of the 50-50 Australian joint venture.\n\nParamount Energy Trust said Monday it has agreed to sell three properties producing a total of roughly 370 barrels of oil equivalent per day for $34.1 million in cash and stock. Paramount said it will receive $26.5 million in cash from the sale that will be used to reduce debt and shares in an unidentified public oil and gas company valued at $7.5 million. \n\nIts shares ticked four cents higher to $4.81.\n\nDiscount retailer Dollarama Inc. shares dropped 66 cents to $24.54 after it said Monday that a group of its shareholders have signed a deal for a secondary offering of the company's shares totaling $250 million.\n\nOn the Venture Exchange, a major advancer was Mountain Lake Resources Its shares surged 15.5 cents or 36.4% to 58 cents, after earlier hitting a fresh 52-week high...