Business
TSX moves ahead
TSX moves ahead
About this update from Thomson Reuters Corporation
[{"type":"text","content":"\nTSX moves ahead\n\nGold, materials show strength\n Feb. 18, 2010 (Baystreet.ca) -- Bay Street stocks may yet pare some recent gains Thursday on easing commodity prices and on profit taking, even as traders digesting the just released inflation numbers.\n\nFor the time being, however, the S&P/TSX composite index gained 38.83 points to 11,674.32, in the first half-hour of trading. \n\nWhile the price of oil eased on demand concerns, the bullion pared recent gains as IMF announce plans to sell gold. The main index moved higher for the past six sessions, its longest winning streak in 2010, gathering nearly 5% as investors brushed aside worries over the euro zone and on rising commodity prices.\n\nIn corporate news, gold producer Agnico-Eagle Mines reported fourth-quarter net income of $0.31 per share, compared to net income of $0.15 per share in the same quarter last year.\n\nGold company Kinross Gold turned to black in fourth quarter reporting net earnings of $0.34 per share, compared to net loss of $1.47 per share in the prior-year quarter.\n\nBarrick Gold said it earned $0.21 per share in the fourth quarter, compared to a loss of $0.53 per share in the year-ago period.\n\nIn M&A news, insurance provider Fairfax Financial Holdings said it will acquire Zenith National Insurance Corp. for about $1.4 billion.\n\nEnergy company Nexen Inc. turned to profit in the fourth quarter, reporting net income of $0.49 per share versus a loss of $0.35 per share in the year-ago quarter.\n\nPrecious metals miner Dundee Precious Metals swing to profit reporting fourth quarter net earnings of $0.04 per share, compared to a net loss of $1.03 in the prior year quarter.\n\nHSBC Bank Canada, a subsidiary of HSBC Holdings plc, reported net income of $0.30 per basic share for the fourth quarter, compared to $0.22 per basic share for the fourth quarter of 2008.\n\nIn brokerage updates, Morgan Stanley trimmed its rating on oil and gas industry services provider Trican Well Services to an "underweight" from an "overweight" rating. RBC ups Rogers Communications price target to $41 from $40.\n\nIn economic news, Statistics Canada said consumer prices rose 1.9% in the 12 months to January, following a 1.3% increase in December. On a monthly basis, prices rose 0.4% from December. The inflation rate is just below the central bank's 2% target ...