Business
TSX sneaks higher
TSX sneaks higher
About this update from Thomson Reuters Corporation
[{"type":"text","content":"\nTSX sneaks higher\n\nMetals lead the way\n Jan. 13, 2010 (Baystreet.ca) -- The Toronto stock market was little changed Wednesday with energy stocks pressured by lower crude prices in the wake of higher-than-expected U.S. crude inventories.\n\nThe S&P/TSX Composite Index turned from a negative pose early in the day and gained 33.38 points to 11,853.56, after a 127-point tumble on Tuesday that followed moves by China to curtail its economic growth.\n\nChina's central bank is raising the proportion of deposits that banks must hold in reserve by half a percentage point to 15% of their deposits. The People's Bank of China also raised the yield it is offering on its one-year bills, its second increase in interbank markets in a week.\n\nChina has been a big support to the Toronto market as its recovery boosts commodity sectors, which stand to gain from sales to China's resource-hungry economy.\n\nBut analysts point out that the losses this week come after a string of gains that pushed the TSX up almost 2% last week alone.\n\nAmong energy issues, Suncor Energy fell 19 cents to $37.68 and Canadian Oilsands Trust stepped back 49 cents to $29.11.\n\nThe consumer discretionary sector was also weak, with shares in auto parts maker Magna International Inc. down $2.92 to $59.47 after it said it expects its 2010 sales to be in a range of $19.5 billion U.S. to $20.5 billion U.S., in line with 12 analyst estimates compiled by Thomson Reuters.\n\nCorus Entertainment Inc. shares declined 12 cents to $19.47 even as the company reported a $73.9-million profit in its fiscal first quarter, an 82% improvement that came as advertising revenues began to rebound in November. Corus says its revenues also rose to $222.3 million from $216.8 million a year ago.\n\nElsewhere in the sector, Cogeco Cable Inc. says it's raising most of its financial targets for 2010 as a result of steady performance at its Canadian operations and signs that its European subsidiary is stabilizing after a period of intense competition. Its shares climbed $2.08 to $36.80.\n\nThe Canadian dollar regained 0.80 cents to 96.99 cents U.S. \n\nON BAYSTREET \n\nAll but three of the 14 TSX subgroups were positive to end the day. Metals and mining stocks held sway, gaining 2%, followed by health-care, up 1.4% and global base metals, ahead 1.1%. \n\nConsumer staples were the worst off the th...