Business
TSX stays afloat
TSX stays afloat
About this update from Thomson Reuters Corporation
[{"type":"text","content":"\nTSX stays afloat\n\nHealth-care, staples lead gainers\n Apr. 12, 2010 (Baystreet.ca) -- Canadian stocks were hovering in the positive territory in mid-morning deals Monday, amid modest buying across the sectors. The recently announced EUR-30-billion bailout package for Greece helped lift sentiment. \n\nThe S&P/TSX Composite Index approached noon ahead 24.18 points to 12,201.02 \n\nAlso, recovery in the price of oil and news of China Petroleum's $4 billion bid for a stake in Canada's oil sands gave support to oil stocks.\n\nChina Petroleum and Chemical Corp will invest $4 billion in oil sands producer Syncrude Canada Ltd by buying the 9% stake held by ConocoPhillips.\n\nFinancial stocks were in focus after UBS AG reported $2.4 billion pretax profit for the first quarter, the highest quarterly profits in almost three years. \n\nScotiabank was up 0.85% and CIBC rose 0.65%.\n\nIn the gold space, Kinross Gold gathered 0.91% and Goldcorp moved up 1.49%.\n\nLake Shore Gold moved up 4.19% after RBC initiated coverage of the stock with an "Outperform" rating.\n\nAmong energy plays, Suncor Energy edged up 0.14% to $35.51. Raymond James reduced its price target on the stock to $41 from $43.\n\nOil and gas explorer Ithaca Energy gathered 4.09% after it swung to profit in 2009, reporting net income of $0.05 per share versus a loss of $0.23 per share in the year-ago period. Looking ahead for 2010, the company aims to produce an average of 5,100 barrels of oil per day, as against 4,042 barrels a day in 2009.\n\nOil and gas industry services provider High Arctic Energy Services moved up 3.57%. The company said it will be issuing nearly 170 million shares in settlement of outstanding debt to various creditors. \n\nLiquid bulk storage and transporter World Point Terminals rallied 14.41% after it said it will acquire World Point Holdings, Inc.\n\nMeanwhile, Telus eased 0.56%. The company said it plans to invest up to $250 million to expand its broadband services this year.\n\nYellow Pages Income Fund slipped 1.99% after RBC trimmed its rating on the stock to a "Sector perform" from an "Outperform."\n\nIn economic news, Canada Mortgage and Housing Corp. said the seasonally annual rate of housing starts dipped by 1.5% to 197,000 units in March, after having gained in the past two months. \nThe Canadian dollar regained...