Business
TSX strides ahead
TSX strides ahead
About this update from Thomson Reuters Corporation
[{"type":"text","content":"\nTSX strides ahead\n\nU.S. budget in news\n Feb. 1, 2010 (Baystreet.ca) -- After opening higher, Canadian stocks rallied further in mid-morning deals Monday.\n\nBy noon, the S&P/TSX Composite Index remained ahead 144.24 points, or 1.3%, to 11,238.55. \n\nInvestors lapped up stocks after the main index fell to a two-month low in the previous session. Moreover, commodity prices appeared to have arrested their losing streak, with gold and oil moving higher from their recent lows.\n\nThe Gold Index gathered strength, with Eldorado Gold adding 2.20%. Goldcorp. gained 2.04%. \n\nBank of Nova Scotia rose 1.05% after Korea Development Bank said that it will opt out from a bid for a stake in Thailand's Siam City Bank, in which BNS was one among the bidder.\n\nRoyal Bank of Canada gathered 1.11%. \n\nAmong energy plays, Suncor Energy was up 1.13% and Imperial Oil rose 0.75%. Both the companies are scheduled to release their earnings report Tuesday. \n\nEncana Corp. moved up 2.14%. \n\nPotash Corp. gained 2.60% after BHP Billiton purchased a Canadian Potash project, setting aside speculation that BHP may bid for Potash Corp. \n\nMagIndustries Corp. rose 3.85% after it announced that it will develop a potash mine in Republic of Congo in association with China National Complete Plant Import & Export Company. \n\nThe Information Technology Index moved up, as Blackberry maker Research in Motion added 0.82% after a research report said that worldwide smart phones sales grew 30% in the fourth quarter. \n\nAnother technology play, Open Text, rose 1.23%. \n\nCanadian Pacific Railway climbed 0.97% to $50.97 even after Scotia Bank trimmed its price target on the stocks to $61.50 from $63.00.\n\nOn the negative side, mining operator Roca Mines surrendered 11.59% after reporting a narrower first quarter net loss of $0.02 per share, down from a loss of $0.06 per share in the year-ago quarter. \n\nSpecialized drug developer ConjuChem Biotechnologies slipped 4.55% after reporting narrower net loss for the year ended October 31, 2009 of $0.06 per share, compared to a loss of $0.16 per share, prior year.\n\nCommerce Resources Corp. shed 2.78%. The company announced Saturday the resignation of its Chief Financial Officer, Shaun Ledding, and noted that he will remain as a consultant.\n\nThe Canadian dollar regained 0.51 cents to 93.85 cents U.S. \n\nON BAYS...