Business
TSX suffers late fade
TSX suffers late fade
About this update from Thomson Reuters Corporation
[{"type":"text","content":"\nTSX suffers late fade\n\nGold, materials tumble\n Feb. 8, 2010 (Baystreet.ca) -- The Toronto stock market faded late in the day Monday, amid mounting debt concerns in Europe and worries about the strength of a global economic recovery.\n\nThe S&P/TSX Composite Index wilted in the final hour, losing 107.82 points, or nearly 1%, to 11,115.30\n\nMarkets have been pressured by fears about unsustainable government debt in several European countries, particularly Portugal and Greece. Those concerns intensified last week, undermining the euro, after Portugal's lawmakers defeated the government over its deficit reduction plan.\n\nStock markets have been heading lower since mid-January in the wake of China's plans to limit economic growth. There was also growing uncertainty around the U.S. government's proposed rules to restrict trading by large financial institutions.\n\nSovereign debt worries have been brewing since late November when Dubai announced it that the government's flagship investment company was in financial trouble and announced a request for a six-month standstill on repayments of its massive debt.\n\nOn the TSX, the base metals sector gained ground as March copper added five cents to $2.91 U.S. a pound. Commodity prices were depressed last week as sovereign debt concerns pushed the U.S. dollar higher. Equinox Minerals gained two cents to $3.41 and Teck Resources gained 45 cents to $34.65 ahead of earnings coming out after the market close.\n\nOil prices headed higher after three days of declines, with Canadian Natural Resources ahead 16 cents to $69.45.\n\nThe financial sector turned positive, as Royal Bank rose 37 cents to $53.35.\n\nThe gold sector was off as Barrick Gold Corp. faded $1.18 to $37.27.\n\nElsewhere, the Canpotex marketing partnership has agreed to sell 350,000 tonnes of Canadian potash to China's Sinofert. The fertilizer ingredient was sold at "competitive prices" on the spot market and is to be shipped before the end of March. \n\nCanpotex is owned by three companies: PotashCorp. Agrium Inc. and Mosaic Corp. Potash shares slid $1.74 to $109.31 while Agrium tailed off 78 cents to $62.32.\n\nBombardier Inc. faded 11 cents to $5.34 after a German customer ordered 48 additional Talent 2 trains from the transportation giant for euro200 million or about $272 million U.S.\n\nAnd the company also say...