Business
Stocks slide after early jump
Stocks slide after early jump
About this update from Toromont Industries Ltd.
[{"type":"text","content":"\nStocks slide after early jump\n\nCommodities weigh down TSX\n Oct. 26, 2009 (Baystreet.ca) -- Bay Street stocks have posted notable declines on Monday, easily erasing an early-morning rally. Weakness in the commodity-related sectors has led the declines.\n\nAs the final bell was about to sound, the S&P/TSX composite index had plummeted 138.27 points, or 1.2%, to 11,243.86.\n \nAmong gold stocks, Seabridge plunged 7.4% to $24.07 and Yamama was down 4.7% to $12.06, New Gold dropped 4.9% to $4.10 and Agnico-Eagle Mines was down 2.9% to $70.04. \n\nIamgold Corp. turned to the downside by 2.3% to $14.16. The stock had surged earlier after announcing it now projects 2009 production of about 940,000 - 950,000 ounces of gold, an increase of 30,000 ounces over its prior guidance issued in June 2009.\n\nMining stocks were down, with Inmet sliding 5.7% to $63.22, HudBay dropped 3.6% to $14.40 and Teck Recources was down 2% to $34.12.\n\nBirchcliff Energy declined 5.4% to $7.56 after being downgraded to "hold" from "buy" at Genuity Capital Markets. \n\nRogers Communications added 0.2% or five cents to $28.94 after the company made an investment to become a shareholder in Vuguru, a web video studio. \n\nToromont Industries Ltd. slipped 0.8% to $24.81 after the stock posted third-quarter net earnings of $31.9 million or $0.50 per share compared with $37.1 million or $0.56 per share in the same quarter last year.\n\nCoretec rallied 47.8% to 17 cents after receiving a buyout offer from DDi Corp. for $0.20 per share, or approximately $3.6 million. \n\nCanfor Pulp Income Fund gained 0.4% to $5.66 after the company reported its third quarter net income of $18.3 million or $0.26 per share, compared to $11.1 million or $0.15 per share in the same period last year.\n\nThe Canadian dollar dropped 1.21 cents to 93.80 cents U.S. \n\nON BAYSTREET \n\nAll but one of the 14 TSX subgroups finished the day in the red. Gold was 2.7% to the bad, followed by metals and mining, off 2.5%, and materials, sliding 2.4%. \n\nThe lone gainer proved to be information technology, advancing 1%. \n\nThe TSX Venture Exchange stumbled 30.09 points to 1,303.82, while the Nasdaq Canada index lost 6.56 points to 692.08. \n\nON WALLSTREET\n\nIn New York, stocks tumbled Monday afternoon, erasing morning gains, as a strong dollar battered commodity shares an...