Mar. 29, 2010 (Baystreet.ca) --
Helped by a recovery in commodities prices, Bay Street stocks were hovering in the green in mid-morning deals Monday. The S&P/TSX Composite Index broadened its gains to 52.87 points by noon, to 12,010.24 A marginal increase in U.S. consumer spending and word of relatively solid demand for Greece's five-billion-euro bond offering has put a floor under stock prices. Base metals stocks attracted buyers, with the index adding 1.59%. Teck Resources climbed 2.17% and Major Drilling gathered 2.18%. Among gold stocks, Kinross Gold moved up 2.85% and Anglo Gold added 1.13%. Precious metal miner Greystar Resources edged up 0.33% after reporting fiscal 2009 loss of $0.43 per share, compared to a loss of $0.48 per share last year. In the energy sector, Canadian Natural Resources gathered 1.70% and Niko Resources gained 2.08%. Petrominerales surged 7.23% to $33.80. RBC upped its price target on the stock to $41 from $39. Coal miner Phoenix Coal rose 3.61% even after reporting net loss of $78.60 million for full year 2009. Meanwhile, oil and gas explorer Enterra Energy Trust was down 1.47% after it slipped into the red in fiscal 2009, reporting net loss of $0.65 per unit, compared to net income of $0.11 per unit for the prior year. Oil and gas explorer Antrim Energy gave in 0.93% after reporting fourth-quarter net loss of $0.04 per basic share, compared to a loss of US$0.05 per basic share in the prior year. Financial stocks continued to tread lower for a second session, with the index slipping 0.51%. TD Bank was down 0.66% and Canadian Western Bank eased 0.65%. Investment company Wilmington Capital Management nosedived 52.94% after reporting fiscal 2009 net loss of $0.02 per share compared to a loss of $0.03 per share for 2008. Aerospace industry components maker Magellan Aerospace lost 9.09%. The company reported lower fourth-quarter net income of $0.05 per share, compared to $0.39 per share in the same quarter last year. Electric and gas motorcycle maker Zongshen PEM Power Systems moved down 2.34% after reporting net loss for the fourth quarter of $4,000, compared to net income of $2.7 million in the year-ago quarter. The Canadian dollar picked up 0.60 cents to 98 cents U.S. ON BAYSTREET Of the 14 TSX subgroups, all but five were higher in the early going. Metals and mining remained the biggest gainer, at 1.9%, still followed closely by global base metals, up 1.8% and energy, ahead 1.6%. The laggards were weighed down mostly by financials and consumer staples, off 0.2% each, and real-estate, down 0.03%. The TSX Venture Exchange prospered 11.49 points to 1,571.27. The Nasdaq Canada index surged another 13.08 points to 816.18. ON WALLSTREET In New York, stocks rose early Monday as investors welcomed a report that showed consumer spending continued to grow, adding to bets that the economic recovery is moving along. The Dow Jones industrial average added 51.47 points by noon to 10,901.83. The S&P 500 index gained 6.68 points to 1,173.27, while the tech-rich Nasdaq tacked on 13.05 points to 2,408.18. The optimistic tone comes after European Union leaders reached an agreement last week to support Greece if the debt-stricken country's fiscal condition worsens. Greece is reportedly preparing a new offering of seven-year notes, which one expert said "is another sign of calm after the panic." Meanwhile, the market was unfazed by reports that female suicide bombers detonated explosions that rocked two subway stations in central Moscow during rush hour Monday morning, killing at least 35 people. Despite a mixed finish Friday, the major stock indexes have risen six of the past seven weeks. But this week, which will include the end of 2010's first quarter, could test how strong the economy really is. The week will be capped by the March employment report on Friday, although stock markets won't be able to react until next Monday because they'll be closed for Good Friday. On the economic front, the U.S. Commerce Department reported that personal income was little changed in February, after an upwardly revised 0.3% gain in January. The report was roughly in line with economists' expectations, according to a consensus forecast from Briefing.com. Personal spending increased 0.3%, as expected, following a rise of 0.5% in January. Chinese carmaker Zhejiang Geely Holding Group has purchased Volvo cars from U.S. automaker Ford, the Swedish carmaker announced Sunday. The $1.8-billion U.S. deal represents the biggest ever purchase by a Chinese car manufacturer, but it is considerably less than the $6.4 billion U.S. Ford paid for Volvo in 1999. Avnet, the distributor of electronic components, announced plans to buy Bell Microproducts in an all-cash merger valued at $594 million U.S., including Bell's debt. Shares in both companies were higher in early trading. Rio Tinto fired four employees after a Shanghai court sentenced Stern Hu, a former executive at the Anglo-Australian mining giant, for bribery and stealing commercial secrets. The price of the benchmark 10-year note slid, to raise the yield to 3.88% from Friday's 3.85%. Treasury prices and yields move in opposite directions. The price of a barrel of oil shuttled ahead $2.38 to $82.39 U.S. Gold prices moved $11 higher to $1,116 U.S.
