Mar. 29, 2010 (Baystreet.ca) --
Bay Street stocks opened marginally higher Monday amid recovery in the commodities prices and on easing worries over the Greece debt situation. The S&P/TSX Composite Index picked up 29.79 points over the first half-hour of trading for a short week, to 11,987.16. Also, a marginal increase in U.S. consumer spending could generate optimism about Canada's largest trading partner. In corporate news, oil and gas explorer Enterra Energy Trust 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. Coal miner Phoenix Coal reported net loss of $78.60 million for year ended December 31, 2009. Oil and gas explorer Antrim Energy reported fourth-quarter net loss of $0.04 per basic share, compared to a loss of $0.05 U.S. per basic share in the prior year. Hydrocarbons explorer Caza Oil & Gas reported full-year 2009 net loss of $0.03 per share, compared to net loss of $0.04 per share last year. Precious metal miner Greystar Resources reported fiscal 2009 loss of $0.43 per share, compared to a loss of $0.48 per share last year. Gold explorer Kenai Resources said it will acquire GoldOrigin Ltd, a private British Virgin Island corporation. Investment company Wilmington Capital Management reported 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 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 reported net loss for the fourth quarter of $4,000, compared to net income of $2.7 million in the year-ago quarter. In brokerage updates, RBC upped Petrominerales' price target to $41 from $39. Goldman Sachs increased Brookfield Properties price target to $17 from $15. The Canadian dollar picked up 0.51 cents to 97.92 cents U.S. ON BAYSTREET Of the 14 TSX subgroups, all but four were higher in the early going. Metals and mining was the biggest gainer, at 1.5%, followed closely by global base metals, up 1.4% and energy, ahead 0.9%. The four laggards were weighed down mostly by financials, off 0.5%, real-estate, trailing Friday's close by 0.2% and consumer staples, off 0.1%. The TSX Venture Exchange prospered 10.87 points to 1,570.65. The Nasdaq Canada index surged another 12.64 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 58.04 points to begin the week at 10,908.40. The S&P 500 index gained 6.42 points to 1,173.01, while the tech-rich Nasdaq tacked on 15.22 points to 2,410.35. 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 was unchanged, keeping the yield at Friday's 3.85%. Treasury prices and yields move in opposite directions. The price of a barrel of oil shuttled ahead $2.15 to $82.15 U.S. Gold prices moved seven dollars higher to $1,113 U.S.
