Canadian News
Bay Street Stocks Remain Notably Higher - Canadian Commentary
11/3/2009 3:32 PM ET
(RTTNews) -
Toronto stocks remain modestly higher on Tuesday, boosted by a surge in gold prices that sparked the gold and materials sectors. The market is on target for just its second gain in eight sessions.
The S&P/TSX Composite Index has added 73.69 points or 0.67% to move at 10,949.53.
Gold stocks have surged 5.4% and materials are up 3.1% as the precious metal jumped to a record above $1,080. Iamgold Corp. (IMG.TO) has soared 10.3% after the company said it secured an approval to proceed with a $9 million project in West Africa.
On the flipside, Kinross Gold (K.TO) has lost 3.5% after the company posted a net loss of US$21.5 million or US$0.03 per share for the third quarter, compared to net earnings of US$64.7 million or US$0.10 per share in the prior year quarter.
Industrials are up 1.3% as Warren Buffett's Berkshire Hathaway (BRKa) has agreed to acquire Burlington Northern Santa Fe (BNI) for $100 per share in cash and stock. Bombardier (BBD.B.TO) has gained 3.9%, Canadian Pacific (CP.TO) has rallied 2.8% and Canadian National Railway (CNR.TO) is up 2.5%.
In other corporate news, Talisman Energy (TLM.TO) has slipped 1% after the company reported third quarter net income of C$30 million or C$0.03 per share, compared to C$1.43 billion or C$1.38 per share last year.
Precision Drilling (PD.UN.TO) has gained 2.75% after the stock was initiated at Outperform by RBC Capital Markets
MDS (MDS.TO) has dropped 1.6% after the company along with Danaher Corp. (DHR) have each received a second request for information from the Federal Trade Commission regarding the sale of MDS Analytical Technologies.
First Quantum Minerals (FM.TO) has rejected a"mini-tender" offer by TRC Capital Corporation to purchase up to 1 million shares of its common stock. Shares are down 0.4%.
Dundee REIT (D_U.TO) has added 2.4% after the company reported third quarter funds from operations was C$16.2 million or C$0.74 per unit, compared to C$15.8 million or C$0.75 per share in the year-ago quarter.
Saputo (SAP.TO) posted second quarter net earnings of C$94.5 million or C$0.45 per share, compared to C$69.0 million or C$0.33 per share in the year-ago quarter.
More big names are on tomorrow's earnings calendar, including Agrium, Enbridge and Goldcorp.
by RTT Staff Writer
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