Canadian News
Toronto Stocks Rally 1.35% Behind Gold Sector - Canadian Commentary
11/3/2009 5:00 PM ET
(RTTNews) -
Gold stocks led Toronto's main index sharply higher on Tuesday as the precious metal soared more than $30 to a fresh record high. Industrials also benefited from the Berkshire Hathaway/Burlington Northern deal and helped Canada's main index move off a two-month low.
The S&P/TSX Composite Index jumped 147.55 points or 1.35% to settle at 11,025.90. The market had dropped in six of seven sessions.
Gold stocks rallied 6.4% as the precious metal surged more than $30 on the Comex to top $1,080. Iamgold (IMG.TO) soared 12.6% ahead of its quarterly earnings report tomorrow morning.
On the flipside, Kinross Gold (K.TO) lost 2% 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 gained 1.9% 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) added 5.3%, Canadian Pacific (CP.TO) rallied 3.25% and Canadian National Railway (CNR.TO) is up 1.75%.
In other corporate news, Precision Drilling (PD.UN.TO) has gained 2.6% after the stock was initiated at Outperform by RBC Capital Markets
MDS (MDS.TO) has dropped 1.4% 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.
Dundee REIT (D_U.TO) added 3.2% 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) has gained 2.4% after the company 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.
Agrium (AGU.TO), Enbridge (ENB.TO), Goldcorp (G.TO), Calfrac Well Services (CFW.TO), Gabriel Resources (GBU.TO), Industrial Alliance Insurance and Financial Services (IAG.TO), Superior Plus (SPB.TO), Torstar Corp. (TS.B.TO), WestJet Airlines (WJA.TO) and Yellow Pages Income Fund (YLO.UN.TO) are also on the earnings docket tomorrow.
The U.S. Federal Open Market Committee's two-day policy meeting begins. Rates are expected to be left uchanged near zero for the foreseeable future, but traders will watch accompanying comments for clues on future moves.
Earlier, the ADP employment report is due at 8:15 a.m. ET. Jobs are expected to decline 190,000 in October, compared to a drop of 254,000 in September.
1
2
Next Page
|
|