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Canadian News
Toronto Stocks Linger Slightly Above Unchanged Line - Canadian Commentary
11/6/2009 11:25 AM ET
(RTTNews) -
Canadian stocks are slightly higher on Friday as record gold prices offset disappointing employment reports. The market is looking for a fourth straight positive close.
The S&P/TSX Composite Index has added 15.97 points or 0.14% to move at 11,196.67.
Gold stocks have surged 3.1% after the precious metal reached above $1,100 for the first time. Iamgold (IMG.TO) has gained 5.6%, Royal Gold (RGL.TO) has added 3.7% and Agnico-Eagle Mines (AEM.TO) is up 3.2%.
Materials stocks are up 1.9%, also boosted by gold's rally. Agrium (AGU.TO) has added 1.75% after its latest takeover proposal has been rejected by CF Industries Holdings (CF).
SNC-Lavalin (SNC.TO) has added 2.6% after the company said its third-quarter net income rose to C$103.1 million or C$0.68 per share from C$91.3 million or C$0.60 per share in the prior year period.
Suncor (SU.TO) reported third-quarter earnings of C$929 million for the recent quarter, compared to C$815 million last year. The stock is up 0.3%.
Air Canada (AC-A.TO) is up 2.7% after the company reported that its third-quarter net income was C$277 million or C$2.44 per share, compared to a loss of C$132 million or C$1.32 per share in the same quarter last year.
Kingsway Financial Services (KFS.TO) has dropped 6.6% after the company reported third quarter net loss of US$118.13 million or US$2.19 per share, compared to net loss of US$17.4 million or US$0.32 per share last year.
Brookfield Asset Management (BAM-A.TO) fell 2.7% after the company reported its net income for the third quarter dropped to US$ 112 million or US$ 0.17 per share from US$ 171 million or US$ 0.27 per share in the same quarter last year.
Statistics Canada said Friday morning that employment decreased by 43,000 in October, all in part time. This drop pushed the unemployment rate up 0.2 percentage points to 8.6%.
The U.S. Labor Department reported the unemployment rate jumped to 10.2 percent in October from an unrevised 9.8 percent in September. The number had been expected to see a more modest increase to 9.9 percent.
by RTT Staff Writer
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