Roger Biduk writes:
A mixture of both positive and negative economic news left investors cautious on Tuesday as they weighed the latest U.S. government plan to aid consumer lending companies.
Toronto's S&P/TSX composite index rose 1.99 points to 8,442.86 as oil prices declined. The TSX Venture Exchange fell 2.83 to 719.96.
The energy sector was behind 1.2 per cent as the near-month crude oil contract slipped $3.73 to close at US$50.77 per barrel on the New York Mercantile Exchange.
The Canadian dollar rose 0.63 cents to 81.63 cents US after surging 2.7 cents Monday.
TSX financial stocks rose 0.48 per cent after Bank of Montreal (TSX:BMO) reported fourth-quarter results with no credit-market booby-traps and net income of $560 million, up 24 per cent from a year ago. BMO shares gained 83 cents to $34.95.
The gold sector was down 0.7 per cent, as the bullion contract fell $1 to US$818.50 an ounce, a decline that was eased somewhat by the sliding value of the greenback.
The information technology sector was the greatest decliner, falling 2.9 per cent, as Research In Motion (TSX:RIM) lost $4.50 to $50.77.
Shares in Denison Mines Corp. (TSX:DML), a mid-sized uranium producer and explorer, fell 24 per cent to $1.02 after the company and its partners said they are postponing development of a uranium project in Saskatchewan because of weak economic conditions.
In Canadian corporate news, the children of Canwest Global Communications Corp. founder Izzy Asper have expanded their holdings of the media company's subordinate voting shares (TSX:CGS). Leonard and David Asper said recent purchases of 4.5 million of the beaten-down subordinated shares were "for investment purposes." Canwest shares were down eight cents to 61 cents.
Shares of Protox Therapeutics Inc. (TSX:PRX), a Vancouver-based drug developer, rose more than 33 per cent after the company said it has received positive data from its Phase 2 study of a key drug for benign prostatic hyperplasia, a painful urological ailment. The company was up 11 cents to 44 cents.
BHP Billiton Ltd. abandoned its hostile takeover bid for rival Rio Tinto Ltd., blaming the global economic downturn and plunging commodity prices. Rio's holdings include the former Alcan, which is now a wholly owned subsidiary of the Anglo-Australian mining company.
www.rogerbiduk.ca
www.rogerbiduk.blogspot.com
Tuesday, November 25, 2008
Subscribe to:
Posts (Atom)
