Roger Biduk; Banks Downgraded as Bay Street Gains

Roger Biduk writes:

North American markets ended a volatile session higher Friday, but the gain was modest due to dismal earnings reports from two major U.S. banks and a downgrade of the major Canadian banks.
Toronto's S&P/TSX composite index closed up 40.79 points to 8,920.4 on Friday. That follows triple-digit swings through positive and negative territory for a loss of 165 points or 1.8 per cent this past week, as concerns piled up about banks and oil prices retreated.
The TSX Venture Exchange advanced 21.35 points to 865.65, while the CDN$ snapped a five-day losing streak, rising 0.23 cent to 80.13 cents US. The loonie had fallen more than four cents on a stronger greenback and tumbling oil prices.

Among the most active on the TSX include Nortel (NT) down 13.04% to $.10. Oilexco (OIL) losing 30.00% to $.11. Teck Comminco (TCK.B) gaining 2.48% to $5.79. Goldcorp (G) jumping 4.44% to $32.90. Barrick Gold (ABX) rising 1.52% to $42.70. Bombardier (BBD.B) down $.02 to $4.73. TD bank (TD) losing $.35 to $43.70. Talisman Energy up $.01 to $11.99. BCE (BCE) jumping 2.01% to $24.84. Cdn. Nat. Res. (CNQ) rising 2.02% to $48.54.

Toronto's financial sector slipped 1.45% as all the major Canadian banks were rated "sell" by Dundee Securities. The financial sector gave back over five per cent this week.
Royal Bank (TSX:RY) gave back 40 cents to $33.64 and Scotiabank (TSX:BNS) declined 91 cents to $30.45. Premium Income (PIC.A) down 6.80% to $2.33.

The energy sector was up .8%. The February crude contract on the New York Mercantile Exchange jumped 3.14% to US$36.51 a barrel.
Gainers include Suncor Inc. (TSX:SU) gained 63 cents to $27.48 while Canadian Natural Resources climbed 96 cents to $48.54. Addax Petroleum (AXC) rising 5.97% to $20.23.

Roger Biduk:
The materials sector was up 3.52% with gold soaring $32.60 to US$839.90.
Gainers include Gabriel Resources (GBU) soaring 25.29% to $2.18. NovaGold Res. (NG) jumping $23.78% to $2.29. Centerra Gold (CG) moving 15.02% higher to $15.02%. Timminco (TIM) rose 12.98% to $4.70. Detour Gold (DGC) gained 12.29% to $7.86. Jaguar Mining (JAG) higher by 12.04% to $6.05. Silver Wheaton (SLW) up by 11.13% to $7.69. Eldorado Gold (ELD) moving up by 8.47% to $9.22. Kindross Gold (K) rising 7.42% to $22.45. Tanzanian Royalty Exploration (TNX) up 7.29% to $4.56. Yamana Gold (YRI) rising 6.60% to $8.56. Kirkland Lake Gold (KGI) up 5.84% to $4.17.
Osisko Mining (OSK) lost 5.25% to $3.25.

The metals and mining index was up 3.20% with March copper gaining 5.09% to US$1.5275/lb. Silver soared 7.42% to $US11.22/oz.
Gainers include Sherritt International (TSX:S) moving ahead 15 cents to $3.72 and FNX Mining Co. (TSX:FM) advancing 25 cents to $3.70. Aquiline Res. (AQI) soaring 21.65% to $2.36. Hanfeng Evergreen (HF) gaining 9.82% to $6.04. Dynasty Metals & Mining (DMM) rising 7.45% to $3.75. Int’l Minerals (IMZ) up 7.23% to $2.67. Uranium One (UUU) moving 6.67% higher to $2.08. Silvercorp Metals (SVM) up 6.48% to $2.30. Mag Silver (MAG) rising 6.11% to $6.60. Silver Standard Res. (SSO) gaining 5.93% to $22.34. Ivanhoe Mines (IVN) up 5.68% to $3.72. Sprott Res. (SCP) rising 5.11% to $2.47.
Canam Gr. (CAM) lost 6.49% to $7.21.

Agrium Inc. (TSX:AGU) shares were $2.16 higher to $42.06 after it said it expects to take a US$115-million writedown on its retail operations due to "unprecedented volatility" in global markets in yet another blow to the fertilizer industry.

Roger Biduk:
The tech sector was up .39%. Absolute Software (ABT) was down 5.79% to $3.09.

The healthcare index was up 1.57%.
Gainers include Resverlogix Corp. (RVX) gaining 10.05% to $2.41. Bio MS Medical (MS) rising 10.32% to %3.74. Cardiome Pharma (COM) up 6.09% to $6.79.

Movers in income trusts include Chartwell Seniors Trust (CSH.UN) gaining 7.62% to $5.65. Oil Sands Sector Fund (OSF.UN) jumping 8.94% to $5.24. Livingston Int’l Income Fund (LIV.UN) rising 6.92% to $6.18. Vermilion Energy Tr. (VET.UN) higher by 6.80% to $26.23. Freehold Royalty Trust (FRU.UN) up by 6.36% to $10.70. Brick Group Income Fund (BRK.UN) gaining 6.04% to $2.81. Phoenix Tech. Income Fund (PHX.UN) higher by 5.76% to $11.75. NAL Oil & Gas Trust (NAE.UN) up 5.45% to $8.12.
Noranda Income Fund (NIF.UN) lost 8.33% to $4.40. Total Energy Services Tr. (TOT.UN) sinking 7.38% to $4.14.

Roger Biduk:
Other movers in Toronto include GLG Life Tech. (GLG) jumping 10.47% to $4.75. Int’l Forest Products (IFP.A) gaining 7.69% to $2.10. BPO Properties (BPP) up 7.00% to $26.74. Domtar (UFX) up 6.25% to $2.04. Imax (IMX) rising 6.18% to $5.84. Harry Winston Diamond (HW) up 5.38% to $5.29. Fronteer Dev. Gr. (FRG) gaining 5.22% to $2.42.
Plutonic Power (PCC) lost 5.24% to $2.35. Nova Chemical (NCX) down 5.26% to $6.85. ZCL Composites (ZCL) tanked 7.96% to $4.51. ATS Automation (ATA) lower by 6.37% to $4.26.

In company news, shares in Onex Corp. (TSX:OCX) were off six cents at $18.69 after it said it has raised US$3 billion of capital for its private equity fund, Onex Partners III LP. The company also warned it has temporarily halved its commitment to the fund due to the uncertain investing environment. The conglomerate will now commit $500 million to the fund, down from $1 billion on "a temporary basis," it said in a release. New Flyer Industries Inc. (TSX:NFI.UN) units were 42 cents higher to $9.30 after the Winnipeg-based manufacturer of heavy-duty transit buses said it ended 2008 with an order backlog of US$4.1 billion, up from $2.8 billion at the start of the year.

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