Roger Biduk - Big Gains in Final Hours on Bay Street

Roger Biduk writes:

North American markets ended Thursday with an enthusiastic surge in the final hours of trading as investors snapped up deals and tested whether the market has priced in its share of bad economic news.
Toronto's S&P/TSX composite index moved up nearly five per cent, or 430.21 points, to 9,352.78, nearly making up for its 500-point loss on Wednesday.
The TSX Venture Exchange slipped 8.91 to 813.59.

The Canadian dollar was at 82.54 cents US, up 1.73 cents. That only partly made up for a 2.77-cent drop on Wednesday.

Statistics Canada said that Canada's trade surplus declined to $4.5 billion in September from $5.6 billion in August, as exports declined and imports rose.

On the TSX, the gold sector led gains, ahead 12.4 per cent, as the December bullion contract closed down $13.30 to US$705 an ounce.

The energy sector increased seven per cent as the price of crude oil for December delivery rose $2.08 to end at $58.24 a barrel.
Harvest Energy Trust (TSX:HTE.UN) got a 15 per cent boost in its units - rising $1.70 to $12.70 - after reporting earnings of $295.8 million from $11.8 million a year ago. The company also said it's delaying a $2 billion expansion of its Newfoundland refinery until credit markets improve.

Loblaw Cos. Ltd. (TSX:L) reported a 32.5 per cent rise in third-quarter net income to $155 million, as sales grew 3.9 per cent. Its shares were up six per cent, or $1.66, to $28.60.
Nortel Networks Corp. (TSX:NT) stocks moved up 30 per cent, or 21 cents, to 30 cents after an RBC Capital markets analyst said bankruptcy "is a distinct possibility down the road," as he released a report that marked down the company's share-price target to zero.
Sino-Forest Corp. (TSX:TRE), one of China's largest lumber suppliers, posted an 18.6 per cent rise in net income to US$75.2 million from US$63.4 million. Shares in the company moved down 14 per cent, or $1.06, to $6.62.
And Lundin Mining Corp. (TSX:LUN) is suspending zinc production at two Portuguese mines, sending its stock up 14 per cent, or 22 cents, to $1.72.
Pan American Silver Corp. (TSX:PAA) shares were up $1.50 to $13.74 after the company said it's cutting 500 jobs, rolling back executive salaries by 10 per cent and reducing exploration and capital spending because of lower silver and zinc prices.
Uranium miner Denison Mines Corp. (TSX:DML) shares were up 25 per cent, or 33 cents, to $1.65, after reporting a small profit in the third quarter of US$332,000 over a net loss of $11.7 million last year.
Internet gambling software provider CryptoLogic Ltd. (TSX:CRY) says it lost US$5.9 million in the July-September period, down from a year-ago profit of $2.4 million. Shares dropped 30 per cent, or $1.74, to $4.

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