Roger Biduk writes:
The Toronto stock market closed slightly lower Wednesday as a burst in financial stocks helped offset lower energy and base metal stocks.
Toronto's S&P/TSX composite index lost 30.85 points to 8,296.96 but well off early lows as financial stocks improved ahead of a slew of earnings coming out Thursday and Friday.
The TSX Venture Exchange moved down 19.02 points to 712.08.
Another source of strength was Research In Motion Ltd. (TSX:RIM) - its stock closed higher despite some the BlackBerry maker's announcement that its third-quarter profit will be lower than previously estimated. Following a negative start, RIM shares were up $2.44 to $48.90 even as it said it sold fewer BlackBerrys than expected and its earnings would miss its financial guidance.
Meanwhile, RIM on Wednesday announced a $66-million takeover bid for data encryption specialist Certicom Corp. (TSX:CIC). Certicom shares nearly doubled, gaining 74 cents to close at $1.59.
The CDN$ was down 0.16 cent to 79.78 cents U.S. amid ongoing economic gloom and political wrangling in Ottawa.
The TSX energy sector fell 1.63 per cent as data showed stronger demand for oil in the United States. Crude inventories for last week increased by 456,000 barrels, compared to the expected increase of one million. Gasoline inventories fell 1.5 million barrels.
The price of oil declined 17 cents to US$46.79 a barrel on the New York Mercantile Exchange.
EnCana Corp. (TSX:ECA) declined $1.06 to $52.88 and PetroCanada (TSX:PCA) was down 36 cents to $26.95. Nexen Inc. lost $2.23 or 9.35 per cent to $21.65, on a cooling of takeover speculation that had driven the stock up nine per cent Tuesday.
Roger Biduk writes:
The TSX financial sector was up 1.62 per cent as investors wait for earnings reports from TD Bank (TSX:TD), CIBC (TSX:CM) and National Bank (TSX:NA) Thursday and from Royal Bank (TSX:RY) Friday. Scotiabank (TSX:BNS) reported Tuesday that its fourth-quarter profit fell 67 per cent to $315 million. TD Bank gained $1.38 to $42.50 but National Bank (TSX:NA) gave back 57 cents to $37.82.
The base metals sector retreated 5.77 per cent after American mining giant Freeport-McMoRan Copper & Gold Inc. said Wednesday it would suspend operations and lay off the bulk of its workers at a New Mexico mine, cut production estimates through 2010 and curb other costs as it struggles to cope with plummeting copper prices.
Copper prices have fallen from about $3.61 per pound at the end of September to an average of $1.69 last month. On Wednesday, copper dropped 2.9 per cent to US$1.5545 a pound.
Teck Cominco Ltd. (TSX:TCK.B) ran down 43 cents nine per cent to $4.35 while Inmet Mining (TSX:IMN) gave back $1.54 or 10 per cent to $13.71.
The gold sector was off 3.75 per cent as February bullion contract in New York moved down $12.80 to US$770.50 an ounce. Goldcorp (TSX:G) faded $1.82 to $29.28.
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