Roger Biduk writes:
The Toronto stock market ended the session with a solid gain thanks to a late day surge in energy and financial stocks while investors took in news that Teck Cominco Ltd. plans to cut 1,400 jobs worldwide.
Toronto's S&P/TSX composite index gained 100.26 points to 9,221.58 following a 351-point slide Wednesday that stopped a six-session winning streak in its tracks.
The TSX Venture Exchange added 11.15 points to 899.47 while the Canadian dollar moved up 1.31 cents to 84.85 cents US.
Teck Cominco shares (TSX:TCK.B) moved down 18 cents to $7.42 after it announced the job cuts to deal with the global slump in commodity prices. The company also says it will reduce coal production in 2009, due to declining global steel demand.
Canadian jobless data also come out Friday with the consensus calling for a drop of 22,000 jobs last month, although markets are braced for higher numbers.
The TSX energy sector was up 1.9 per cent as the February crude contract on the New York Mercantile Exchange declined 93 cents to US$41.70 a barrel.
PetroCanada (TSX:PCA) advanced $1.18 to $30.50 while Suncor Energy (TSX:SU) improved $1.65 to C$28.82.
Decliners included Horizons Betapro Nymex Natural Gas Bull Plus ETF (HNU) tanking by 8.32% to $4.85.
The base metals sector was mixed. Silver Wheaton (SLW) higher by 7.35% to $7.30, Timminco Ltd. (TIM) jumping 6.16% to $5.00, Agnico Eagle (AEM) up 6.11% to $59.53 and Sherritt Intl. (S) rising 5.31% to $3.97.
Decliners include Ivanhoe Mines (IVN.TO) sinking 6.67% to $3.78,
The financial sector added one per cent with Royal Bank (TSX:RY) ahead 60 cents to $37.70. Retail brokerage firm TD Ameritrade Holding Corp. said Thursday it will acquire Thinkorswim Group Inc. in a cash and stock deal worth US$606 million. TD Bank (TSX:TD) owns a 40 per cent stake in TD Ameritrade and its shares were up 79 cents to C$46.35.
Another bright spot was the gold sector, up 4.7 per cent as the February bullion contract on the Nymex rose $12.80 to US$854.50 an ounce and Barrick Gold Corp. (TSX:ABX) ran ahead 4.98% to $39.20. Shares in Goldcorp Inc. (TSX:G) were ahead 59 cents to C$33.59 after the company said fourth-quarter gold production hit a record 692,000 ounces while 2008 production came in above 2.3-million-ounce forecast. It added that its 2009 production target is unchanged at 2.3 million ounces while spending is expected at about $1.4 billion in 2009.
Other gainers included Eldorado Gold (ELD) soaring 10.04% to $8.99, Horizons BetaPro S&P TSX Global Gold Bull Plus (HGU) jumping 7.83% to $10.60, Kindross Gold (K) up 6.36% to $21.57, Yamana Gold (YRI) higher by 5.99% to $8.49. and Barrick Gold (ABX) up by 4.98% to $39.20.
Decliners included Horizons BetaPro S&P TSX Global Gold Bear Plus (HGD) dropping 8.64% TO $12.59.
Elsewhere on the TSX, drugstore chain Jean Coutu Group Inc. (TSX:PJC.A) reported a loss of $399.2 million for the third quarter of fiscal 2009, reversing year-earlier profits of $9.5 million. A change in Jean Coutu's financial year-end means the company's third-quarter results are being compared with those reported during the second quarter of 2008. It shares were down 18 cents at $7.52 Health Sciences firm MDS Inc. (TSX:MDS) says an expected fourth-quarter writedown on goodwill at its MDS Pharma Services division amounts to $320 million, within a range the company had earlier predicted. In revisions to unaudited financial results released last month, MDS says the charge would increase its fourth-quarter loss two US$575 million, revised from an unaudited $255 million loss reported in December and down sharply from year-earlier profits of $15 million or 13 cents per share. Its shares climbed 27 cents to $7.94.
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