Roger Biduk - TSX Down as Unemployment Hits 6.6%

Roger Biduk writes:

North American stock markets closed sharply negative as job losses piled up in December with half a million jobs lost in the United States and about 35,000 in Canada.
Financials and energy stocks led the way to the Toronto S&P/TSX composite index declining 136.4 points to 9,085.18 for a loss of 1.6 per cent this week.
The TSX Venture Exchange was up 9.43 points to 908.9.

Statistics Canada reported the job losses last month pushed the unemployment rate to 6.6 per cent from 6.3 per cent in November.

The CDN$ moved down 0.87 cent to 83.98 cents US as Statistics Canada reported that the value of building permits dropped 11.8 per cent in November to $4.8 billion. It was the third double-digit decrease for building permits in four months.
Canada Mortgage and Housing Corp. reported that housing starts during December were little changed from the previous month. CMHC said that the seasonally adjusted annual rate of starts came in at just over 177,000, down from 178,000 units in November.

The TSX energy sector was down 2.5 per cent as the February crude contract on the New York Mercantile Exchange dropped 87 cents to US$40.83 a barrel. EnCana Corp. (TSX:ECA) fell $1.63 to $56.47 and Suncor Inc. (TSX:SU) gave back 93 cents to $27.89.
Movers in the sector included Horizons BetaPro NYMEX Crude Oil Bear Plus ETF (HOD) soaring 7.63% to $21.86, Highpine Oil & Gas (HPX) rising 5.00% to $5.25, Crew Energy (CR) dropping 8.41% to $4.90, Horizons BetaPro NYMEX Crude Oil Bull Plus ETF (HOU) sinking 7.31% to $10.65, Trican Well Service (TCW) 6.73% lower to $7.90, Cdn. Oil Sands Tr. (COS.UN) down by 6.15% to $21.50 and Celtic Exploration (CLT) giving up 5.74% to $11.65.

Roger Biduk writes:
The financial sector eased 1.55 per cent as Royal Bank (TSX:RY) fell back 89 cents to $36.81 and CIBC (TSX:CM) declined $1.60 to $52.66.

The base metals sector declined 2.9 per cent with Teck Cominco Ltd. (TSX:TCK.B) down 37 cents to $7.05. Shares in HudBay Minerals Inc. (TSX:HBM) were 22 cents higher to $3.86 after it said Friday it will shut down its Chisel North zinc mine and concentrator in Snow Lake, Man. due to low metals prices and the slumping global economy.
Movers in the sector included Laramide Resources (LAM) soaring 16.02% to $2.10, First Uraniun (FIU) jumping 6.43% to $2.98, Mag Silver (MAG) rising 6.12% to $6.42, FNX Mining (FNX) tanking 10.27%, First Majestic Silver (FR) dropping 6.05% to $2.33, Inmet Mining (IMN) lower by 5.21% to $25.45.

Gold gained $.55 to $855. Movers in the sector included Novsgold Res. (NG) tanking 9.75% to $2.13,

Industrial stocks were also a weight as economic pessimism pressured railway stocks. Canadian National Railways (TSX:CNR) fell $1.09 to $46.07 and Canadian Pacific (TSX:CP) declined $1.40 to $42.04.
Movers in the sector included Air Canada (AC.B) soaring 12.90% to $2.45,

The information technology sector was positive, up 1.5 per cent with Research In Motion Ltd. (TSX:RIM) ahead $1.99 to $56.84 while Nortel Networks Corp. (TSX:NT) surged 13 cents or 39 per cent to 46.5 cents.
Movers in the sector included 5N Plus ( VNP) rising 6.76% to $5.84,

Other movers in on the TSX included Great Cdn. Gaming (GC) rising 6.60% to $4.04, Viterra (VT) jumping 6.03% to $9.15, Maple Leaf Foods (MFI) tanking 7.84% to $9.88, Galleon Energy (GO) dropping 7.74% to $4.77, Yellow Pages Income Fund (YLO.UN) sinking 7.54% to $6.13, Corus Ent. (CJR.B) lower by 6.27% to $13.00,
Shares in Biovail Corp. (TSX:BVF) gained 23 cents to $13.22 after it said it will pay $6.5 million to settle with the Ontario Securities Commission, which had accused the pharmaceutical company of various accounting infractions in recent years.

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