Roger Biduk; Bay Street Rallies at Day's End

Roger Biduk:

The Toronto stock market staged a late session turnaround to close higher as losses in financials and energy stocks moderated.
Toronto's S&P/TSX composite index came back from a 147-point slide to gain 40.89 points to 8,778.78 as the market found relief from telecom and base metals stocks. Investors were also pleased with reports from a couple of big retailers.
The TSX Venture Exchange gained 4.61 points to 915.87.
The Canadian dollar dipped 0.13 of a cent to 80.33 cents US.

The S&P/TSX Capped Financial Index was down .77%.
Yellow Pages Income Fund (YLO.UN) jumped 6.70% to $5.57. Resverlogix Corp. (RVX) higher by 7.57% to $3.27.
Financial 15 Split Corp. (FFN) tanked 19.20% to $2.02. Prime Rate Plus Corp. (PPL) sank 14.08% to $2.93. Kingsway Financial Services Inc. (KFS) lower by 13.71% to $3.40. Canada life Corporate Split (LFE) down by 9.20% to $2.96. Crombie Real Estate Inv. (CRR.UN) lower by 6.96% to $7.09.
Manulife Financial Corp. (TSX:MFC) shares fell $1.16 to $18.20 after the big life insurer reported it lost $1.87 billion in the fourth quarter - even worse than the $1.5-billion loss estimated in early December. The company said Thursday its full-year earnings dropped to $517 million, down 88 per cent from $4.3 billion in 2007 and its shares moved $1.16 lower to $18.20 as investors also worried if the company would maintain the current level of dividend payments.
Great-West Lifeco Inc. (TSX:GWO) shares were down 35 cents to $18.20 after the company posted a $907-million quarterly loss as it booked a $1.35-billion charge on its Putnam subsidiary in the U.S. Adjusted net income came in at $525 million, up six per cent from a year ago.
Shares in Sunlife Financial Inc. (TSX:SLF) shook off early losses and closed up 15 cents to $23.15 after it said quarterly earnings slid to $129 million, down from year-earlier profits of $555 million. Quarterly revenue came in at $4.7 billion, down from $5.4 billion reported during the same period in 2007. Full-year earnings shrank to $785 million from 2007 profits of $2.2 billion.

The March crude contract on the New York Mercantile Exchange sank 5.45% to US$33.98 a barrel, the lowest close of 2009.
The S&P/TSX Energy Index was down .24%.
There were concerns about how much the stimulus package will spur demand and sharply rising American oil inventories. So far, crude has fallen 20 per cent this week.
Shares in Nexen Inc. (TSX:NXY) were down 47 cents to $16.97 after the company recorded a quarterly loss of $181 million, reversing year-earlier profits of $194 million. Nexen said quarterly results were hurt by approximately $318 million in impairment charges related to its properties in the North Sea and the Gulf of Mexico.
EnCana Corp. (TSX:ECA) reported that fourth-quarter earnings slipped to US$1.07 billion from US$1.08 billion recorded a year ago. Earnings per share remained flat at US$1.43. Quarterly cash flow fell to US$1.3 billion from year-earlier levels of US$1.9 billion and its shares improved 29 cents to C$53.41.
Canadian Superior Energy Inc. (TSX:SNG) shares fell 47 cents or 43.35 per cent to 64 cents and hit a multi-year low of 51 cents after a subsidiary of BG Group PLC got a court to put the Canadian company's interest in an off-shore exploration block near Trinidad under the control of a receiver. Canadian Superior says it disputes an allegation that it owes US$47 million to pay for its share of the costs under an agreement with BG.

Roger Biduk:
The S&P/TSX Capped Information Technology Index gained 1.49% and the S&P/TSX Capped Telecom Services Index was up 2.64%.
Bridgewater Systems Corp. (BWC) jumped 8.00% to $3.78. RuggedCom Inc. (RCM) rose 6.20% to $19.00.
Research in Motion (RIM) gained 5.08% to $63.05. The BlackBerry maker's stock plunged 15 per cent yesterday after it said its fourth-quarter profits will come in at the lower end of the company's previous guidance.
Vecima Networks Inc. (VCM) sank 5.40% to $6.48.
Rogers Communications (TSX:RCI.B) ahead $1.15 to $35 and Telus Corp. (TSX:T) advanced $1.54 to $35.04 .

The S&P/TSX Capped Diversified Metals & Mining Index jumped 2.08 after soaring 4.63% yesterday as aluminum dropped 2.70%, copper dipped .36% and silver was flat.
Ivanhoe Mines (IVN) jumping 9.07% to $5.05 after surging 19 per cent on Wednesday. First Majestic Silver Corp.(FR) sank 5.70% to $2.81. New Gold (NGD) down 5.52% to $2.91.

The S&P/TSX Consumer Discretionary Index was up .49% and the S&P/TSX Consumer Staples Index was up .86%.
Gildan Activewear Inc. (GIL) tanked 23.90% to $9.55 after it reported it earned US$4.3 million in its most recent quarter as sales sagged 26.5 per cent from a year earlier to US$184 million.
Canadian Tire (TSX:CTC.A) said its profit in the fourth quarter fell nearly 23 per cent to C$101.2 million compared with the a year before. Gross operating revenue rose to $2.59 billion from $2.5 billion and its shares gained $2.15 to $40.85.
Drug store operator Shoppers Drug Mart (TSX:SC) is reporting a fourth-quarter profit of $173 million, up 14.4 per cent from a year-earlier. Revenue showed a strong increase, up 15.1 per cent to $2.5 billion, a trend it expects to continue through 2009. Its shares advanced $1.45 to $43.

Roger Biduk:
The S&P/TSX Capped Health Care Index was lower by .06%.

The S&P/TSX Capped Utilities Index gained 1.18%.

The S&P/TSX Capped Industrial Index was up .41%.
BFI Canada ltd. (BFC) lower by 6.73% to $9.57. ATS Automation Tooling Systems (ATA) sank 7.32% to $4.18.

The S&P/TSX Global Gold Index gained .48% as the April bullion contract in New York moved up $4.70 to US$949.20 an ounce.
Kirkland Lake Gold (KGI) soaring 7.10% to $6.64. US Gold Corp. (UXG) down 5.20% to $2.37.

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