Roger Biduk; Financials Lift Bay Street

Roger Biduk:

The Toronto stock market closed higher Monday, supported by financials a day before U.S. Treasury Secretary Timothy Geithner is to unveil an overhaul of the US$700-billion aid plan for the financial sector and by energy stocks even as oil prices slipped.

Toronto's S&P/TSX composite index was positive for a fifth session, adding 39.26 points to 9,047.28. The Dow Jones industrial eased 9.72 points to 8,270.87.
The TSX Venture Exchange inched 8.24 points lower to 901.1.
The Toronto market's advance followed a gain last week that saw the main index above 9,000 for the first time since early January, but analysts cautioned against exuberance.

The Canadian dollar was ahead 0.61 of a cent to 82.21 cents U.S. as Canada Mortgage and Housing Corp. reported a bigger than expected drop in housing starts last month. CMHC said the seasonally adjusted annual rate of housing starts declined 10.9 per cent in January to 153,500 units. It was the fifth straight monthly decline and left home construction at its slowest rate since 2001.

The S&P/TSX Capped Financial Index was up 1.15 per cent with Scotiabank (TSX:BNS) higher by 59 cents to $31.17 while TD Bank (TSX:TD) climbed 89 cents to $40.69.
Kingsway Financial Services Inc. (TSX:KFS) crumpled $1.36 or 21.75 per cent to $4.89 after the company said it is quitting some businesses, cutting 750 jobs and selling assets, while warning of a big fourth-quarter loss.
Allied Properties Real Estate (AP.UN) jumped 10.34%. H&R Real Estate Inv. (HR.UN) higher by 6.62% to $8.54. Birchcliff Energy Ltd. (BIR) rose 6.49% to $5.09. MI Developments Inc. (MIM.A) up by 5.60% to $9.05.

Roger Biduk:
The S&P/TSX Energy Index was ahead 2.49% as the March crude contract on the New York Mercantile Exchange fell 61 cents to US$39.56 a barrel despite an announcement from OPEC that dozens of production projects were being postponed. Natural gas was flat at $4.81.
EnCana Corp. (TSX:ECA) rose $1.55 to $57.86 and Suncor Inc. (TSX:SU) advanced 56 cents to $26.05.
Precision Drilling Trust (TSX:PD.UN) units fell 30 cents to $4.65 after Canada's largest oil and gas driller indefinitely suspended distributions as the recession undermines demand for its services.
Elsewhere in the oilpatch, the board of UTS Energy Corp. (TSX:UTS) urged shareholders to reject Total E&P Canada's "inadequate" $617-million offer to acquire the Calgary oilsands operator. UTS shares gained 10 cents to $1.80.
Crew Energy (CR) soared 13.24% to $4.02. Highpine Oil & Gas Ltd. (HPS) jumped 11.06% to $5.02. Pacific Rubiales Energy Corp. (PRE) rose 10.36% to $3.09. NuVista Energy Ltd. (NVA) gained 9.90% to $7.66. Petrobank Energy And Res. (PBG) up by 7.88% to $21.90.

The S&P/TSX Capped Divesified Metals & Mining Index as aluminum dropped 2.21%, copper dipped .95% and silver sank 2.51%
Teck Cominco Ltd. (TCK.B) was up 21 cents to $5.50 even as Moody's Investors Service on Friday lowered the miner's debt ratings.
Athabasca Potash (API) soared 22.56% to $2.39. Agnico-Eagle Mines (AEM) sank 5.29% to $3.60.

The S&P/TSX Global Gold Index sank 4.28% as the April bullion contract on the Nymex tanked $21.50 to US$892.80 an ounce.
Barrick Gold Corp. (TSX:ABX) faded $2.18 to $45.82 and Goldcorp Inc. (TSX:G) dropped $1.29 to $36.09. Centerra Gold (CG) tanked 11.58% to $5.04. Gabriel Res. (GBU) sank 8.93% to $2.55. Alamos Gold (AGI) lower by 6.07% to $7.35.

The S&P/TSX Consumer Discretionary Index was up .94% and the S&P/TSX Consumer Staples Index was up .42%.

The S&P/TSX Capped Health Care Index was higher by 1.06%.

The S&P/TSX Capped Utilities Index rose .74%.

The S&P/TSX Capped Industrial Index was up .49%.
The S&P/TSX Capped Information Technology Index was down .13% and the S&P/TSX Capped Telecom Services Index was up .12%.

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