Roger Biduk; Financials Tank 14% for the Week on Bay Street

Roger Biduk;

The TSX was bouncing around today like a yoyo.
The Toronto stock market fell more than 200 points Friday as bank stocks sold off amid nationalization worries in the United States and energy stocks retreated along with oil prices.
Toronto's S&P/TSX composite index trimmed early losses to close down 235.36 points at 7,949.99 as the main index inched towards its most recent low of 7,725 set in November. The index fell 8.4 per cent on the week led by a 14 per cent slide in financials.
The TSX Venture Exchange declined 9.2 points to 892.9.
The Canadian dollar gained 0.63 of a cent to 80.04 cents US.

Exchange Traded Funds (ETFs) were again among the biggest percentage gainers on Bay Street. Horizons BetaPro S&P/TSX Cap Energy Bear+ ETF (HED-T) soaring 9.64% to $22.98. Horizons BetaPro S&P/TSX Capped Fin Bear+ ETF (HFD-T)
jumping 9.32% to $52.78.

Meanwhile, economic data showed falling prices in Canada and the United States.
Statistics Canada reported the country's annual inflation rate edged lower to 1.1 per cent in January from 1.2 per cent the previous month, driven lower by falling gasoline prices.

Just days before Canadian banks start to issue their latest earnings figures, the S&P/TSX Capped Financial Index tanked 4.98% with Royal Bank (TSX:RY) down 86 cents to $27.07 and Manulife Financial (TSX:MFC) lost $1.38 to $13.12.
Fairborne Energy (FEL) tanked 21.37% to $2.87. Citadel Diversified Investment (CTD.UN) sank 14.17% to $5.09. Prime rate Plus (PPL) dropped 11.76% to $2.25. Manulife (MFC) dropped 9.52% to $13.12. Cnd. Life Cos. Split (LFE) lower by 9.13% to $2.09.
Kingsway Financial Services Inc. (TSX:KFS) said Friday its loss for the fourth quarter exceeded gloomy estimates released earlier this month, citing underwriting charges at one of its troubled U.S. subsidiaries and impairments to goodwill. Its shares fell 25 cents to $2.90.
Shares in Fairfax Financial Holdings Ltd. (TSX:FFH) were down $19.51 to $352 even as the insurance and investment company reported the biggest annual profit in its 23-year history thanks to "the best returns ever in a brutal investment environment."

Roger Biduk;
The March crude contract on the New York Mercantile Exchange lost 1.37% to US$38.94 a barrel and the S&P/TSX Energy Index tanked 5.33%. Natural gas dropped 1.82% to $4.04.
Crew Energy (CR) tanked 18.05% to $2.86. Cathedral Energy Services (CET.UN) sank 16.81% to $2.87. Galleon Energy (GO) dropped 14.97% to $2.50. Breaker Energy (WAV) lower by 14.72% to $2.26. Gran Tierra Energy (GTE) dropped 12.50% to $2.80. The energy sector lost 5.1 per cent as oil prices fell back from Thursday's 14 per cent surge. Suncor Inc. (TSX:SU) declined $1.80 to C$22.15 in Toronto and Canadian Natural Resources (TSX:CNQ) stepped back $2.10 to $38.26.

The S&P/TSX Capped Information Technology Index tanked 5.42% and the S&P/TSX Capped Telecom Services Index was down 1.22%.
Miranda Tech. (MT) tanked 10.39% to $5.95. 5N Plus (VN) sinking 9.18% to $5.75. Research in Motion (RIM) sank 8.19% to $48.75. Tundra Semiconductor (TUN) dropped 6.25% to $2.70. CryptoLogic (CRY) lower by 6.05% to $5.90.

The S&P/TSX Capped Health Care Index was lower by 3.45%.
Paladin Labs (PLB) tanked 8.54% to $11.25. QLT (QLT) sank 7.02% to $2.25.

The gold sector was the only one providing support, rising 3.1 per cent as nervous investors sent the price of gold over US$1,000 for the first time in almost a year. The S&P/TSX Global Gold Index jumped 3.48% as the April bullion contract in New York soared $25.70 to US$1002.20 an ounce.
U.S. Gold Cdn. Acquisition (UXE) soared 17.19% TO $3.00. Keegan Res. (KGN) jumped 11.40% to $2.54. Aquiline Res.(AQI) rose 9.09% to $3.00. NovaGold Res. (NG) gained 6.12% to $3.99%. Alamos Gold (AGI) higher by 5.87% to $8.30.
First Quantum Minerals (FM) sank 5.54% to $31.55. Goldcorp Inc. (TSX:G) advanced 88 cents to $40.02.
Barrick Gold Corp. (TSX:ABX) shares were up 18 cents to C$46.08 after the company took a US$773-million goodwill writedown while posting a fourth-quarter loss of $468 million. Full-year profit dropped to $790 million from $1.12 billion in 2007. 2009 gold production is projected between 7.2 million and 7.6 million ounces, lower than 2008 production of 7.66 million ounces.

Roger Biduk;
The S&P/TSX Capped Diversified Metals & Mining Index tanked 5.34% as aluminum dropped 3.27%, copper lost 3.70% and silver gained 3.98% to $14.49.
Keegan Res. (KGN) soared 11.40% to $2.54. Silver Wheaton (SLW) jumped 6.95% to $9.08. NovaGold Res. (NG) gained 6.12% to $3.99. Newmount Mining (NMC) rose 5.70% to $54.51. Jaguar Mining (JAG) higher by 5.30% to $7.75.
Silvercorp Metals (SVM) sank 10.57% to $3.13. Hanfeng Evergreen (HF) tanked 9.74% to $6.86. Gerdau AmeriSteel (GNA) losing 9.71% to $6.32.
Teck Cominco Ltd. (TSX:TCK.B) shares were down 25 cents to $3.80 after the miner agreed to sell its 50 per cent interest in the Williams and David Bell mines in northern Ontario for US$65 million to an affiliate of Barrick. The sale is part of Teck's plan to sell non-core assets to pay down debt.

Shares in Tim Hortons Inc. (TSX:THI) ran ahead $2.33 to $30.78 even as the coffee shop chain said quarterly profit dropped to $69.1 million from $75.7 million a year earlier. Earnings were reduced by asset impairment charges related to store closures and the company also said it will increase its quarterly dividend by 11 per cent to 10 cents per share.

The S&P/TSX Capped Utilities Index lost 2.01%. Cdn. Hydro Dev. (KHD) tanked 11.03% to $2.58. Northland Power (NPI.UN) sank 5.71% to $10.08.

Roger Biduk;
The S&P/TSX Consumer Discretionary Index was down .64% and the S&P/TSX Consumer Staples Index was down 1.28%.
Suoremwx Income Fund (SXP.UN) tanked 9.09% to $2.50. Linamar (LNR) sank 8.77% to $3.12.

Shares in Canwest Global Communications (TSX:CGS) plunged 7.5 cents or 17.65 per cent to 35 cents as the Globe and Mail reported that Leonard Asper is scrambling to secure a financial lifeline for the company before the end of the month to prevent his family-run media empire from sliding into bankruptcy protection. It earlier hit an all-time low of 31 cents.

The S&P/TSX Capped Industrial Index was 2.92%.
Canam Gr. inc. (CAM) tanking 20.88% to $4.85. Bombardier (BBD.B) sinking 7.89% to $2.80. Canfor (CFP) losing 7.86% to $5.51. Aecon Gr. (ARE) down 6.93% to $8.73. GLV Inc. (GLV.A) losing 6.35% to $5.80.

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