Roger Biduk; Bay Street Lower After Eight Day Rally

Roger Biduk;

The Toronto stock market closed lower Friday as investors took profits from a solid, eight-day rally.
Toronto's S&P/TSX composite index fell 184.14 points to 8,506.35. But the main index is still up 935 points, or 12.4 per cent over the eight day runup that started Mar. 10, led by gains in financial stocks.
The TSX Venture Exchange headed down 1.77 points to 901.8.

The S&P/TSX Consumer Discretionary Index was 1.43% lower and the S&P/TSX Consumer Staples Index lost .44%.
ZCL Composites Inc. (ZCL) +6.99% to $4.90.
Fortress Paper Ltd. (FTP) -10.37% to $5.10. Gildan Activewear Inc. (GIL) -6.25% to $9.45.

However, some analysts questioned why the rally happened in the first place and held out minimal hope of the gains sticking.

S&P/TSX Capped Diversified Metals & Mining Index lost 4.11% as aluminum jumped 5.56%, copper dropped .64% and silver was 2.22% higher to $13.82.
Forsys Metals Corp. (FSY) +16.87% to $4.71. First Uranium Corporation (FIU) +16.18% to $6.39. Fronteer Development Group Inc (FRG) +8.47% to $3.20.
Inmet Mining Corporation (IMN) -8.14% to $33.65. First Quantum Minerals Ltd. (FM) -7.70% to $38.60. Quadra Mining Ltd. (QUA) -6.90% to $4.99. Gerdau AmeriSteel Corporation (GNA)
-5.19% to $3.84.

Roger Biduk;
The Canadian dollar was down 0.12 of a cent to 80.68 cents US after Statistics Canada said that retail sales rose 1.9 per cent in January to $33.7 billion after declining 5.2% in December - their largest monthly decline in more than 15 years. Sales rose in five of eight retail sectors, led by a 3.8 per cent increase in the automotive sector.

The April crude contract on the New York Mercantile Exchange dropped .55% to $51.06 and natural gas rose 1.53% to $4.31 as the S&P/TSX Energy Index tanked 4.11%.
Cathedral Energy Services Inco (CET.UN) -8.39% to $2.95. Gran Tierra Energy Inc. (GTE)
-8.06% to $3.31. Addax Petroleum Corporation (AXC) -7.67% to $26.59. Suncor Energy Inc. (SU) -7.49% to $30.90. Pacific Rubiales Energy Corp. (PRE) -7.16% to $5.19.
It was the first time crude has ended the week above $50 since last year as oil and other commodities have surged on hopes the Fed scheme will blunt the effects of the recession. Suncor Inc. (TSX:SU) moved down $2.50 to C$30.90 and Encana Corp. (TSX:ECA) fell $1.67 to $51.35.

The S&P/TSX Global Gold Index rose .15% as the April bullion contract in New York sank $2.60 to US$956.20 an ounce.
Keegan Resources Inc. (KGN) +5.12% to $2.67. International Minerals Corpora (IMZ) +5.23% to $3.42. European Goldfields Limited (EGU) +5.79% to $3.29.
NovaGold Resources Inc (NG) -7.79% to $2.96. First Quantum Minerals Ltd. (FM) -7.70% to $38.60. Greystar Resources Ltd. (GSL) -5.42% to $4.01.
Kinross Gold Corp. (TSX:K) is staking a claim in the diamond business by paying US$150 million for an indirect interest in the Diavik diamond mine in the Northwest Territories and a 20 per cent stake in Harry Winston Diamond Corp. (TSX:HW). Kinross shares edged 86 cents lower to C$22.28 while Harrry Winston shares soared 80 cents or 35 per cent to $3.08.

Roger Biduk;
The S&P/TSX Capped Information Technology Index lost .48% and the S&P/TSX Capped Telecom Services Index lost 1.56%.
Tundra Semiconductor Corporati (TUN) +46.58% to $4.50. DALSA Corporation (DSA) +10.59% to $4.70. Celestica Inc. (CLS) +7.08% to $3.78. AXIA NetMedia Corporation (AXX) +7.33% to $2.05.

The S&P/TSX Capped Health Care Index was lower by .86%.
Biovail Corporation (BVF) -5.01% to $13.84.


In the service sector:
Forzani Group Ltd. (The) (FGL) +6.41% to $9.63. CanWel Building Materials Inco (CWX.UN) +5.53% to $2.10.
Transcontinental Inc. (TCL.A) -9.19% to $5.63. WestJet Airlines Ltd. (WJA) -6.44% to $10.90.

Roger Biduk;
The S&P/TSX Capped Financial Index lost 1.87%.
Priszm Income Fund (QSR.UN) +17.65% to $2.00. Fairborne Energy Ltd. (FEL) +8.30% to $3.00. Uranium Participation Corporat (U) +6.00% to $6.89.
Brookfield Properties Corporat (BPO) -9.92% to $6.45. Sun Life Financial Inc. (SLF) -7.45% to $20.75. Primaris Retail Real Estate In (PMZ.UN) -7.12% to $8.35. Sentry Select Primary Metals C (PME) -6.82% to $4.10. Kingsway Financial Services In (KFS) -6.67% to $2.10.

The S&P/TSX Capped Utilities Index gained .63%.
Fortis Inc. (FTS) +6.58% to $23.48.

S&P/TSX Capped Industrial Index dropped 2.60%. Bombardier Inc. (BBD.A) -6.62% to $2.82. Newalta Inc. (NAL) -6.42% to $2.48. ATS Automation Tooling Systems (ATA) -5.36% to $3.71. Sino-Forest Corporation (TRE) -5.08% to $7.47.

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