Roger Biduk; Bay Street Sinks on Autos & Energy

Roger Biduk;

Stock markets tumbled Monday as the rally that has sent equities surging for most of this month ground to a halt amid a jolt of worry over General Motors and Chrysler.

Worth noting: Keep in mind that there’s a meeting on Thursday in the U.S. on changing or repealing the mark to market rule. I’d be buying the financials here. (FAS) closed today @ $4.85.

S&P/TSX Capped Diversified Metals & Mining Index tanked 7.96% as aluminum dropped 1.92%, copper fell 3.81% and silver was 1.73% lower to $13.03.
Consolidated Thompson Iron Min (CLM) +13.54% to $2.60. Forsys Metals Corp. (FSY) +8.04% to $4.84.
Teck Cominco Limited (TCK.B) -11.13% to $6.87. Inmet Mining Corporation (IMN) -10.58% to $30.33. Timminco Limited (TIM) -9.75% to $2.50. Osisko Mining Corporation (OSK) -6.61% to $5.37. Quadra Mining Ltd. (QUA) -6.46% to $5.65.

Roger Biduk;
Financial stocks slumped in Toronto, joined by energy and base-metal shares, as the price of crude oil fell almost US$4 a barrel.

The S&P/TSX Capped Industrial Index fell 2.10%.
JDS Uniphase Canada Ltd. (JDU) -8.69% to $4.52. Martinrea International Inc. (MRE) -6.16% to $2.74. ATS Automation Tooling Systems (ATA) -5.59% to $3.38. Churchill Corporation (The) (CUQ) -5.41% to $8.39. Armtec Infrastructure Income F (ARF.UN) -5.39% to $15.96.

The S&P/TSX composite index dropped as much as 368 points but the retreat moderated in the final minutes and the benchmark index closed with a loss of 224.84 points or 2.6% at 8,596.22.
This followed a gain of more than 16% over the course of the rally that took off March 10.
The TSX Venture Exchange fell 15.82 points to 945.2.
Stock market volatility helped send the Canadian dollar sharply lower, closing down 1.56 cents to 79.25 cents US as anxious investors flocked to the U.S. currency.

Roger Biduk;
The S&P/TSX Capped Information Technology Index fell 0.64% and the S&P/TSX Capped Telecom Services Index dropped 0.22%.
5N Plus Inc. (VNP) -7.39% to $5.51. Aastra Technologies Limited (AAH) -5.33% to $18.

The federal and Ontario governments also said they have not seen realistic restructuring plans with the auto companies, but they will go ahead with up to C$4 billion in loans to keep the Canadian divisions of GM and Chrysler afloat.

The S&P/TSX Capped Utilities Index lost 1.25%.
Boralex Inc. (BLX) -16.39% to $5.00. Northland Power Income Fund (NPI.UN) -6.60% to $9.90. Canadian Hydro Developers Inc (KHD) -6.00% to $2.35.

The April crude contract on the New York Mercantile Exchange tanked 7.58% to $48.41 and natural gas was flat at $3.76 as the S&P/TSX Energy Index lost 3.66%.
Trinidad Drilling Ltd. (TDG) -13.79% to $2.50. Paramount Energy Trust (PMT.UN) -10.14% to $3.19. Avenir Diversified Income Trust (AVF.UN) -10.14% to $3.19. Phoenix Technology Income Fund (PHX.UN) -10.07% to $6.70. Crew Energy Inc. (CR) -9.05% to $3.62.

Roger Biduk;
The S&P/TSX Capped Financial Index lost 4.29%.

The S&P/TSX Global Gold Index gained 1.28% as the April bullion contract in New York dropped $7.60 to US$917.70 an ounce.
Allied Nevada Gold Corp. (ANV) +10.40% to $6.90.
First Quantum Minerals Ltd. (FM) -9.46% to $33.50. US Gold Corporation (UXG) -7.80% to $2.60. SEMAFO INC. (SMF) -5.12% to $2.04. Greystar Resources Ltd. (GSL) -5.09% to $4.10.

The S&P/TSX Consumer Discretionary Index was 1.88% lower and the S&P/TSX Consumer Staples Index lower 0.42%.
Linamar Corporation (LNR) -10.96% to $2.60. Cascades Inc. (CAS) -5.58% to $2.20.

The S&P/TSX Capped Health Care Index was lower by 2.49%.
Atrium Innovations Inc. (ATB) -6.17% to $12.16.

In the service sector:
Ritchie Bros. Auctioneers Inco (RBA) +8.72% to $24.18.
Transat A.T. Inc (TRZ.B) -8.26% to $7.00. Reitmans (Canada) Limited (RET.A) -7.02% to $10.60. Canadian Pacific Railway Limit (CP) -6.62% to $37.38. New Flyer Industries Inc. (NFI.UN) -6.39% to $8.65. Jazz Air Income Fund (JAZ.UN) -6.00% to $3.29.

http://www.rogerbiduk.ca/
http://www.rogerbiduk.wordpress.com/
http://www.rogerbiduk.blogspot.com/
http://bestcatanddognutrition.wordpress.com/