Roger Biduk; Bay Street Down on Profit Taking

Roger Biduk;

Stock markets closed sharply lower Friday as traders took profits from an exuberant rally which is into its third week.
Toronto's S&P/TSX composite index fell 174.44 points on the day to close at 8,821.06 in a broad decline.
The TSX Venture Exchange slipped 13 points to 961.02.
The Canadian dollar was down 0.56 cent to 80.81 cents U.S.
Eleven of the twelve sectors I follow on the TSX were lower.

S&P/TSX Capped Diversified Metals & Mining Index rose 0.65% as aluminum dropped 1.52%, copper fell 1.02% and silver was 2.62% lower to $13.26.
Extract Resources Limited (EXT) +22.26% to $3.79. Equinox Minerals Limited (EQN) +8.90% to $2.08. Sherritt International Corpora (S) +6.71% to $3.18.
Forsys Metals Corp. (FSY) -8.20% to $4.48. Gerdau AmeriSteel Corporation (GNA) -5.83% to $4.20.
Agrium Inc. (TSX:AGU) is raising its bid for CF Industries Holdings Inc. (NYSE:CF) to US$4.2 billion, about 20 per cent above the original offer. Agrium shares lost $1.51 to $47.47.

Roger Biduk;
This still leaves the main Toronto index up 16.5% since the market's rally took off March 10 after Citigroup gratified investors by announcing it was profitable in the first two months of the year.
The TSX composite index is still down 166 points or almost 2% from where it started the year.

The S&P/TSX Capped Industrial Index fell 1.29%.
Ballard Power Systems Inc. (BLD) +21.18% to $2.06. Martinrea International Inc. (MRE) +9.89% to $3.00.TimberWest Forest Corp. (TWF.UN) +5.07% to $3.11.
Magellan Aerospace (TSX:MAL) descended two cents to 33 cents after it said it may be unable to continue as a going concern despite erasing losses. Magellan needs to renew a credit facility and win an extension on a $50-million loan to stay aloft.

The S&P/TSX Capped Utilities Index lost 0.96%.

Canadian investors digested plans by the Ontario government to give businesses $4.5 billion in tax cuts over three years. The provincial corporate income tax rate is to drop to 10 per cent by 2013 from the current 14.

Roger Biduk;
The April crude contract on the New York Mercantile Exchange sank 3.61% to $52.38 and natural gas tanked 7.31% to $3.77 as the S&P/TSX Energy Index lost 3.12%.
The oil and gas sector up 13.75% since March 9 as oil firmed above US$50 a barrel.
Vero Energy Inc. (VRO) -6.55% to $3.28. Trinidad Drilling Ltd. (TDG) -6.45% to $2.90. Cathedral Energy Services Inco (CET.UN) -5.79% to $3.74. Phoenix Technology Income Fund (PHX.UN) -5.70% to $7.45. Paramount Resources Ltd. (POU) -5.32% to 6.41.

The S&P/TSX Capped Financial Index lost 1.05%. The index is up 30% from the March 9 trough.
Canadian General Investments L (CGI) +7.15% to $11.24.
Franco-Nevada Corporation (FNV.WT) -11.54% to $5.90. Noranda Income Fund (NIF.UN)
-9.70% to $2.70. Birchcliff Energy Ltd. (BIR) -7.34% to $6.44. Chemtrade Logistics Income Fun (CHE.UN) -7.32% to $5.19. Fairborne Energy Ltd. (FEL) -7.08% to $3.02.

The S&P/TSX Global Gold Index lost 2.90% as the April bullion contract in New York dropped $16.90 to US$925.30 an ounce.
Kinross Gold Corporation (K.WT.C) -7.26% to $5.750. International Minerals Corpora (IMZ)
-5.15% to $3.13.

Roger Biduk;
The S&P/TSX Consumer Discretionary Index was 2.58% lower and the S&P/TSX Consumer Staples Index lower 1.90%.
Shares in yoga-wear retailer Lululemon Athletica Inc. (TSX:LLL) surged for a second day although same-store sales sagged eight per cent in the fourth quarter and are expected to decline further. Quarterly profit fell to $10.9 million from to $14.6 million but Lululemon shares rose 95 cents to $10.35 after running up $1.26 Thursday before the earnings report.

The S&P/TSX Capped Health Care Index was lower by 1.02%.

In the service sector:
Ritchie Bros. Auctioneers Inco (RBA) -5.08% to $22.24.

The S&P/TSX Capped Information Technology Index fell 1.77% and the S&P/TSX Capped Telecom Services Index dropped 0.81%.
Gennum Corporation (GND) +7.89% to $4.10. Celestica Inc. (CLS) -7.20% to $4.51. CGI Group Inc. (GIB.A) -5.73% to $9.87.

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