Roger Biduk; Bay Street Lower on Energy & Flu

Roger Biduk

Stock markets closed lower Monday amid worries that a swine flu outbreak might morph into a full blown pandemic that could derail the economic recovery.

The S&P/TSX Capped Financial Index fell 1.96%.
Brookfield Properties Corporat (BPO) -6.14% to $9.02. Birchcliff Energy Ltd. (BIR) -5.32% to $5.87. Industrial Alliance Insurance (IAG) -5.05% to $24.24.

Toronto's S&P/TSX snapped a four-session winning streak, closing 154.68 points lower at 9,394.8, under pressure from the energy sector and falling crude prices.
The TSX Venture Exchange moved 3.83 points lower to 1,002.98, while the Canadian dollar was down 0.67 of a cent to 82 cents US.

S&P/TSX Capped Diversified Metals & Mining Index fell 1.62% as aluminum was flat, copper was 3.15% lower at $1.99 and silver rose 0.27% to $12.99.
Thompson Creek Metals Company (TCM.WT) +16.18% to $2.010. Greystar Resources Ltd. (GSL) +11.11% to $3.90. Augusta Resource Corporation (AZC) +9.36% to $2.22.

Roger Biduk
General Motors Canada will slash its workforce by more than half to 4,400 by 2014 and close as many as 310 dealerships by the end of next year. GM shares ran ahead $.35 or 20.7% to US$2.04.

The April crude contract on the New York Mercantile Exchange fell 2.73% to $50.16 and natural gas was down 1.17% to $3.37 as the S&P/TSX Energy Index fell 2.40%.
Corridor Resources Inc. (CDH) -9.09% to $2.20. Flint Energy Services Ltd. (FES) -6.32% to $6.37. Calfrac Well Services Ltd. (CFW) -6.19% to $9.10. Canadian Energy Services L.P. (CEU.UN) -5.98% to $5.50. Highpine Oil & Gas Limited (HPX) -5.57% to $5.43.

Fears that a spread of the swine flu virus could affect travel sent airline stocks lower. WestJet (TSX:WJA) dropped $.64 to $12.12, but Air Canada (TSX:AC.B) edged up $.01 to 81 cents.

The S&P/TSX Capped Telecom Services Index was 1.25% lower and the S&P/TSX Capped Information Technology Index fell 0.08%.
Tundra Semiconductor Corporati (TUN) +14.91% to $6.32. Gennum Corporation (GND) +14.06% to $5.11. CryptoLogic Limited (CRY) +7.85% to $7.01. Miranda Technologies Inc. (MT) +5.71% to $5.55.

Roger Biduk
In other corporate news, Tundra Semiconductor Corp. (TSX:TUN) says it has received a rival bid from Integrated Device Technology Inc. (Nasdaq:IDTI) that values the Ottawa company at C$6.25 per share or about $120.8 million.
The company says the offer is superior to a cash and share bid from Gennum Corp., a Burlington, Ont.-based microelectronics company (TSX:GND). Tundra shares moved up $.82 or 14.9% to $6.32 while Gennum shares surged $.63 or 14% to $5.11.

In the Service sector:
Transat A.T. Inc (TRZ.B) -10.04% to $10.75. Jazz Air Income Fund (JAZ.UN) -8.07% to $2.62. Mullen Group Income Fund (MTL.UN) -6.38% to $11.00. Reitmans (Canada) Limited (RET.A)
-5.06% to $11.45. WestJet Airlines Ltd. (WJA) -5.02% to $12.12.

Canadian pharmacy company Jean Coutu Group Inc. (TSX:PJC.A) said quarterly and full-year losses more than doubled versus year-earlier results, due to a weak financial performance by U.S. based Rite Aid Corp. (NYSE:RAD). Its shares added $.23 to $8.60.

The S&P/TSX Consumer Discretionary Index was 0.67% lower and the S&P/TSX Consumer Staples Index rose 0.99%.
Canfor Pulp Income Fund (CFX.UN) +9.66% to $2.61.

Roger Biduk
The S&P/TSX Global Gold Index fell 1.47% as the April bullion contract in New York sank $5.90 to US$908.20 an ounce.
Laramide Resources Ltd. (LAM) +32.77% to $2.350. Greystar Resources Ltd. (GSL) +11.11% to $3.90.
First Quantum Minerals Ltd. (FM) -5.36% to $41.14.

The S&P/TSX Capped Health Care Index was lower by 0.85%.
Noveko International Inc. (EKO) +47.37% to $2.80. Amica Mature Lifestyles Inc. (ACC) +10.61% to $3.65. Cangene Corporation (CNJ) +5.38% to $5.29.

The S&P/TSX Capped Industrials Index was down 2.13%.
Martinrea International Inc. (MRE) +6.78% to $4.25.

The S&P/TSX Capped Utilities Index fell 0.43%. Maxim Power Corp. (MXG) -8.03% to $2.75.

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