Roger Biduk; Small Gains for Bay Street

Roger Biduk

Toronto's main index finished higher Wednesday, but backed off earlier triple-digit gains, as questions about the direction of the global economy weighed on markets.

The S&P/TSX Capped Financial Index fell 1.22%.
Scott's Real Estate Investment (SRQ.UN) +7.32% to $4.40. Extendicare Real Estate Invest (EXE.UN) +7.97% to $4.74.
Crown Hill Fund (MYT.UN) -11.59% to $3.66.

The S&P/TSX composite index rose 31.98 points to 9,279.15, after climbing as much as 164 points in the afternoon.
The TSX Venture Exchange fell 4.74 points to 979.12.

S&P/TSX Capped Diversified Metals & Mining Index dropped 0.65% as aluminum was flat, copper was 0.94% lower at $2.06 and silver rose 2.03% to $12.31.
Uranium One Inc. (UUU) +8.90% to $3.06. Red Back Mining Inc. (RBI) +6.39% to $8.16. Jaguar Mining Inc. (JAG) +6.02% to $6.69. Gerdau AmeriSteel Corporation (GNA) +5.78% to $6.04. Silvercorp Metals Inc. (SVM) +5.41% to $2.73.

Roger Biduk
The International Monetary Fund is projecting a 1.3 per cent drop in global economic activity this year, the first decline in six decades. The new forecast of a decline in global economic activity for 2009 is much weaker than the 0.5 per cent growth the IMF had estimated in January.

The April crude contract on the New York Mercantile Exchange rose 0.62% to $48.85 and natural gas was up 0.28% to $3.65 as the S&P/TSX Energy Index rose 1.66%.
Eveready Inc. (EIS) +17.91% to $3.95. Heritage Oil Corporation (HOC) +10.06% to $7.44. Trinidad Drilling Ltd. (TDG) +9.65% to $4.66. Flint Energy Services Ltd. (FES) +6.83% to $6.73. Ensign Energy Services Inc. (ESI) +5.40% to $13.46.
The U.S. Energy Information Administration said that crude inventories rose by 3.7 million barrels to 370.6 million barrels, which is the highest level in nearly 19 years.

The CDN$ moved down 0.24 cent to 80.65 cents U.S., and Statistics Canada reported its composite leading index fell 1.3 per cent in March, another contraction as the manufacturing sector faced widespread cutbacks.

Roger Biduk
The S&P/TSX Capped Telecom Services Index was 0.52% higher and the S&P/TSX Capped Information Technology Index rose 0.46%.
Aastra Technologies Limited (AAH) +34.73% to $30.65. DragonWave Inc. (DWI) +19.72% to $2.55. March Networks Corporation (MN) +8.81% to $3.21.

EnCana Corp. (TSX:ECA) topped expectations as its first-quarter profit soared to US$962 million or $1.28 per share, from $93 million a year ago. Its shares were up $2.21 to $54.92.

The S&P/TSX Capped Health Care Index was lower by 0.86%.
Novadaq Technologies Inc. (NDQ) +16.28% to $3.50. Theratechnologies Inc. (TH) +7.39% to $3.05.
QLT Inc. (QLT) -5.66% to $2.500. Oncolytics Biotech Inc. (ONC) -6.02% to $2.03.

Precision Drilling Trust (TSX:PD.UN) reported a first-quarter net profit of $57 million, down 46 per cent from a year ago amid an "unprecedented" slump in oilpatch activity. Its units closed 32 cents higher to $5.55.

Roger Biduk
The S&P/TSX Consumer Discretionary Index was 1.02% higher and the S&P/TSX Consumer Staples Index fell 0.33%.
Canfor Pulp Income Fund (CFX.UN) +9.90% to $2.22. Cascades Inc. (CAS) +8.33% to $3.25.

Toromont Industries Ltd. (TSX:TIH) booked a record 44 per cent year-over-year increase in first quarter profit to $23.7 million as revenue rose to $457.7 million despite lower booking activities. Shares of the company ended up 91 cents at $24.90.

The S&P/TSX Global Gold Index rose 0.74% as the April bullion contract in New York rose $9.80 to US$892.20 an ounce.
Centerra Gold Inc. (CG) +11.42% to $6.44. Kirkland Lake Gold Inc. (KGI) +7.35% to $7.30. Jaguar Mining Inc. (JAG) +6.02% to $6.69. NovaGold Resources Inc (NG) +5.05% to $2.91.

Canwest Global Communications Corp. (TSX:CGS) gained four cents to 28 cents after the media conglomerate arranged another reprieve from lenders and noteholders, this time until May 5.

Roger Biduk
In the Service sector:
CanWel Building Materials Inco (CWX.UN) +14.85% to $2.63. Transat A.T. Inc (TRZ.A) +12.88% to $11.04. Garda World Security Corporati (GW) +10.41% to $2.97. Transat A.T. Inc (TRZ.B) +7.06% to $10.77. Finning International Inc. (FTT) +6.95% to $14.00.
Gamehost Income Fund (GH.UN) -5.39% to $6.50.

Clothing retailer West 49 Inc. (TSX:WXX) dropped to an $8.5-million net loss in its latest quarter, and also said it was in violation of a bank covenant at the end of the quarter, though it has obtained a waiver until June 30. The company expects to violate another covenant when the current quarter closes at the end of this month. Shares lost 55 cents to close at 31 cents.

The S&P/TSX Capped Industrials Index was up 0.47%.

The S&P/TSX Capped Utilities Index rose 0.36%.

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