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Latest Headlines
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Feb 9, 2010 11:36:00 AM MST
Stock markets bounce back on hopes officials will deal with Greece debt crisis (Dollar-Markets)
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TORONTO _ The Toronto stock market moved sharply higher Tuesday as optimism increased that a fix is on the way for a potentially dangerous debt crisis facing some European countries, particularly Greece.
The S&P/TSX composite index surged 152.2 points to 11,267.5. The Canadian dollar was up 0.48 of a cent to 93.55 cents US.
Stock markets have lost ground recently over fears about unsustainable debt loads taken on by some European countries, Spain, Portugal and Greece chief among them. There are worries that the sovereign debt issue has the potential to derail a global economic recovery.
Although the European Investment Bank said Tuesday it would not be able under its own rules to offer Greece or any other country a bailout, investors are betting that a meeting on Thursday of EU heads of state will address the sovereign debt issue.
There were also reports that the German government is working on a rescue package for Greece.
"There´s some euphoria that maybe it´s not going to be blowing up," said Erik Davidson, director of investments for Wells Fargo Private Bank in Carmel, Calif., referring to easing fears over Greece.
But some analysts had doubts as to whether a bailout was possible, notwithstanding the EU rules.
"It´s difficult to believe that the Germans, who effectively are the people who fund the euro, are going to be willing to put their hands on their pockets, because the Greeks have been extremely undisciplined in their fiscal behaviour and any attempts to actually get it results in riots and strikes," said Gavin Graham, contributing editor for The Income Investor.
Meanwhile, the base metals sector led TSX gainers, up 4.25 per cent as March copper added eight cents to US$2.99 a pound and investors also took in positive major earnings reports from the commodity sector.
Teck Resources Ltd. (TSX:TCK.B) said Monday it earned $411 million in its latest quarter as revenue increased 35 per cent compared with a year ago, helped by sharply higher copper and zinc revenue but offset by lower coal prices. The profit compared with a loss of $607 million a year ago. Teck shares gained $1.43 to C$35.93.
Fertilizer producer Agrium Inc. (TSX:AGU) reported fourth-quarter profit came in at US$30 million, down sharply from $124 million a year earlier when it and other fertilizer producers were still benefiting from the rewards of strong demand and high prices. Agrium´s net sales fell to $1.44 billion, down from US$1.94 billion a year earlier and its shares gained $3.28 to $65.30. Shares in rival Potash Corp. (TSX:POT) advanced $4.38 to $113.72.
Inmet Mining Corp. (TSX:IMN) shares moved ahead $2.70 to US$55.55 as the company reported an $89.8-million profit in the fourth quarter, a turnaround from the $32.5-million loss from a year earlier. Sales revenue more than doubled to $290.6 million.
Western Coal Corp. (TSX:WTN) shares ran ahead 30 cents to $3.45 after it said its quarterly profit fell to $24 million. That was down from a profit of $62.5 million in the year-earlier period. Revenue fell to $118.7 million from $176.6 million in the final three months of 2008.
The TSX energy sector advanced 1.1 per cent as the March crude contract on the New York Mercantile Exchange climbed $1.96 to US$73.85 a barrel. Suncor Energy (TSX:SU) gained 87 cents to C$32.15.
Husky Energy Inc. (TSX:HSE) shares inched up eight cents to $26.72 even as the company announced its third significant discovery in the South China Sea.
And shares in Pacific Rubiales Energy Corp. (TSX:PRE) climbed 33 cents to $14.41 after the company announced a new discovery at its Quifa-6 oil well in the Llanos Basin off Colombia and a successful appraisal at the nearby Quifa-18 well.
The April gold bullion contract on the Nymex climbed $11 to US$1,077.20 an ounce, pushing the gold index up 3.83 per cent. Goldcorp Inc. (TSX:G) advanced $1.66 to $38.54 while Barrick Gold Corp. (TSX:ABX) improved $1.33 to $38.37.
The financial group was up one per cent. TD Bank (TSX:TD) was ahead 70 cents to $63.62 and Royal Bank climbed 71 cents to $53.77.
The TSX Venture Exchange gained 14.38 points to 1,474.98.
New York markets also gained ground with the Dow Jones industrials up 182.4 points to 10,090.8.
The Nasdaq composite index gained 28.38 points to 2,154.43 while the S&P 500 gained 16.2 points to 1,072.95.
In other earnings news, Molson Coors (NYSE:TAP) says its fourth-quarter profit more than doubled to US$218.2 million because of favourable tax benefits. Worldwide beer volume sold fell four per cent but higher prices helped drive an 11 per cent rise in revenue to US$820.8 million. Its shares in New York moved $1.25 lower to US$40.06.
Oilsands company Opti Canada Inc. (TSX:OPC) had a loss of $212 million in its fourth quarter of 2009. That´s a reduction from the year-earlier loss of $410 million. The Calgary-based oilsands company´s revenue also fell, to $43 million in the final quarter of 2009 from $69 million a year earlier. Opti Canada shares slipped six cents to $1.85.
Toyota says it is recalling about 437,000 Prius and other hybrid vehicles worldwide to fix brake problems. With the Prius announcement, the number of vehicles recalled globally by the automaker has ballooned to 8.5 million, including those that need work to deal with accelerator problems. Its shares moved up US$1.82 to $74.67 in New York.
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