Canada's main stock index finished Wednesday's session down
around 200 points or nearly 2% at two-month low levels, largely
hurt by ongoing concerns about the U.S. 'fiscal cliff' and European
debt crisis. But companies such as Iamgold (IMG.TO) and Bombardier
(BBD-B.TO) were among the biggest losers and weighed on the overall
IAMGOLD Corporation (IMG.TO) lost nearly 20% today as it
announced that it has completed a transaction with INV Metals
Inc.to sell IAMGOLD Ecuador S.A., which includes the Quimsacocha
project in Ecuador. The value of the transaction is $30 million.
Yesterday, Iamgold reported its Q3 2012 results. Revenues were
$386.8 million compared to $431.9 million in the third quarter
2011. Net earnings from continuing operations (attributable to
equity holders) increased by 56% to $78.0 million ($0.21 per share)
from $50.0 million ($0.13 per share) in the third quarter 2011.
Adjusted net earnings (attributable to equity holders) were $60.2
million ($0.16 per share) compared to $112.4 million ($0.30 per
share) in the third quarter 2011
Most actively traded Bombardier (BBD-B.TO) continues to lose
ground in dropping another 3% and hitting fresh new year lows. The
S&P ratings agency is lowering Bombardier's long-term corporate
rating one notch to 'BB' from 'BB+' with a stable outlook due to
the company's "significantly lower-than-expected" cash generation
this year as customer advances and operating profit fell amid the
weak global economy. Fitch Ratings recently did the same and
Moody's shifted its outlook on the company from stable to negative
and lowered its liquidity rating, citing similar reasons.
Crude oil futures settled higher Wednesday, with December crude
oil adding 94 cents to settle at US$86.32 a barrel as geopolitical
tensions in the Middle East led to oil-supply concerns. Gold for
December delivery rose $5.30 to settle at $1,730.10 an ounce.