TSX Closes Down 50 Pts on Lwr Commodity Futures; Precision, Potash Corp, Bombardier, Lundin limit losses
Toronto's main stock index fell on Thursday as commodity prices took a plunge. Key decliners were mostly from the heavyweight sectors -- mining, energy, and financials.
However, there were some companies to shine. Bombardier Inc (BBD-B.TO) gained 5 cents to $5.12 as manufacturing and assembly plans appear to be on target.
Even some commodity-related ones made gains. Precision Drilling (PD.TO) was up more than 2% on its Q3 result. It hit a day high $8 before succumbing to some profit taking.
Expectations of a "soft landing" for the Chinese economy had base-metal and coal producers such as Lundin Mining Co. (LUN.TO) closing up 11.5%.
Potash Corp (POT.TO) was also a stock to watch on Thursday as the Saskatchewan provincial government confirmed its opposition to BHP Billiton's hostile bid for the fertilizer company. But there is still hope that the federal government will okay the US$130 a share offer, albeit with possible conditions. It is that hope that pushed Potash Corp stock up 78 cents or 0.5%.
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