TSX Twice Recovers From Sell Offs To Close Slightly Up; Two Canadian Icons - RIM and HudBay - In The News
Canada's main stock market, the Toronto Stock Exchange, finished Tuesday's session slightly higher to extend a streak that saw it gain 200 points over the previous two days. Today's performance stands out because twice investors and traders brought the index back to positive territory after heavy sell offs, early morning and afternoon respectively.
News of a downgrade for France's credit rating weighed on investor sentiment.
Two iconic Canadian companies were very much in the news, they being Research In Motion Ltd. (RIM.TO) and Hudson's Bay Co (HBC.TO).
RIM was the most actively traded individual stock and closed up 1% at around $9.70, but down from a day high $10.02. This comes as Bloomberg reported BlackBerry is being dropped by the U.S. government agency that investigates plane accidents because of the device's reliability issues.
Canada's Hudson's Bay began trading on the Toronto Stock Exchange on Tuesday on a "when-issued" basis, sliding from the offer price to $16.75 after touching a day low of $16.40. Around 4.3 million shares changed hands.
January crude oil shed US$2.53 to settle at $86.75 a barrel on the New York Mercantile Exchange as talk of a cease-fire in the Gaza strip appeared to calm fears that supply of oil would be hurt amid rising political tensions in the region. Gold for December delivery fell $10.80 to settle at $1,723.60 an ounce on the Comex division of the New York Mercantile Exchange on a higher greenback.
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