The Toronto stock market built on the previous session's strong gains today as financials perked up following a well received earnings report from TD Bank.
Energy stocks were also supportive on rising crude prices, and there was a big deal in the fertilizer sector.
New York markets were down, as more grim news from the housing sector provoked traders to take some profits after markets surged Tuesday.
The S&P/TSX Composite Index finished strongly, though off its highs for the day, picking up 73.04 points to 7,932.37
The Toronto financial sector made headway after TD exceeded analyst expectations even as its first-quarter net income fell 27% to $712 million. All TD's major businesses showed solid profits, including U.S. personal and commercial banking, but provisions for credit losses more than doubled to $537 million from $255 million.
TD shares advanced 60 cents to $35.85 and Royal Bank which reports Thursday, was up 67 cents to $29.15.
Fertilizer giant Agrium made a $3.6-billion U.S. bid to buy U.S.-based fertilizer firm CF Industries Holdings. Any deal is contingent on CF ending its $2.1-billion U.S. takeover bid for Terra Industries Holdings. Agrium shares were down $3.76 to $46.53.
The Toronto energy sector was ahead as data showed U.S. crude inventories rose 700,000 barrels last week, much less than the expected increase of two million barrels.
EnCana Corp.gained $2.07 to $48.17. Petro-Canada declined 57 cents to $26.95.
Bullion prices faltered, but Barrick Gold Corp. rose $1.06 to $40.31.
Iamgold Corp. was off nine cents to $9.56 after it lost $96.4 million in the fourth quarter, largely due to charges on the Buckreef project in Tanzania.
Media company Quebecor Inc. reported that its fourth-quarter net loss improved to $343.7 million from $962.6 million a year ago when it had $1.1 billion in losses on discontinued operations.
Full-year profit came in at $187.3 million, compared to a 2007 loss of $969.2 million. Its shares were up 64 cents to $17.15.
Shares in debt-strapped Canwest Global Communications Corp. were ahead 1.5 cents to 35.5 cents after the company raised a little cash by selling part of its stake in sports broadcaster The Score for $6.6 million. Canwest faces a deadline at the end of the week for a $100-million debt facility.
Shares in Nortel Networks fell half a cent to a dime after it said it is laying off another 3,200 employees worldwide in an ongoing effort to restructure under court protection from creditors.
The Canadian dollar finished the day down 0.68 cents to 79.79 cents U.S.
BAYSTREET
Among the 13 TSX sub-groups, losers edged seven to six. The laggards were led by industrials, off 1.3%, materials, down 0.8%, and consumer discretionaries, down 0.5%.
Financials carried the day for the gainers, up 3.1%, followed by energy stocks, ahead 1.7% and information technology, up 1.6%.
The TSX Venture Exchange was up 1.38 points to 854.97 while the NASDAQ Canada index advanced 8.75 points, to 423.39
ON WALLSTREET
The Dow Jones industrials index slumped 80.05 points, to close at 7,270.89
The Standard & Poor’s 500 index was off 8.25 points to 764.89, while the tech-laden NASDAQ composite index fell 16.40 to 1,425.43
New York markets fell sharply, dragged down by bank stocks and more grim news from the housing sector.
The National Association of Realtors said sales of existing homes fell 5.3% to an annual rate of 4.49 million last month, from 4.74 million units in December. It was the worst showing since July 1997, and Wall Street had expected sales would rise.
There was little reaction to a speech by U.S. President Barack Obama in which he vowed the U.S. "will emerge stronger than before" from a steep recession.
Among other highlights, the president said the budget he will present this week will focus on health care reform, energy independence and education. He also said that despite its lack of popularity, aiding the nation's banks is necessary to restart the lending activity needed to grow the economy.
There was some relief on the nationalization issue as Federal Reserve chairman Ben Bernanke again poured cold water on speculation that the government may nationalize Citigroup or other big banks. In New York, Citigroup was down nine cents to $2.51 U.S.
Treasury prices tumbled, raising the yield on the benchmark 10-year note to 2.94% from 2.79% Tuesday.
The April crude contract on the New York Mercantile Exchange rose $2.49 to $42.45 U.S. a barrel.
The April bullion contract in New York slipped $3.30 to $966.20 U.S. an ounce.
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