Posted on 04/25/2002 8:27:12 AM PDT by Cuttnhorse
Toronto stocks were higher at mid-morning on Thursday as gold issues pushed up while the market grappled with a stack of financial reports that lacked the guidance necessary to inject it with a strong dose of confidence.
The Toronto Stock Exchange 300 composite index (^TSE - news) was up 17.19 points, or 0.22 percent, at 7,730.60 at mid morning, after falling nearly 20 points at the open.
``Most of the earnings that have come in have been less than expected and are not showing any indication of improvement in the fortunes of the company,'' said Rolie Bradley, an institutional salesman with Maison Placements Canada Inc.
Weakness in the tech-heavy industrial products sector weighed on the key index as market players continued the search for a catalyst to lead the battered sector to a recovery.
Research In Motion (Toronto:RIM.TO - news) shares dipped 18 Canadian cents, or 0.6 percent, to C$29.13, while shares of Bombardier Inc. (Toronto:BBDb.TO - news) slipped 14 Canadian cents, or 1 percent, to C$13.74.
BCE Inc. (Toronto:BCE.TO - news), which cut long-term funding to long-distance network provider Teleglobe on Wednesday, gave back 44 Canadian cents, or 1.6 percent, to C$27.11 after gaining nearly 20 percent in the previous session.
Safe-haven gold issues offered some comfort as Middle East concerns and Japanese banking concerns pushed the sector up 1.8 percent.
Barrick Gold Corp. (Toronto:ABX.TO - news) rose 59 Canadian cents, or 1.9 percent, to C$30.70, while Placer Dome Inc. (Toronto:PDG.TO - news) was up 5 Canadian cents, or 0.3 percent, to C$19.50.
Before the markets opened, a host of companies including Biovail Corp. (Toronto:BVF.TO - news), Suncor Energy Inc. (Toronto:SU.TO - news) and WestJet Airlines Ltd. (Toronto:WJA.TO - news), reported earnings that beat analyst expectations.
Biovail shares fell C$1.24 at C$77.36, Suncor shed 5 Canadian cents at C$55.57 and WestJet rose 75 Canadian cents to C$31.55.
While the market sits in positive territory and attempts to record its first higher close in four sessions, some market watchers are not certain the gains have substance.
``The sentiment is extreme to the negative side, and when you have a situation where the market is that extreme it will probably do the opposite of what people are expecting,'' said Wendy Strub, senior vice president with Canaccord Capital.
($1=$1.56 Canadian)
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