Gold shines on TSX
Three-month New York trading in Lehman Brothers
The key Toronto stock index rose more than one per cent Friday but was still below the level it closed at a week earlier. Meanwhile, the U.S. market slipped as investors worried about weak retail sales and the future of investment bank Lehman Brothers.
The S&P/TSX 300 composite index closed up 145. 82 points at just over 12,758.58, pulled by gold and energy issues. Energy stocks rose with oil, which was up slightly to just over $101 US a barrel as Hurricane Ike neared the Texas coast.
The energy sub-index rose nearly two per cent, while the gold sub-index added nearly 9.5 per cent.
With gains over the past three sessions, the index has more than recovered all the ground lost Tuesday, when it crashed nearly 500 points in a commodities selloff. But it's still down on the week, having closed at 12,816.42 on Sept. 5.
In New York, the Dow Jones index was off again, but it trimmed earlier losses to finish down just 11.72 points at 11,421.99.
Investors have been worried about the prospects for Lehman Brothers, the fourth-largest U.S. investment bank. It announced plans Wednesday to sell or shed assets to offset mortgage losses, but media reports say its executives are frantically looking for a buyer.
The stock closed down 57 cents at $3.65, off from a 52-week high of $67.73. Lehman shares ended last week at $16.20.
0 comments:
Post a Comment