AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email TORONTO – The Toronto stock market racked up a solid gain Tuesday amid merger and acquisition activity and data pointing to strong German investor optimism which eased fears that Europe’s biggest economy could be headed into recession.The S&P/TSX composite index jumped 123.57 points to 12,810.21 while the TSX Venture Exchange dropped 13.85 points to 1,171.8.The Canadian dollar fell 0.56 of a cent to 98.83 cents US after hitting a seven-month low of 98.65 cents US during the day.Canada’s Great West Lifeco (TSX:GWO) is buying Irish Life Group for $1.75 billion. Its shares were earlier halted on the TSX but later gained 65 cents to $27.43.And there were reports that retailers Office Depot and OfficeMax are discussing a merger.The Wall Street Journal said that OfficeMax and Office Depot were considering a deal to combine, which would result in big cost savings. The paper said an announcement could come as early as this week.U.S. indexes were also positive after Germany’s ZEW institute index rose to 48.2 points from 31.5 in January. It was the third monthly increase in a row and above the 36 points expected by market analysts.The Dow Jones industrial average rose 53.91 points to 14,035.67, the Nasdaq composite index was up 21.56 points at 3,213.59 and the S&P 500 index climbed 11.15 points to 1,530.94.The German data came as a relief after another economic report last week showed the country’s economy shrank 0.6 per cent in the fourth quarter. A drop in the first quarter of this year would put it in a technical recession but many economists think the dip was only temporary and that the economy will quickly return to growth.“The slide in German activity has been concerning in recent months so to get the data we got today suggests that there might be some stabilization going on in some of the more bellwether economies there as well,” said Craig Fehr, Canadian markets specialist at Edward Jones in St. Louis.However, the optimism was tempered somewhat by worries about the looming sequester in the U.S. That is a huge package of across the board spending cuts worth US$85 billion that are set to take effect at the end of the month unless lawmakers can agree on other cuts that would be more selective.It would cut a big chunk out of American economic growth, a worrisome prospect for a struggling economy.“If it goes into place, which I think is a reasonable potential, you’re looking at about eight-tenths of a per cent drag on the economy this year,” added Fehr.“That’s meaningful when you’re talking about an economy only growing at two per cent (but) the important thing is we’re not talking about a tipping point back into recession.”Last Thursday, JPMorgan Chase cut its forecast for U.S. growth in 2013 to 1.9 per cent from 2.1 per cent, citing the rising odds that the spending reductions will actually take place.Telecoms led TSX gainers, up 1.58 per cent with Rogers Communications (TSX:RCI.B) continuing to benefit from a strong earnings report Friday, up $1.17 at $48.49.The financial sector ran ahead 1.2 per cent as Royal Bank (TSX:RY) advanced $1.13 to $64.43.The information technology sector was ahead 1.03 per cent as BlackBerry (TSX:BB) gained 34 cents to $14.57 even as Canaccord Genuity slashed its estimate of BlackBerry BB10 smartphone shipments in February to just 300,000 units, a far cry from its earlier estimate of more than 1.75 million.The equities research unit of Canaccord Financial Inc. (TSX:CF) says its global surveys show initial sales have been mixed for the BlackBerry Z10, with limited supply rather than overwhelming demand behind post-launch shortages at some stores. Elsewhere in the sector, Constellation Software (TSX:CSU) was down $3.76 to $116.24.Prices weakened for oil and copper despite the positive European data.The energy sector was up 1.03 per cent as the March crude contract on the New York Mercantile Exchange gained 80 cents to US$96.66 a barrel. Suncor Energy (TSX:SU) was ahead 42 cents to C$32.17.Miners led TSX losers with the base metals sector down 1.1 per cent while copper prices fell sharply after several local governments in China announced new measures to restrict financing to potential homebuyers. That triggered concerns about a fresh wave of tightening for the property sector.March copper ticked nine cents lower to US$3.65 a pound. China is the biggest consumer of copper, considered an economic bellwether as it is used in so many industries, including electrical and plumbing in houses. HudBay Minerals (TSX:HBM) was off 30 cents to C$10.64.Inmet Mining Corp. will waive application of a shareholder rights plan that was supposed to take effect hours before the Feb. 27 deadline for First Quantum’s (TSX:FM) hostile $5.1-billion takeover bid. Inmet (TSX:IMN) said Tuesday that its board is taking the action because it has enough time to review and execute all strategic alternatives being considered. Inmet shares lost $1.37 to $69.10 while First Quantum shares was nine cents lower at $19.93.The gold sector was down about 0.4 per cent while April bullion was off $5.30 to US$1,604.20 an ounce. AuRico Gold Corp. (TSX:AUQ) faded 22 cents to C$6.60.In other corporate developments, Google’s stock price topped US$800 for the first time Monday amid renewed confidence in the company’s ability to reap steadily higher profits from its dominance of Internet search and prominence in the increasingly important mobile device market.The milestone comes more than five years after Google’s shares initially barrelled through $700. At mid-morning, Google stock was slightly off the highs of the session but still up $13.96 to $806.85. TSX higher amid strong German investor confidence data, corporate acquisitions by Malcolm Morrison, The Canadian Press Posted Feb 19, 2013 4:37 pm MDT
Myanmar Metals’ Baldwin polymetallic project looks like having at least 13 years of operating life in it, according to a scoping study carried out by CSA Global.The study, which featured the China Pit as a starter operation, outlined a 1.8 Mt/y operation producing some 1.6 Mt of lead-silver-copper concentrate and 994,000 t of zinc concentrate over the life of mine could be built for $191 million in upfront capital.Bawdwin, on the eastern side of Myanmar, has been mined by both open pit and underground means in the past, with over 100 years of documented operations providing Myanmar Metals and CSA Global with a good understanding of the geometry and continuity of the mineralised lodes, Myanmar Metals said. The ASX-listed company has a 51% participating interest in the project held through a contractual joint venture.John Lamb, Executive Chairman and CEO of Myanmar Metals, said: “The China pit is the opening move in bringing the Bawdwin polymetallic province back into production.”He added that this pit is likely to be the first of least three (Shan and Meingtha being the others) on the Bawdwin concession, followed by a “long-life underground mining operation”.Myanmar Metals has proven up a 81.8 Mt indicated and inferred resource grading 4.8% Pb, 2.4% Zn, 0.24% Cu and 119 ppm Ag at the China Pit, but only 21 Mt of mineable material has been factored into this scoping study.The company has already started its prefeasibility study on the project, with completion set for the March quarter. Myanmar Metals anticipates carrying out a further feasibility study in late 2019.It has already signed up the likes of Battery Limits, Coffey International, CSA Global, Titeline Drilling and Valentis Services for these studies.
Norway are on the way to the Men’s EHF EURO 2016 semi-final, what was almost unbeliavable to predict only a week ago! But, Cristian Berge boys showed amazing level of handball in matches against Croatia and Poland, to come into the situation where are at the top of Main Group:-I think we had the game at our speed. We had a lot of fast breaks. And the Polish players looked really tired in the last 10 minutes and we used that to our advantage – said defensive giant and back player Erlend Mamelund, who commented also the next rival, Macedonia:-Macedonia are not an easy team to win against. They have great players on the line, they have Kiril Lazarov. It will be a really tough game but we are looking forward to that and we want to win.PHOTO: EHF-EURO.COM ← Previous Story SILENCE IN KRAKOW: Norge guys dream about semi-final! Next Story → Danish wall too strong for Spaniards – Germany beat Russia! Erlend Mamelund