CANADA STOCKS-TSX gets boost from resources, Gildan weighs

Thu Dec 11, 2008 12:11pm EST
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* Energy, materials higher as oil and gold climb

* BCE falls 3.4 pct as buyout collapses

* Gildan sinks 34 pct after results, '09 guidance (Adds quote, details)

By Jennifer Kwan

TORONTO, Dec 11 (Reuters) - Toronto's main stock index was little changed at midday on Thursday in choppy action as strength in commodity issues offset a slump in consumer goods shares on disappointing Gildan Activewear GIL.TO results and forecasts.

Undermining sentiment was the collapse of BCE Inc's BCE.TO leveraged buyout deal and uncertainty over the fate of the bailout of the U.S. auto industry.

BCE fell 3.4 percent to C$22.24 after the C$34.8 billion buyout on the buyout's collapse. [ID:nN11358392] The telecom sector was down 1.8 percent.

Gildan, a top net loser, fell 34 percent to C$11.73 after it posted sharply lower quarterly profit and provided a disappointing 2009 outlook. [ID:nBNG119073] The consumer discretionary group fell 3.7 percent.

"I think the Gildan numbers were a shock to people and the stock is off," said Paul Hand, managing director at RBC Capital Markets.   Continued...