RTTNews - Canadian stocks finished notably on Tuesday for a second straight session and posted its lowest close since July. The Bay Street market followed the lead of stocks in the U.S. and Europe.
The S&P/TSX Composite Index fell 164.20 points or 1.52% to settle at 10,629.47. The index had reached above 11,000 last week.
Financials fell 2.5%. Bank of Montreal (BMO.TO) was down 3.6%, Scotiabank (BNS.TO) dropped 3.1% and National Bank (NA.TO) was down 2.9%.
The Energy Index posted a 1.7% decline. Suncor (SU.TO) dropped 3%, Canadian Natural Resources (CNQ.TO) fell 2.5% and Baytex Energy Trust (BTE.) dropped 1.2%.
Light sweet crude for September delivery settled at $69.45, down $1.15 on the session. This marks the lowest close since July 31.
In corporate news, Goldcorp (G.TO) slipped 1.4%, Barrick Gold (ABX.TO) lost 0.6% and Agnico-Eagle Mines (AEM.TO) fell 0.3%. All three were initiated at Hold by Dahlman Rose.
Kinross Gold (K.TO) is on te earnings agenda tomorrow after the bell. The stock finished Tuesday down 0.65%.
Wesdome Gold Mines (WDO.TO) added 3.6% after the company reported second-quarter net income of C$7.82 million, compared to C$763 thousand in the same quarter of last year.
Iamgold Corp. (IMG.TO) reached a deal with Avnel Gold Mining Limited (AVK.TO) and has the option to acquire up to an initial 51% interest in Avnel's 80% interest in Societe d'Exploitation de Mines d'Or de Kalana in Mali, West Africa. Avnel has soared 46.7% while Iamgold is up 1.9% on the news.
Crew Energy (CR.TO) added 2.6% after the company said its second-quarter funds from operations or FFO declined to C$20.03 million or C$0.27 per share from C$34.10 million or C$0.58 per share in the year-ago period.
Cardiome Pharma (COM.TO) dropped 5.9% after the company reported second quarter net loss of C$1.4 million or C$0.02 per share, compared to a net loss of C$18.1 million or C$0.28 per share last year.
Paladin Labs (PLB.TO) dropped 6.8% reported that its second quarter net income was C$27.73 million or C$1.71 per share, compared to C$2.60 million or C$0.17 per share in the year ago quarter.
Cascades (CAS.TO) surged 9.4% after the company reported second quarter net earnings of C$30 million or C$0.30 per share, compared to net loss of C$25 million or C$0.25 per share last year.
On the economic front, the seasonally adjusted annual rate of Canadian housing starts decreased to 132,100 units in July from 137,800 units in June, according to Canada Mortgage and Housing Corporation.
Canadian international merchandise trade data is due at 8:30 a.m. ET. A deficit of C$500 million in June, compared to C$1.4 billion in May.
The June new housing price index is also coming at 8:30 a.m. ET. A drop of 0.1% was reported in the previous month.
The Federal Open Market Committee's two-day meeting begins today, with the rate decision expected to be revealed Wednesday. The central bank is widely expected to keep the fed funds futures rate unchanged.
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