RTTNews - Toronto stocks remained moderately lower on Tuesday, following the lead of U.S. and European markets. Weakness in the industrial and consumer staples sectors have pushed Bay Street's main index lower.
The S&P/TSX Composite Index has dropped 69.27 points or 0.69% to move at 9,958.16. The market is on pace for its lowest close in two weeks.
Industrial stocks have declined 2.7%. Canadian Pacific Railway (CP.TO) and Canadian National Railway (CNR.TO) have each declined 4.8%.
Consumer staples stocks have lost 2.4%. Viterra (VT.TO) has dropped 5.7%, Loblaw (L.TO) is down 4.1% and Maple Leaf Foods (MFI.TO) has declined 2.9%.
Jean Coutu (PJC-A.TO) has climbed 3.2% after the company reported a first-quarter profit of C$10.3 million or C$0.04 per share versus a loss of C$20.2 million or C$0.08 per share in the prior year period.
In other corporate news, Air Canada (AC-A.TO) is off 5.6% after the airliner said it flew 4.17 billion revenue passenger miles and 5.15 billion available seat miles, on a consolidated basis with Jazz, in June 2009, resulting in a traffic decrease of 9.1% and capacity decrease of 7.6% as compared to June 2008.
TECSYS Inc. (TCS.TO) has dropped 0.5% after the company reported that its fourth-quarter net income increased to C$572,000 or C$0.04 per share from C$49,000 or breakeven per share last year. Revenue decreased to C$10.4 million from C$10.6 million prior year
Magma Energy Corp. (MXY.TO) is little-changed at $1.48 per share after the company priced its initial public offering of common shares at $1.50 apiece.
In economic news, building permits in May surpassed the $5.0-billion mark for the first time since October 2008, according to data released by Statistics Canada.
Meanwhile, the Office of the Superintendent of Bankruptcy Canada reported Canadian bankruptcies rose 31% year-over-year in the month of May.
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