Toronto's main index posted its third straight daily decline on Tuesday as traders braced for what is expected to be a tough earnings season. The index found a weekly closing low with the drop.
The S&P/TSX Composite Index has dropped 191.42 or 2.12% to finish the session at 8,824.75.
Mining stocks led the decliners with a 4.8% fall. HudBay dropped 6.5%, First Quantum (FM.TO) dropped 6%, Teck Comino (TCK.B.TO) fell 5.1% and Inmet (IMN.TO) has declined 2.75%.
Technology stocks lost 3%, led by a a 5.2% drop for Blackberry-maker Rresearch in Motion (RIM.TO).
Financials dropped 2.73% as all of the big six ended lower. National Bank (NA.TO) led the way, positing a 4% drop, whole Scotiabank (BNS.TO) fell 3% and CIBC (CM.TO) dropped 2.7%.
Royal Bank of Scotland Group said a cost-cutting plan could lead to job losses of up to 9,000 group manufacturing roles globally, including 4,500 in the UK, over the next two years.
Energy stocks are down about 2.72% , following the lead of crude oil. Light sweet crude for May delivery dropped to $49.43, down $1.62 for the session.
Canadian Natural Resources (CNQ.TO) fell 3.8%, Encana (ECA.TO) declined 3.7%, Savanna (SVY.TO) lost 3.66% and Suncor (SU.TO) dropped 2.1%.
The Gold Index closed up 0.8%. Alamos Gold (AGI.TO) rallied 3.8% after the company reported an increase in first quarter revenues to C$35.52 million from C$31.03 million.
In other corporate news, Garda Security Group (GW.TO) has surged 12.9% after the company said that the company has reached a two-year extension with CATSA.
Supermarket chain Loblaw Companies (L.TO) edged up 0.7% after the company said it has been authorized the repurchase of up to 13,708,678 of its common shares, representing 5% of the currently outstanding shares, by way of a normal course issuer bid.
International Datacasting (IDC.TO) plunged 15.1% after the company revealed fourth-quarter net income of C$1.6 million, compared to C$2.1 million in the same quarter of the previous year.
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