RTTNews - Toronto stocks finished lower on Wednesday for a second straight session, pulling back from a recently-seen five-week high. Materials and energy stocks led the decline ahead of some key earnings reports.
The S&P/TSX Composite Index dropped 82.97 or 0.78% to 10,432.35. Before the drop on Tuesday, the market had gained in six sessions in a row.
Materials stocks dropped 1.2%. Potash (POT.TO) lost 3% ahead of its earnings report before the bell tomorrow. Rival Agrium (AGU.TO) fell 2.1%.
Potash is expected to report earnings of $0.69 per share, down from $2.82 a year earlier.
Energy stocks dropped 1.1% as crude oil snapped a five-session winning streak. Canadian Natural Resources (CNQ.TO) fell 3.2% and Canadian Oil Sands (COS.UN.TO) dropped 1.3%.
Suncor (SU.TO) lost 0.55% on a choppy session after the company reported second quarter earnings of C$0.20 per share, sharply below the C$0.99 per share reported in the second quarter of 2008.
Encana (ECA.TO) dropped 0.85% as traders awaited the company's quarterly earnings results before tomorrow's open. The company is expected to report profits of $0.97 per share, down from $1.96 a year ago.
Precision Drilling Trust (PD.UN.TO) climbed about a third of a percent after the company reported second quarter earnings of $57 million or $0.22 cents per unit, compared to $22 million or $0.16 per unit a year earlier.
In other corporate news, Silvercorp Metals (SVM.TO) added 0.8% after the company announced that its offer to acquire all the outstanding shares of Klondex Mines has been terminated.
B2Gold Corp. (BTO.TO) gained 2.9% after the company said it completed its previously announced bought deal financing and has issued 33.34 million common shares at C$0.75 per share, for gross proceeds of C$25.00 million.
In economic news, Canadian retail sales rose 1.2% in the month of May, according to Statistics Canada. This is compared to a revised 0.6% drop for April. Excluding auto, sales were up 0.7% after falling 0.5% in April.
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