Toronto stocks dropped modestly on Tuesday and closed lower for the first time in five sessions. Mining stocks returned some recent gains, while crude oil dragged energy stocks into the red.
The S&P/TSX Composite Index has lost 54.00 points or 0.58% to move at 9,231.62. The drop took stocks away from a three-month closing best.
Mining stocks dropped 2.4%, giving back some of the recent rally as copper has backed off of a multi-month high. FNX Mining (FNX.TO) dropped 2.85%, Teck Cominco (TCK.B.TO) fell 2.3% and First Quantum (FM.TO) slipped 1.3%.
In corporate news, Denison Mines (DML.TO) surged 16.2% after the company announced that it has entered into a deal to sell 20% of its U3O8 production to Korea Electric Power Corporation for C$75.4 million and also supply KEPCO with uranium until 2015.
Meanwhile, energy stocks fell 2% as crude oil lost 64 cents to $49.41 per barrel. Savanna (SVY.TO) dropped 4.7%, Suncor (SU.TO) fell 4% and Encana (ECA.TO) fell 3.2%.
Financials have given back early gains and finished up very slightly for the day. Bank of Montreal (BMO.TO) added 2.7%, while CIBC (CM.TO) fell 1.4%.
In other corporate news, TMX (X.TO) dropped 4.3% after the stock was rated Underperform in new coverage by RBC Capital Markets.
Maximizer Software (MAX.TO) plunged 25% after the company reported its first-quarter net loss amounted to US$0.81 million, compared to a loss of US$0.31 million in the prior year quarter.
Telus (T.TO) declined 3.2%. The company said it plans to invest more than C$700 million in its wireless and landline networks in Alberta this year.
Across the border, government data showed retail sales unexpectedly showed a notable decrease in the month of March, according to a report released by the Commerce Department on Tuesday, although the report also showed an upward revision to February sales.
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