RTTNews - Toronto stocks saw notable weakness on Tuesday morning, following a sell-off in the U.S. Weakness in the mining and financial sectors has dragged the market lower.
The S&P/TSX Composite Index has dropped 95.63 points or 0.88% to move at 10,698.04. The index is on target for a second straight negative close after rising in five of six sessions.
Mining stocks are down 2.2%. Inmet (IMN.TO) has dropped 4.1%, Teck Resources (TCK.B.TO) is down 2.7% and First Quantum (FM.TO) has dropped 1.5%.
Financials are down 1.7%. Bank of Montreal (BMO.TO) has dropped 2.7%, National Bank (NA.TO) is down 1.9% and Scotiabank (BNS.TO) has declined 1.7%.
Cardiome Pharma Corp. (COM.TO) has dropped 10.9%. 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 Inc. (PLB.TO) is down 3.6% after it 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) 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.
Wesdome Gold Mines Ltd (WDO.TO) has added 5.3% 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. On the news, Avnel stock has surged 66.7%, while Iamgold has gained 2.4%.
Rona (RON.TO) is down 3.5% after the company reported its second-quarter net earnings and comprehensive income, including unusual items, slid to C$60.80 million from C$76.62 million last year.
GLG Life Tech (GLG.TO) is down 2.3% after the company posted a net profit of C$0.37 million or breakeven per share, compared to a net loss of C$1.60 million or C$0.02 per share last year.
On the econonomic 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.
On Monday, the S&P/TSX Composite Index fell 91.66 points or 0.84% to settle at 10,793.67, falling for just the second in seven sessions for the main index. Weakness in the healthcare and gold sectors contributed to the decline.
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