Toronto stocks are little-changed in mid-morning trading on Tuesday after surrendering an early rally. Strength in the gold and materials sector has been offset by weakness for financials.
The S&P/TSX Composite Index is up 6.06 points or 0.06% to 10,100.20. The market fell away from a seven-month high on Monday.
Gold stocks are up 3.15% and materials stocks have added 2.5%. The precious metal has climbed $5 to $918.80 on the Comex.
Among the big names, Eldorado (ELD.TO) has gained 5.7%, Royal Gold (RGL.TO) is up 5.7%, Agnico-Eagle Mines (AEM.TO) has gained 3.3% and Goldcorp (G.TO) is up 2.7%.
Meanwhile, financials are down 1.3%. CIBC (CM.TO) has declined 2%, Toronto-Dominion (TD.TO) is down 1.9%, Bank of Montreal (BMO.TO) has lost 1.8% and National Bank (NA.TO) has dropped 1.6%.
In corporate news, Nortel Networks (NT.TO) has dropped 6.1% after the company reported a net loss of US$507 million or US$1.02 per share for the first quarter, wider than US$138 million or US$0.28 per share in the prior-year quarter.
Canadian Pacific Railway Limited (CP.TO) is flat after the company announced that its wholly-owned subsidiary, Canadian Pacific Railway Company, is commencing an offer to purchase for cash up to US$450 million aggregate principal amount of its outstanding notes including CP's 6.25% Notes due 2011, 5.75% Notes due 2013 and 6.50% Notes due 2018.
McCoy Corp. (MCB.TO) has lost 4.9% after the company reported first-quarter net earnings of C$0.33 million, down 82% from C$1.80 million in the 2008 first quarter. Earnings per share dropped 83% to C$0.01 from year-ago C$0.06.
European Goldfields Ltd (EGU.TO) has added 1.8%. The company reported first quarter net loss of US$3.26 million or US$0.02 per share, compared to a profit of US$3.41 million or US$0.02 per share in the same quarter of last year.
Great West-West Lifeco (GWO.TO) has lost 1.4% as the Globe and Mail reported the insurer is looking for acquisitions in both the U.S. and UK.
On the economic front, data released by Statistics Canada showed imports decreased more than twice as fast as exports, leading to the widening of Canada's trade surplus with the world from $262 million in February to $1.1 billion in March.
Imports fell 4.4% to $31.4 billion as most sectors posted decreases. Exports were down 1.8% to $32.5 billion, largely reflecting a decline in exports to the United States.
The S&P/Composite Index fell 143.85 points to 10,094.14 as traders cashed on last week's rally to a seven-month high. The index had posted its highest close since October 3 on Friday.
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