RTTNews - Toronto stocks remained notably lower on Wednesday, moving further away from a multi-month high. Weakness in the resource sectors has dragged the market into negative territory.
The S&P/TSX Composite Index has declined 153.54 points or 1.45% to move at 10,417.10. The main index is on pace for a second straight negative session after rising in nine of 11.
Mining stocks have dropped 3.6% as copper posted notable losses on the Comex. Inmet (IMN.TO) has plunged 6% adding to yesterday's losses. First Quantum (FM.TO) has dropped 4% and Teck Resources (TCK.B.TO) is down 3.5%.
Energy stocks have lost 3% as crude oil is down $4.40 to $62.83 per barrel following a U.S. government report showing a larger-than-expected build in weekly crude oil inventories. Baytex (BTE.UN.TO) has dropped 4.75%, Suncor (SU.TO) is down 3.9%, Canadian Natural Resources (CNQ.TO) is down 3.1% and Canadian Oil Sands (COS.UN.TO) has dropped 2.6%.
Talisman Energy (TLM.TO) has dropped 5% after the company reported its second-quarter net income was C$63 million or C$0.06 per share, down from C$426 million or C$0.41 per share, a year earlier.
Enbridge (ENB.TO) announced that its second quarter earnings were C$393.0 million or C$1.08 per common share, compared to C$657.7 million, or C$1.81 per share in the year ago quarter. Shares are up 0.25%
Maple Leaf Foods (MFI.TO) has added 2.6% after the company reported a second-quarter profit of C$4.90 million or C$0.04 per share versus a loss of C$9.35 million or $0.07 per share a year earlier. Adjusted earnings per share were $0.12 compared with a loss of C$0.01 in the prior year period.
Sherritt International Corp. (S.TO) is down 3.4% after the company said its second-quarter net earnings plummeted to C$24.4 million or C$0.08 per share from C$80.3 million or C$0.28 per share in the year earlier period.
TMX Group [X.TO] has declined 4.9% after the company posted second quarter net income of C$46.9 million or C$0.63 per share, compared to C$49.2 million or C$0.65 per share in the last year quarter.
Rogers Communications (RCI.A.TO) has declined 2.4% after being downgraded To Sector Perform from Outperform at RBC Capital Markets. The target price was dropped to C$34 from C$39.
Brookfield Properties Corp. (BPO.TO) has dropped 2.1% after the real estate investment firm reported a drop in second quarter fund from operations, hurt by lower operating income at its Commercial property and Residential development operations.
For the second quarter, funds from operations of the Toronto, Canada-based company dropped to US$148 million or US$0.38 per share from US$157 million or US$0.40 per share in the same quarter a year ago.
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