RTTNews - Toronto stocks are modestly lower in Tuesday afternoon trading, following the lead of U.S. markets. Mining stocks are leading the weakness on Bay Street.
The S&P/TSX Composite Index has dropped 66.54 points or 0.63% to move at 10,474.17. If the losses hold, this will be the first decline in seven sessions for the index.
Mining stocks have dropped 2.85 as copper prices turned notably lower on the Comex. First Quantum (FM.TO) has plunged 7%, Inmet (IMN.TO) is down 3.6% and Teck Resources (TCK.B.TO) has slipped 1.7%.
Industrial stocks are up about 2% as Canadian National Railway (CNR.TO) has added 2.1% after the company reported second-quarter net income of C$0.76 per share, compared to C$0.90 per share a year ago. Rival Canadian Pacific Railway (CP.TO) is up 3.4%.
Canadian Hydro Developers (KHD.TO) is up 0.8% after its price target was increased to C$5 from C$4.50 at Credit Suisse. Shares were downgraded to Neutral from Outperform.
Kirkland Lake Gold (KGI.TO) has dropped 2.4% despite reporting a rise in fourth quarter earnings to C$2.3 million compared to C$906 thousand last year. Revenues for the quarter was C$18.2 million.
Research In Motion Limited (RIM.TO) has slipped 2% after the Blackberry maker said that it has been prevented from bidding for the Canadian telecom equipment maker Nortel Networks Corp.'s Wireless Business that has been placed into bankruptcy auction scheduled to occur on July 24.
Toromont Industries (TIH.TO) reported net income for the second quarter of C$33.5 million or C$0.51 per share, compared to C$37.8 million or C$0.58 per share in the year-ago quarter. Shares are up 0.8%.
Orvana Minerals (ORV.TO) has dropped 2.9% after the company said it raised its all-cash offer for Kinbauri Gold to C$0.75 per share from C$0.55 per share.
The Bank of Canada announced that it is maintaining its target for the overnight rate at a quarter-percent, as expected. The Bank Rate is unchanged at 0.5% and the deposit rate is 0.25%.
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