RTTNews - Canadian stocks moved moderately lower on Monday morning as strength in the gold sector outweighed weakness from mining stocks.
The S&P/TSX Composite Index has lost 54.5 points or 0.5% to 10,829.95. The market had hit an eight-month high above 11,000 last week.
Gold stocks are down 1.75% as the precious metal has dropped in Comex trading. Agnico-Eagle Mines (AEM.TO) and Goldcorp (G.TO) are both down about 2.5%.
On the other hand, mining stocks are up 1.2% as copper is experiencing mild strength. HudBay (HBM.TO) is up 5%, Inmet (IMN.TO) has gained 2.9% and First Quantum (FM.TO) has added 2%.
In other corporate news, Research in Motion (RIM.TO) has dropped 3.7% after the stock was downgraded to Neutral from Buy at UBS. The Blackberry-maker's target price was cut to US$88 from US$90
Ensign Energy Services Inc. (ESI.TO) is down 0.9% after the company reported second quarter net income of C$13.21 million or C$0.09 per share, compared to C$32.26 million or C$0.21 per share last year.
Day4 Energy Inc. (DFE.TO) has plunged 10.1% after the company reported second quarter net loss of C$14.1 million or C$0.38 per share, compared to net loss of C$2.5 million or C$0.07 per share last year.
Sino-Forest Corp. (TRE.TO) is up 1.4% after the company reported second quarter net income of US$45.05 million, compared to US$43.4 million last year. Earnings per share were US$0.23, down from US$0.24 in the same quarter last year.
Northgate Minerals Corp. (NGX.TO) reported second quarter net earnings of US$5.4 million or US$0.02 per share, compared to US$1.85 million or US$0.01 per share last year. Shares are down 5.6%.
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