RTTNews - Toronto stocks have moved off their lows of the day on Friday, but remain in negative territory. Energy stocks have staged a mild comeback as crude oil has erased some of an early slump.
The S&P/TSX Composite Index has declined 45.88 points or 0.42% to move at 10,668.23. The index finished above 10,700 for the first time since October on Thursday.
Gold stocks are leading the decliners with a 1.2% drop as the precious metal has fallen $21.50 to $940.50 per ounce. Agnico-Eagle Mines (AEM.TO) is down 2.1% and Goldcorp (G.TO) has dropped 1.5%.
Centerra Gold (CG.TO) has dropped 8% after the company said it received notice its Boroo mine's operating liscence has been suspended for as much as three months by Mongolian mining officials, according to reports.
Energy stocks are down 0.75% as crude oil is off 77 cents at $71.91, after earlier hitting as low as $70.80. Canadian Oil Sands (COS.UN.TO) is down 1.8% and Encana (ECA.TO) has dropped 1.3%.
In corporate news, Patheon (PTI.TO) is down 0.3% after the company reported that its second quarter loss was US$3.2 million or US$0.035 per share, compared to a loss of US$8.0 million or US$0.088 a share last year.
Cascades Inc. (CAS.TO) is up 2.5% after the company announced that it has reached an agreement with Atlantic Packaging Products Ltd. to acquire its tissue business for about C$60 million.
COM DEV International (CDV.TO) has gained 4% after reporting second quarter earnings of C$4.9 million or C$0.07 per share, compared to C$2.0 million or C$0.03 per share in the year-ago quarter.
Brick Brewing (BRB.TO) is up 1.25% after the company reportedly agreed to changed the label on its Red Baron beer to settle a copyright and trademark dispute with Labatt Brewing Co.
Across the border, a Labor Department report showed that import prices rose 1.3 percent in May following a revised 1.1 percent increase in April. The continued increase in prices was largely due to an 8.3 percent increase in petroleum import prices.
Additionally, the Labor Department said that export prices rose 0.6 percent in May after edging up 0.4 percent in the previous month. A 3.6 percent increase in the prices of agricultural exports contributed to the moderate increase.
On Thursday, the S&P/TSX Composite Index gained 116.13 points or 1.09% to settle at 10,714.11. This marked the best finish since October 3.
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