RTTNews - Toronto stocks slipped into negative territory on Wednesday morning as profit-takers collected on the recent rally to an eight-month high. Weakness in resource sectors led the declines.
The S&P/TSX Composite Index has declined 44.12 points or 0.4% to move at 10,973.98.
Gold stocks are down 1.7% as the precious metal saw weakness in Comex trading. Yamana Gold (YRI.TO) has declined 3.4% after the company reported adjusted second quarter net earnings of US$95.8 million or US$0.13 per share, down from US$102.7 million or US$0.15 per share in the year-ago quarter.
Agnico-Eagles Mines (AEM.TO) is down 2.7% and Goldcorp (G.TO) has lost 2.3%.
Energy stocks are down 1% as crude oil has slipped below $71 on the Comex. Canadian Oil Sands (COS.UN.TO) has dropped 1.8%, Encana (ECA.TO) is down 1.6% and Suncor (SU.TO) is down 1.2%.
North American Energy Partners (NOA.TO) has slipped 1.8% after the company reported first-quarter net income of C$14.77 million, compared to C$19.10 million in the same quarter of last year. On a per share basis, net income for the quarter was C$0.40, compared to C$0.52 in the year ago quarter.
In corporate news, Agrium (AGU.TO) has rallied 2% after the fertilizer maker announced that its second quarter net earnings were US$370 million or US$2.35 per share, compared to US$636 million or US$4.00 per share, for the same quarter of 2008. Analysts expected the company to report earnings of US$1.81 per share for the quarter. Rival Potash (POT.TO) has added 3.1%.
Fortis (FTS.TO) has slipped 0.3% after the company reporetd second-quarter net income applicable to common shares of C$53 million or C$0.31 per share, compared to C$29 million or C$0.18 per share in the same quarter last year.
Labopharm (DDS.TO) is up 1% after the company announced that it has filed a New Drug Submission or NDS with the Therapeutic Products Directorate of Health Canada for its novel formulation of the antidepressant trazodone.
Across the border, ADP said non-farm private employment fell by 371,000 jobs in July following a revised decrease of 463,000 jobs in June. Economists had been expecting a decrease of about 350,000 jobs compared to the loss of 473,000 jobs originally reported for the previous month.
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