Toronto stocks are flat on Tuesday afternoon, lingering near a six-month high. Mining and energy stocks are giving back some of the recent gains to lead the decline, offsetting some strength in the financial sector.
The S&P/TSX Composite Index has slipped 8.06 points or 0.08% to move at 9,862.31.
Mining stocks are down 3.5% as copper prices fell more than 2% on the Comex. Inmet (IMN.TO) has lost 6%, First Quantum (FM.TO) is down 4.8%, FNX Mining (FNX.TO) has lost 4.1% and Teck Cominco (TCK.B.TO) has slipped 2.5%.
Energy stocks have declined 1.7% as crude oil has backed off of a five-month high. Canadian Oil Sands (COS.UN.TO) has dropped 2.6%, Canadian Natural Resources (CNQ.TO) is down 2.2% and Suncor (SU.TO) has dropped 1.6%.
EnCana (ECA.TO) has slipped 1.7% as the company announced that it has completed public offering US$500 million notes with a coupon rate of 6.50% due May 15, 2019. The company intends to use offering net proceeds to repay portion of its existing bank and commercial paper indebtedness.
Financials are up 1.4% with all of the big six banks in the green. Bank of Montreal (BMO.TO) has added nearly 4%, CIBC (CM.TO) is down 2.6% and National Bank (NA.TO) has declined 2.5%.
In other corporate news, Magna International (MG.A.TO) has dipped 1.1% after North America's largest auto parts maker announced that it could buy a minority stake in Opel, the European unit of ailing automaker General Motors Corp. (GM) and one of Magna's customers in Europe. The offer would rival that of Italy's Fiat SpA.
WestJet (WJA.TO) has jumped 6.4% after the company announced April traffic results with a load factor of 81.2%. Revenue passenger miles or RPM increased 5.5% year over year and capacity, measured in available seat miles or ASMs, grew 7.2% over the same period.
Loblaw Companies Ltd. (L.TO) has gained 8.4%% after the company announced that its first quarter net earnings increased to C$109 million, compared to C$63 million a year ago.
Absolute Software Corp. (ABT.TO) is down 8.6% after the company reported its adjusted net loss was C$0.6 million, compared to net income of C$0.1 million a year ago.
Across the border, Federal Reserve Chairman Ben Bernanke told lawmakers Tuesday that the decline in the economy may be slowing and the housing market has shown signs of bottoming. However, the Fed chief warned that the labor market remains a possible source of concern.
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