RTTNews - Toronto stocks saw sharp weakness on Monday and finished at their lowest level in 2 1/2 weeks. Global stocks saw significant weakness amid worries the global economy may not recover as fast as hoped.
The S&P/TSX Composite Index dropped 316.42 points or 2.9% to close at 10,480.18. This marks the lowest close since July 29.
Mining stocks plunged 4.75% as copper dropped on the Comex. First Quantum (FM.TO) dropped 5.1%, Teck Resources (TCK.B.TO) fell 3.7% and HudBay (HBM.TO) declined 3.5%.
Rio Tinto (RTP) will reportedly announce a deal to sell the non-beauty aluminum packaging assets of Alcan for US$2 billion.
Materials stocks lost 4.3% and gold stocks dropped 3.7%. Iamgold (IMG.TO) lost 7%, Eldorado (ELD.TO) fell 6% and Agnico-Eagle Mines (AEM.TO) declined 3.5%.
Agrium (AGU.TO) dropped 4.7% after the fertilizer maker said it extended the expiration date of its offer to acquire CF Industries Holdings (CF) for $40 in cash and one Agrium share per CF share until midnight ET on September 22.
Industrials dropped 3.4% Canadian Pacific (CP.TO) has dropped 5% and Canadian National Railway (CNR.TO) has declined 3.3%.
Energy stocks are down 3.3% as crude oil finished below $67. Suncor (SU.TO) dropped 4%, Canadian Oil Sands (COS.UN.TO) fell 3.8% and Canadian Natural Resources (CNQ.TO) declined 2.9%.
In other corporate news, Canadian Zinc Corp. (CZN.TO) reported a second quarter net loss of $722,000 compared to a loss of $1.129 million in the year ago quarter. Shares are down 5.7%.
Genesis Land Development (GDC.TO) plunged 7.2% after the company said its second-quarter after-tax earnings declined to $4.39 million or $0.10 per share from $5.39 million or $0.12 per share in the comparable period.
Petro Andina Resources (PAR.TO) added 0.9%. The company reiterated its unanimous recommendation that shareholders reject the unsolicited offer to acquire Petro Andina by 1462627 Alberta Ltd.
Cymat Technologies (CYM.TO) soared 10% after it announced that it has received a purchase order from a major US armored vehicle manufacturer for 13 SmartMetal assemblies to be delivered in August 2009. The prototypes would be incorporated in and tested as part of a complete armoring system for the proposed vehicle.
On the economic front Friday, international securities transactions data is due at 8:30 a.m. ET. An influx of C$14.23 billion is projected for June, compared to C$18.89 billion last month.
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