RTTNews - Toronto stocks have remained lower in Friday afternoon trading, with resource stocks leading the way. The decline has taken the main index slightly off of a multi-month closing high from yesterday.
The S&P/TSX Composite Index has dropped 57.30 points or 0.53% to 10,656.81. Stocks pared a good portion of an early slump as oil prices moved off their early lows.
Gold stocks are down 1.8% as the previous metal fell $21.30 to settle at $940.70 an ounce. Eldorado (ELD.TO) has slipped 3.5%, Agnico-Eagle Mines (AEM.TO) is down 3.4% and Goldcorp (G.TO) has dropped 2.1%.
Centerra Gold (CG.TO) has plunged 11.1% 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 1.1% as crude oil is off 59 cents at $72.07, after earlier hitting as low as $70.80. Canadian Natural Resources (CNQ.TO) is down 2.1%, Canadian Oil Sands (COS.UN.TO) has dropped 1.7% and Encana (ECA.TO) has declined 1.5%.
Mining stocks are down 1.4% as copper fell nearly 3% on the Comex. First Quantum (FM.TO) has dropped 3.25%, HudBay (HBM.TO) has slipped 2% and Teck Cominco (TCK.B.TO) is down 1.5%.
In corporate news, Patheon (PTI.TO) has dropped 4.6%. 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 (CAS.TO) is up 1.1% 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 added 2.4% 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) has turned lower and is down 6.25%. The company reportedly agreed to changed the label on its Red Baron beer to settle a copyright and trademark dispute with Labatt Brewing Co.
Bombardier (BBD.B.TO) has dropped 1.15% as U.S. rival Cessna Aircraft said it is cutting 1,300 jobs.
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.
Later, the Reuters/University of Michigan consumer sentiment report showed a preliminary reading for June of 69.0 compared to a reading of 68.7 in May. Economists had been expecting a somewhat more notable increase to a reading of 69.5.
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