RTTNews - Canadian stocks remain notably lower in afternoon trading on Friday, following the lead of U.S. and European stocks. Resource stocks are leading the weakness as commodities are seeing red.
The S&P/TSX Composite Index has dropped 79.45 points or 0.73% to move at 10,747.07. A decline would snap a two-session winning streak for the market.
Mining stocks have dropped 1.8% as copper fell on the Comex. Teck Resources (TCK.B.TO) is up 3.5%, Inmet (IMN.TO) has added 3.4% and First Quantum (FM.TO) has climbed 2.3%.
FNX Mining (FNX.TO) has gained 4.25% after the company posted net earnings for the second quarter of C$12.5 million or C$0.14 per share, higher than C$11.3 million or C$0.13 per share in the prior year period.
TransAtlantic Petroleum Corp. (TNP.TO) has inched up 1% after the company reported second quarter net loss widened to US$7.1 million or US$0.04 per share from US$920,000 or US$0.01 per share in the previous year.
Aurizon Mines (ARZ.TO) has gained 3% after the company announced that its second quarter net earnings of C$13.6 million or C$0.08 per share, compared to earnings of C$5.6 million or C$0.04 per share, in the same period of 2008.
In other corporate news, SNC-Lavalin (SNC.TO) has dropped 2.5% after the company said it has purchased 48% of the common shares of Russia-based engineering company OAO VNIPIneft.
EnGlobe Corp. (EG.TO) has surged 16.7% after the company reported a net net loss from continuing operations for the second quarter of C$1.8 million, compared to a net loss of C$22.5 million in the year-ago quarter.
Sierra Minerals (SIM.TO) has declined 4.75% after the company reported net earnings for the second quarter of US$0.30 million or breakeven per share, compared to loss of US$42 million or US$0.01 per share in the previous year quarter.
First Majestic Silver Corp. (FR.TO) has slipped 3.8% after the company reported net income for the second quarter of C$1.0 million, compared to a loss of C$0.3 million in the year-ago quarter.
Canadian manufacturing sales increased 1.9% to $39.7 billion in June, helped by strong sales in the aerospace industry, according to data released Friday by Statistics Canada. The rise in sales partially reverses the 4.9% decline posted in May.
Meanwhile, Canadian new motor vehicle sales fell 0.6% in June, compared to a 1% rise in May. Sales were expected to drop 1%.
On Thursday, the S&P/TSX Composite climbed 165.69 points or 1.55% to settle at 10,825.56. The gain was the second straight for the index, which recovered losses from earlier in the week.
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