Toronto stocks remained slightly lower on Tuesday, dragged down by lower commodity prices. Bay Street's main index has recovered some of its earlier losses after hitting a six-day low earlier in the day.
The S&P/Composite Index has declined 12.56 points or 1.25% to 9,374.99. The index had climbed above 9,500 last week.
The Gold Index is down 2.4%, while materials stocks have dropped 1.75% as the precious metal fell on the Comex. Barrick Gold (ABX.TO) has slipped 3.5%, Iamgold (IMG.TO) is down 3.4%, Pan American Silver (PAA.TO) has dropped 3.1% and Goldcorp (G.TO) is down 2.9%.
Energy stocks are down 1% as light sweet crude oil for June delivery fell 42 cents to $49.72 per barrel.
OPTI Canada (OPC.TO) has declined 6.6% after the company reported first quarter net loss of C$97 million or C$0.50 per share, compared to restated net loss of C$6 million or C$0.03 per share last year.
Husky Energy (HSE.TO) has dropped 2.2% after the company reported net earnings of $328 million or $0.39 per share for the first quarter of 2009, down from $888 million or $1.05 per share in the prior-year quarter.
Petro-Canada (PCA.TO) is flat after it reported first quarter operating earnings of C$111 million or C$0.23 per share, down from C$899 million or C$1.86 per share in the last year comparable quarter.
Nexen (NXY.TO) is down 0.3% after reporting first-quarter net income attributable to Nexen of C$135 million or C$0.26 per share, compared to net income of C$630 million or C$1.19 per share in the same quarter last year.
In other corporate news, Héroux-Devtek (HRX.TO) has climbed 3.5% after the company announced that Lockheed Martin Aeronautics Company has awarded the aerostructure division of Héroux-Devtek (Progressive Inc.), another multi-year contract to manufacture complex structural machined parts and assemblies for the F-35 Lightning II aircraft.
QLT Inc. (QLT.TO) is down 0.8% after the company reported first quarter net income of US$1.30 million or US$0.02 per share, compared to a net loss of US$10.47 million or US$0.14 per share last year.
CE Franklin (CFT.TO) has slipped 2% after the company posted first quarter net income of C$6.0 million or C$0.33 per share, compared to C$6.3 million or C$0.34 per share in the prior year quarter.
Across the border, the Federal Reserve will begin their two-day meeting today, although little is expected to come out of the meeting, as the interest rate has already been lowered to a near zero range.
Toronto stocks dropped sharply on Monday, slipping away from the five-month high from the previous session. Worries over the swine flu raised fears of a slower global economic recovery.
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