Toronto stocks are slightly lower on Tuesday afternoon amid choppy trading. Financial stocks are in the red, offsetting a rally for gold and materials stocks.

The S&P/TSX Composite Index has slipped 15.04 points or 0.14% to 10,081.82.The market fell away from a seven-month high on Monday.

Financials are down 1.75%. CIBC (CM.TO) has dropped 2.2%, Toronto-Dominion (TD.TO) is down 2%, National Bank (NA.TO) is down 1.9% and Scotiabank (BNS.TO) has lost 1.8%.

Gold stocks are up 4.6% and materials stocks have added 3.8%. The precious metal has climbed $5 to $918.80 on the Comex.

Among the big names, Eldorado (ELD.TO) has rallied 7.5%, Royal Gold (RGL.TO) is up 5.7%, Goldcorp (G.TO) is up 5.4% and Seabridge (SEA.TO) has rallied 5%.

In corporate news, Nortel Networks (NT.TO) has dropped 6.1% after the company reported a net loss of US$507 million or US$1.02 per share for the first quarter, wider than US$138 million or US$0.28 per share in the prior-year quarter.

Canadian Pacific Railway Limited (CP.TO) is down 1.75%. The company announced that its wholly-owned subsidiary, Canadian Pacific Railway Company, is commencing an offer to purchase for cash up to US$450 million aggregate principal amount of its outstanding notes including CP's 6.25% Notes due 2011, 5.75% Notes due 2013 and 6.50% Notes due 2018.

McCoy Corp. (MCB.TO) has plummeted 12.6% after the company reported first-quarter net earnings of C$0.33 million, down 82% from C$1.80 million in the 2008 first quarter. Earnings per share dropped 83% to C$0.01 from year-ago C$0.06.

European Goldfields Ltd (EGU.TO) has added 1.8%. The company reported first quarter net loss of US$3.26 million or US$0.02 per share, compared to a profit of US$3.41 million or US$0.02 per share in the same quarter of last year.

Canadian food processing and distribution company George Weston (WN.TO) is up 3.3% after reporting its first-quarter net earnings were C$863 million, compared with C$131 million a year ago. Net earnings per common share rose to C$6.61 from C$0.91 in the same period in 2008.

Great West-West Lifeco (GWO.TO) has lost 1.4% as the Globe and Mail reported the insurer is looking for acquisitions in both the U.S. and UK.

On the economic front, data released by Statistics Canada showed imports decreased more than twice as fast as exports, leading to the widening of Canada's trade surplus with the world from $262 million in February to $1.1 billion in March.

Imports fell 4.4% to $31.4 billion as most sectors posted decreases. Exports were down 1.8% to $32.5 billion, largely reflecting a decline in exports to the United States.

The S&P/Composite Index fell 143.85 points to 10,094.14 as traders cashed on last week's rally to a seven-month high. The index had posted its highest close since October 3 on Friday.

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