Toronto stocks have slipped modestly again in early trading on Wednesday, adding to slight losses from the previous session. Investors are mulling over several key economic reports from each side of the border as well as the latest earnings season developments.
The S&P/TSX Composite Index has dropped 59.05 points or 0.63% to move 9,172.57. The index had reached a three-month high earlier in the week.
Energy stocks are down 1.25% to lead the decliners. Savanna (SVY.TO) has lost 4.4%, Suncor (SU.TO) has declined 2.4% and Encana (ECA.TO) is down 2%.
Masters Energy (MSY.TO) is up 1.6% after Sun Century Petroleum Corp. announced that it intends to commence a public offer to acquire the company at a price of C$1.85 per common share in cash.
Pacific Rubiales Energy (PRE.TO) has dropped 1% after the company was rated Overweight in new coverage at JPMorgan Chase & Co.
Materials stocks are down 1.1% as Agrium (AGU.TO) has lost 1.9%. The fertilizer producer announced that it sent a letter to CF Industries Holdings (CF) stockholders urging them to withhold votes for CF's three director nominees up for election regarding Agrium's takeover bid.
NovaGold Resources (NG.TO) is down 0.6% after the company reported a first quarter net loss of C$28.5 million or C$0.20 per share, compared to net earnings of C$24.2 million or C$0.22 per share in the year ago quarter.
In other corporate news, ADF Group (DRX.TO) has added 3.3% after the company reported fiscal year 2009 net income of C$15.6 million or C$0.42 per share, compared to C$33.9 million or C$0.98 per share in last year.
On the economic front, the Canadian Real Estate Association reported existing home sales of 31,135 in March, up 7% from the previous month. Year-over-year sales fell 13.7%.
Meanwhile, Statistics Canada reported new motor vehicle sales declined 2.2% to 115,187 units in February.
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