RTTNews - Bay Street stocks remained notably lower on Monday and backed away from an eight-month high reached last week. Gold stocks followed the metal lower to lead the decliners.

The S&P/TSX Composite Index has lost 89.72 points or 0.82% to 10,796.71. A decline would be just the second in seven sessions for the index.

Gold stocks are off 1.75% and materials stocks have fallen 1.5% as the precious metal has dropped in Comex trading. Agnico-Eagle Mines (AEM.TO) and Goldcorp (G.TO) are both down about 2.5%.

August gold fell $12.30 to $945 per ounce, while the more-actively traded December gold fell to $946.90, down $12.60 on the session.

In other corporate news, Research in Motion (RIM.TO) has dropped 4.6% after the stock was downgraded to Neutral from Buy at UBS. The Blackberry-maker's target price was cut to US$88 from US$90.

Thompson Creek Metals (TCM.TO) has added 3.6% after the stock was upgraded to Hold from Sell at Canaccord Adams.

Ensign Energy Services (ESI.TO) is down 1.3% after the company reported second quarter net income of C$13.21 million or C$0.09 per share, compared to C$32.26 million or C$0.21 per share last year.

Day4 Energy (DFE.TO) has plunged 13% after the company reported second quarter net loss of C$14.1 million or C$0.38 per share, compared to net loss of C$2.5 million or C$0.07 per share last year.

Northgate Minerals Corp. (NGX.TO) has dropped 10.4% after the company reported second quarter net earnings of US$5.4 million or US$0.02 per share, compared to US$1.85 million or US$0.01 per share last year. Shares are down 5.6%.

YM BioSciences (YM.TO) has soared nearly 57% after the company said it was granted a license by the US Department of the Treasury's Office of Foreign Assets Control to further develop its lead product, nimotuzumab, for patients with solid tumor cancers in the United States.

Gran Tierra Energy (GTE.TO) has slipped 2.9% after the company reported its net loss for the second quarter was US$28.20 million, or US$0.12 per share, compared to net income of US$8.53 million, or US$0.07 per share, in the year-ago quarter.

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