RTTNews - Toronto stocks dropped again on Tuesday and finished at their lowest level in more than two weeks. Weakness in the heavily-weighted financial sector contributed to the sharp decline.
The S&P/TSX Composite Index fell 183.08 points or 1.82% to close at 9,844.35. The market saw notable weakness in the final 90 minutes of trading to take out the daily lows.
Industrial stocks lost 3.6% to lead the market lower. Canadian National Railway (CNR.TO) plummeted 5.6% and Canadian Pacific Railway (CP.TO) plunged 5.1%.
Consumer staples stocks fell 3.4%. Viterra (VT.TO) fell 6.5%, Loblaw (L.TO) dropped 5.1%, Shoppers Drug Mart (SC.TO) declined 3.4% and Maple Leaf Foods (MFI.TO) declined 3.2%.
The key Financial Index dropped 2.5%. Royal Bank (RY.TO) fell 4%, Scotiabank (BNS.TO) dropped 3.1% and Bank of Montreal (BMO.TO) lost 2.8% to lead the decliners.
Jean Coutu (PJC-A.TO) has climbed 1.1% after the company reported a first-quarter profit of C$10.3 million or C$0.04 per share versus a loss of C$20.2 million or C$0.08 per share in the prior year period.
In other corporate news, Air Canada (AC-A.TO) fell 5.6% after the airliner said it flew 4.17 billion revenue passenger miles and 5.15 billion available seat miles, on a consolidated basis with Jazz, in June 2009, resulting in a traffic decrease of 9.1% and capacity decrease of 7.6% as compared to June 2008.
Magma Energy (MXY.TO) lost 2 cents to finish at $1.48 per share after the company priced its initial public offering of common shares at $1.50 apiece.
Theratechnologies (TH.TO) posted a second quarter loss of C$5.43 million or C$0.09 per share, compared to a loss of C$11.38 million or C$0.20 per share in the same period last year. Shares lost 1.3% for the day.
In economic news, building permits in May surpassed the $5.0-billion mark for the first time since October 2008, according to data released by Statistics Canada.
Meanwhile, the Office of the Superintendent of Bankruptcy Canada reported Canadian bankruptcies rose 31% year-over-year in the month of May.
There is no major economic news due tomorrow in Canada. On Thursday, investors will await housing starts data.
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