RTTNews - Bay Street stocks have plunged on Wednesday, led by weakness in the mining and energy sectors. The decline has moved Toronto's main index to its lowest level in a week.
The S&P/TSX Composite Index has plunged 294.04 points or 2.91% to 9,783.66. Last week, the index had reached a seven-month high above 10,300.
Mining stocks are down 9.3% as copper has dropped in Comex trading. First Quantum Minerals (FM.TO) has plunged 8.1% after the copper miner posted a first quarter net income of US$10.9 million or US$0.16 per share, compared to US$182.0 million or US$2.65 per share in the year-ago period.
Among the other big names, Teck Cominco (TCK.B.TO) has plunged 13.9%, FNX Mining (FNX.TO) has lost 5.6% and HudBay has dropped 4%.
Energy stocks are down 4.75% as crude oil has lost 98 cents to $57.87. Canadian Oil Sands (COS.UN.TO) has declined 7.1%, Canadian Natural Resources (CNQ.TO) has dropped 5.8%, Suncor (SU.TO) is down 5.5% and Encana (ECA.TO) is off 4.1%.
Addax Petroleum (AXC.TO) has plunged 7.7% after the company revealed net income of US$5 million or US$0.03 per share, down sharply from US$240 million or US$1.51 per share in the prior-year quarter.
Financials are down 3.5%. CIBC (CM.TO) has dropped 3.8%, Scotiabank (BNS.TO) is down 3.7%, Bank of Montreal (BMO.TO) has slipped 3.3%, Royal Bank (RY.TO) is down 3.1% and National Bank (NA.TO) and Toronto-Dominion (TD.TO) have each slipped 3.1%.
In other corporate news, Gammon Gold (GAM.TO) is down 7.5% after the company reported first-quarter net income of US$2.6 million or US$0.02 per share, compared to net income of US$8.5 million or US$0.07 per share in the same quarter last year.
Pan American Silver Corp. (PAA.TO) has dropped 2.3% after the company said its first quarter profit declined from last year, hurt by lower base metal and silver prices, offset in part by a reduction in cost of sales.
Hydrogenics Corp. (HYG.TO) has plunged 10.4% after reporting first-quarter net loss of US$4 million or US$0.04 per share, compared to net loss of US$4.32 million or US$0.05 per share last year.
ING Canada (IIC.TO) has lost 6.4% after the insurer reported a net loss for the first quarter of C$36.3 million or C$0.30 per share compared with net income of C$23.0 million or C$0.19 per share in the corresponding period last year.
On the economic front across the border, a Commerce Department report showed that retail sales fell 0.4 percent in April following a revised 1.3 percent decrease in March. Economists had expected sales to come in unchanged compared to the 1.2 percent decrease originally reported for the previous month.
Tuesday, the S&P/TSX Composite Index lost 16.44 points or 0.16% to settle at 10,077.70. The index finished lower for a second straight day after finishing Friday at a seven-month high.
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