Toronto's main index fell below 10,000 Thursday as financial stocks saw weakness ahead of the U.S. government's stress test results. The index had hit a multi-month intraday high in early trading.
The S&P/TSX Composite Index surrendered 176.38 points or 1.73% to 9,967.05. The index had ended Wednesday's session above 10,000 for the first time since November.
Financials fell 3.2%. Toronto-Dominion (TD.TO) dropped 4%, Scotiabank (BNS.TO) declined 3.4% and Royal Bank (RY.TO) and Bank of Montreal (BMO.TO) declined 2.5%.
Sun Life Financial (SLF.TO) dropped 6.5% after the insurer revealed first-quarter net loss was C$213 million, or C$0.38 per share, compared with net income of C$533 million, or C$0.93 per share, last year.
Manulife Financial (MFC.TO) lost 2.5% after the company reported a first quarter loss of $1.06 billion, compared to profit of $0.86 billion in the first quarter last year. Loss per share for the period was $0.67, compared to earnings per share of $0.57 in the year-ago quarter. Earnings for the quarter, excluding certain items, totaled $803 million.
Mining stocks fell 2.2% as copper dropped 2.25 cents to $2.1645 per pound. FNX Mining (FNX.TO) plunged 8.1%, Hudbay (HBM.TO) declined 5.7% and Teck Cominco (TCK.B.TO) dropped 1.6%.
Technology stocks also slipped 2% as Blackberry maker Research in Motion fell 4.2%.
In other corporate news, Bell Canada (BCE.TO) dropped 4.5% after announcing adjusted earnings for the first quarter were C$0.57, flat with the prior year. Revenues fell 0.4%.
Goldcorp (G.TO) added 2.5% after the company reported adjusted first quarter net earnings of US$169.3 million or US$0.23 per share, better than the $0.13 per share expected by analysts.
Meanwhile, Kinross Gold (K.TO) dropped 3.3% after Credit Suisse downgraded the stock to Neutral from Outperform and lowered its price target to C$20 from C$21.
Also, CryptoLogic (CXY.TO) plunged 15.1% after the Internet gaming software provider reported a loss for the first quarter on sharp revenue declines, reflecting primarily challenging global economic conditions and unfavorable currency impact. Posting a fourth consecutive quarterly loss, the casino software developer said it is on track to returning to profitability and cash generation in 2009, in line with prior guidance.
Across the border, the Labor Department said initial jobless claims, a closely-watched gauge of layoffs, dropped to 601,000 for the week ended May 2nd. This was down 34,000 from the previous week's revised total of 635,000.
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