RTTNews - Toronto stocks pared some of the gains seen earlier in the week on Thursday amid weakness in the key energy and financial sectors. Bay Street's main index index crossed back below 10,000 with its first negative session of the holiday-shortened week.
The S&P/TSX Composite Index lost 282.85 points or 2.76% to settle at 9,949.59. Yesterday, the index hit a multi-month intraday high above 10,300.
Energy stocks lost 4.34% with crude oil turning lower on the NYMEX. Among the big names, Canadian Natural Resources declined 5.6%, Encana (ECA.TO) lost 5.6%, Canadian Oil Sands (COS.UN.TO) dropped 4.8% and Suncor (SU.TO) fell 3.8%.
Mining stocks dropped 4.28% as copper fell 5.65 cents to finish at $2.05 per pound. Inmet (IMN.TO) dropped 6.8%, First Quantum (FM.TO) fell 6.1%, Teck Cominco (TCK.B.TO) dropped 4.8% and HudBay (HBM.TO) fell 2.2%.
Financials fell 3.1% with all of the big six finishing in the red. CIBC (CM.TO) fell 3.9%, Bank of Montreal (BMO.TO) dropped 3.8%, Scotiabank (BNS.TO) declined 3.5% and Toronto-Dominion (TD.TO) lost 2.9%.
In corporate news, Mavrix Fund Management (MVX.TO) is up 6.5% after the company said that it has entered into deal to be acquired by 1796862 Ontario at a cash price of C$0.25 per share.
RuggedCom (RCM.TO) gained 4% after reporting fourth quarter net income of US$3.4 million or US$0.28 per share, compared to US$2.3 million or US$0.19 per share in the prior year quarter.
Savvis Communications announced a three-year extension of its master services agreement with Thomson Reuters (TRI.TO). Thomson Reuters stock fell 1%.
Rogers Communications Inc. (RCI.A.TO) priced an offering of C$1.0 billion of 5.80% Senior Notes due 2016. The stock fell 1% on Thursday.
CCR Technologies (CRL.TO) posted a first quarter loss of C$1.87 million, compared to a loss of C$1.3 million in the prior year period.
In economic news, Statistics Canada revealed wholesale sales in current dollars fell 0.6% to $40.5 billion in March. Declining sales in the building materials and machinery and electronic equipment sectors were important factors contributing to this decrease. In terms of the volume of sales, wholesale sales were down 1.3%.
Meanwhile, the Globe and Mail reported Canadian Finance Minister Jim Flaherty will reveal credit-card rules today, on the heels of a similar announcement by the U.S. Congress yesterday.
Across the border, the Labor Department revealed that initial jobless claims came in at 631,000 for the week ended May 16th. This was down 12,000 from the previous week's revised total of 643,000.
Continuing claims climbed to 6.662 million - yet another record high.
On Wednesday, the S&P/TSX Composite Index gained 131.49 points or 1.3% to end at 10,232.44. The market reached a seven-month intraday high of 10,365.39 in the mid-morning.
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