RTTNews - Weakness in the energy and mining sectors led another negative session on Friday for Toronto's main index, which ended lower four times in five sessions since reaching a seven-month closing high. Canadian markets are closed Monday for Victoria Day.
The S&P/TSX Composite Index lost 86.35 points or 0.87% to settle at 9,762.85. The index has lost more than 4.5% from last Friday's close above 10,200.
Energy stocks dropped 2.5% as crude oil plunged more than $2 on the NYMEX on demand worries. Canadian Oil Sands (COS.UN.TO) is down 4.1%, Savanna (SVY.TO) has lost 3.7%, Canadian Natural Resources (CNQ.TO) declined 3.8% and Encana (ECA.TO) fell 1.8%.
Petro-Canada (PCA.TO) lost 2.6% after investment company Letko Brosseau & Associates said it will vote against the $16.5 million takeover bid from Suncor (SU.TO). Suncor fell 2.8% for the day.
Meanwhile, Epsilon Energy (EPS.TO) surged 10.3% after reporting first quarter revenues increased to C$1.71 million from C$1.54 million in the previous year quarter. Net loss widened to $0.02 per share, compared to $0.01 per share a year ago.
Mining stocks saw a 2.4% drop as copper finished modestly lower to add to its weekly slump. Denison Mines Corp. (DML.TO) fell 8.9% after Credit Suisse downgraded the shares to Underperform from Neutral, while increasing its price target to C$1.75 from C$1.45.
Fronteer Development Group Inc. (FRG.TO) added 0.3% after the company reported a net loss for the first quarter of C$5.45 million or C$0.06 per share, in comparison with a net loss of C$6.22 million or C$0.07 per share in the prior year quarter.
In other corporate news, MDN (MDN.TO) dropped 5% after it reported first quarter net income of C$794,214 or C$0.01 per share, compared to C$1.82 million or C$0.02 per share in the prior year quarter.
GLG Life Tech (GLG.TO) lost 2.7% as the company reported a quarterly net loss of C$1.5 million or C$0.02 per share, compared to a net loss of C$0.93 million or C$0.01 per share a year ago.
Biovail Corp. (BVF.TO) posted an 0.7% gain after the company revealed that it has received antitrust approval for the proposed acquisition of U.S. rights to Wellbutrin XL from GlaxoSmithKline (GSK).
TSO3 (TOS.TO) rallied 7.3% after the company reported first-quarter net loss of C$2 million or C$0.04 per share, compared to net loss of C$2.16 million or C$0.05 per share last year.
In economic news, Statistics Canada reported on Friday that manufacturing sales dropped 2.7% in March, erasing gains from the previous month.
Meanwhile, the U.S. Labor Department said its consumer price index was unchanged in April after edging down by an unrevised 0.1 percent in March. The lack of growth in consumer prices came in line with the expectations of economists.
Also, the Reuters/University of Michigan consumer sentiment index rose to 67.9 in May compared to a reading of 65.1 for April. The index came in above analyst estimates of a reading of 67.0.
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