RTTNews - Canadian stocks moved lower on Friday morning, giving back some of its gains from the last two sessions. A discouraging consumer sentiment report from the U.S. has weighed on the markets.
The S&P/TSX Composite Index dropped 81.59 points or 0.75% to move at 10,744.22. The market gained more than 1.5% yesterday.
The Energy Index has dropped 1.4% as crude oil fell below $70. Suncor (SU.TO) is down 3% and Encana (ECA.TO) has dropped 1.3%.
TransAtlantic Petroleum Corp. (TNP.TO) has added 2.3% after the company reported second quarter net loss widened to US$7.1 million or US$0.04 per share from US$920,000 or US$0.01 per share in the previous year.
Materials stocks are down 1.25%. Potash (POT.TO) is down 1.6% and rival Agrium (AGU.TO) has declined 0.8%.
In other corporate news, FNX Mining (FNX.TO) has gained 6.6% after the company posted net earnings for the second quarter of C$12.5 million or C$0.14 per share, higher than C$11.3 million or C$0.13 per share in the prior year period.
Aurizon Mines (ARZ.TO) is up 2.1% after the company announced that its second quarter net earnings of C$13.6 million or C$0.08 per share, compared to earnings of C$5.6 million or C$0.04 per share, in the same period of 2008.
Allied Nevada Gold Corp. (ANV.TO) has slipped 2% after the company announced a public offering of 11.15 million shares of common stock of the Company at a price of C$9.00 per share, for aggregate gross proceeds of approximately C$100.35 million.
SNC-Lavalin (SNC.TO) has dropped 2.5% after the company said it has purchased 48% of the common shares of Russia-based engineering company OAO VNIPIneft.
In economic news, Canadian new motor vehicle sales fell 0.6% in June, compared to a 1% rise in May. Sales were expected to drop 1%. Meanwhile, manufacturing shipments were unexpectedly up 1.9% in June, compared to a 6% drop in the previous month. A 0.3% decline was forecast.
On Thursday, the S&P/TSX Composite climbed 165.69 points or 1.55% to settle at 10,825.56. The gain was the second straight for the index, which recovered losses from earlier in the week.
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