RTTNews - Canadian stocks gave back some recent gains on Thursday morning. Financials led the decliners, outweighing a strong day in the healthcare sector.
The S&P/TSX Composite Index has declined 108.05 points or 0.98% to move at 10,938.88. The market closed yesterday at an eight
Healthcare stocks have surged 8.1% to lead the gainers. Cardiome Pharma (COM.TO) is up 10.1% and Biovail (BVF.TO) has gained 4.5%.
Financials are down 2.75% as Manulife (MFC.TO) has plunged 8.5%. The insurance giant cut its dividend to preserve capital. The company also announced second quarter earnings of C$1.09 a share, compared to $0.66 a year earlier.
BCE Inc. (BCE.TO) is up 1.7% after the company reported for the second quarter net earnings applicable to common shares of C$346 million or C$0.45 per share, compared to net earnings of C$361 million or C$0.45 per share for the same period last year.
Lundin Mining Corp. (LUN.TO) has rallied 7.2% after it reported second-quarter net income was US$43.5 million or US$0.08 per share compared with a loss of US$108.4 million or US$0.28 per share in the comparable period.
Stantec (STN.TO) has dropped 3.6% after the company said its second-quarter net income increased to C$22.3 million or C$0.49 per share from C$22.1 million or C$0.48 per share in the prior year period.
Thomson Reuters (TRI.TO) is up 3.3% after the company reported second-quarter operating profit of US$475 million, compared to US$254 million in the same quarter of last year.
WestJet (WJA.TO) has rallied 6.2% after the company reported second-quarter net earnings of C$9.15 million or C$0.07 per share, compared to C$26.84 million or C$0.21 per share in the same quarter of last year.
On the economic front, Canadian buildings permits rose 1% in June, compared to a revised increase of 17.5% in May. Economists expected the 1% rise, after an increase of 18.5% was originally reported.
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