RTTNews - Canadian stocks posted notable weakness for a second straight day and the main index finished at a 12-day low. Financials fell sharply to lead the declines.
The S&P/TSX Composite Index fell 178.43 points or 1.64% to settle at 10,689.78. The market had touched above 11,000 last week.
Financials dropped 2.9% as the big six banks all finished notably lower. CIBC (CM.TO) declined 4.6%, Scotiabank (BNS.TO) fell 4.2%, Bank of Montreal (BMO.TO) lost 3.7, Toronto-Dominion (TD.TO) slipped 2.4%, National Bank (NA.TO) declined 1.7% and Royal Bank (RY.TO) lost 1.6%.
Industrials lost 1.9%. Bombardier (BBD-B.TO) lost 4.5%. The company said it has received an order for 99 Flexity Berlin trams from Berliner Verkehrsbetriebe. The order is valued at around 300 million euros, or US$431 million.
In other corporate news, Biovail (BVF.TO) fell 2.9% after the company along with Acadia reported the companies failed to reach the desired end point in a Phase III study for pimavanserin, a drug to treat Parkinson's disease.
Research in Motion (RIM.TO) added 1.1%. The Blackberry-maker was upgraded to Outperform from Neutral at Credit Suisse and had its target price boosted to $95 from $76.
Gerdau AmeriSteel (GNA.TO) rose 1.6% after the stock was upgraded to Outperform from Underperform at Credit Suisse.
Ford Canada reported sales rose 7% in August. However, Toyota Canada sales dropped 21.3% and Honda Canada sales fell 18%.
Across the border, the ADP employment change report is expected at 8:15 a.m. ET tomorrow. Jobs are expected to fall 246,000 in August, compared to 371,000 in July. Initial jobless claims are due Thursday with the Labor Department monthly report expected on Friday.
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