Bay Street stocks have moved notably lower again on Tuesday, following the lead of markets in the U.S. and Europe. Investors continued to collect profits from last week's gains that took the index to a multi-month high.
The S&P/TSX Composite Index has dropped 111.15 or 1.23% to 8,905.02. The index had climbed above 9,140 last week.
Financials are leading the decliners with the sector's gauge showing a 2.7% drop. National Bank (NA.TO) is down 4.4%, Royal Bank (RY.TO) has dropped 2.6%, Toronto-Dominion (TD.TO) has slipped 2.2% and CIBC (CM.TO) has slipped 1.9%.
Energy stocks are down about 2% with crude oil again experiencing weakness on the NYMEX. Light sweet crude for May delivery dropped to $49.43, down $1.62 for the session.
Among the big names, Encana (ECA.TO) has dropped 3.2%, Canadian Natural Resources (CNQ.TO) is down 2.7% and Vermilion Energy Trust (VET.UN.TO) has dropped 1.5%.
Homeland Energy Group Ltd. (HEG.TO) is down 2.4%. The company said it appointed Andrew Gottwald as chief financial officer, effective April 15.
The Gold Index has gained 2.75% and materials stocks are up 1.1% as the precious metal has rebounded modestly. Agnico-Eagle Mines (AEM.TO) has added 3.4%, Goldcorp (G.TO) is up 2.7% and Barrick Gold (ABX.TO) has added 2.5%.
Gold for June delivery traded at $882.20, up $9.40 for the session. A gain would be the first in four sessions.
In other corporate news, Garda Security Group (GW.TO) has rallied 14.6% after the company said that the company has reached a two-year extension with CATSA.
Supermarket chain Loblaw Companies (L.TO) is up 0.6% after the company said it has been authorized the repurchase of up to 13,708,678 of its common shares, representing 5% of the currently outstanding shares, by way of a normal course issuer bid.
International Datacasting (IDC.TO) has dropped 11.4% after the company revealed fourth-quarter net income of C$1.6 million, compared to C$2.1 million in the same quarter of the previous year.
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