RTTNews - Toronto stocks fell on Monday as investors collected profits on last week's rally to an eight-month high. Weakness in the healthcare and gold sectors contributed to the decline.
The S&P/TSX Composite Index fell 91.66 points or 0.84% to move at 10,793.67. The drop was just the second in seven sessions for the main index.
Healthcare stocks fell 1.8%, giving back some of the sharp gains seen last week. Cardiome (COM.TO) fell 25 and Biovail (BVF.TO) fell 1.2%.
Gold stocks fell 1.75% and materials stocks dropped 1.3% as the precious metal declined in Comex trading. Agnico-Eagle Mines (AEM.TO) is down 2.8%, Goldcorp (G.TO) has dropped 2.6% and Yamana (YRI.TO) is down 2%.
Pan American Silver (PAA.TO) is expected to report quarterly earnings after tomorrow's closing bell. Shares finished Monday down 1.4%.
August gold fell $12.30 to $945 per ounce, while the more-actively traded December gold fell to $946.90, down $12.60 on the session.
In other corporate news, Research in Motion (RIM.TO) has dropped 4.7% after the stock was downgraded to Neutral from Buy at UBS. The Blackberry-maker's target price was cut to US$88 from US$90.
Thompson Creek Metals (TCM.TO) added 3% after the stock was upgraded to Hold from Sell at Canaccord Adams.
Ensign Energy Services (ESI.TO) lost 1% after the company reported second quarter net income of C$13.21 million or C$0.09 per share, compared to C$32.26 million or C$0.21 per share last year.
Day4 Energy (DFE.TO) plummeted 10.1% after the company reported second quarter net loss of C$14.1 million or C$0.38 per share, compared to net loss of C$2.5 million or C$0.07 per share last year.
Northgate Minerals Corp. (NGX.TO) declined 9.25% after the company reported second quarter net earnings of US$5.4 million or US$0.02 per share, compared to US$1.85 million or US$0.01 per share last year. Shares are down 5.6%.
YM BioSciences (YM.TO) surged more than 55% after the company said it was granted a license by the US Department of the Treasury's Office of Foreign Assets Control to further develop its lead product, nimotuzumab, for patients with solid tumor cancers in the United States.
Gran Tierra Energy (GTE.TO) slipped 2.1% after the company reported its net loss for the second quarter was US$28.20 million, or US$0.12 per share, compared to net income of US$8.53 million, or US$0.07 per share, in the year-ago quarter.
Canadian housing starts data for July is due at 8:15 a.m. ET tomorrow. Starts are expected to rise to 141,400, compared to 140,700 a month earlier.
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