RTTNews - Bay Street stocks finished modestly lower on Tuesday, its first negative session in seven. Weakness in the metal-related sectors led the declines.
The S&P/TSX Composite Index dropped 25.39 points or 0.24% to settle at 10,515.32. The drop took the market away from a five-week closing high from yesterday.
Mining stocks added nearly 2% as copper prices fell1.75 cents to $2.4515 on Comex trading. First Quantum (FM.TO) plunged 7.9% to lead the decliners.
Gold stocks fell 1.4% and materials stocks fell 1.2%. Agnico-Eagle Mines (AEM.TO) declined 2% and Goldcorp (G.TO) fell 1.1%.
August gold finished at $946.90 per ounce, down $1.90 for the session. Prices had hit as high as $953.80 in the early morning before later hitting as low as $944.30.
Industrial stocks gained a little more than 2% as Canadian National Railway (CNR.TO) added 2.1% after the company reported second-quarter net income of C$0.76 per share, compared to C$0.90 per share a year ago. Rival Canadian Pacific Railway (CP.TO) rallied 4%.
Kirkland Lake Gold (KGI.TO) dropped 1% despite reporting a rise in fourth quarter earnings to C$2.3 million compared to C$906 thousand last year. Revenues for the quarter was C$18.2 million.
Research In Motion Limited (RIM.TO) has slipped 1.4% after the Blackberry maker said that it has been prevented from bidding for the Canadian telecom equipment maker Nortel Networks Corp.'s Wireless Business that has been placed into bankruptcy auction scheduled to occur on July 24.
Toromont Industries (TIH.TO) added 1.5% after the company reported net income for the second quarter of C$33.5 million or C$0.51 per share, compared to C$37.8 million or C$0.58 per share in the year-ago quarter. Shares are up 0.8%.
The Bank of Canada on announced that it is maintaining its target for the overnight rate at a quarter-percent, as expected. The Bank Rate is unchanged at 0.5% and the deposit rate is 0.25%.
Teck Resources (TCK.B.TO), Husky Energy (HSE.TO) and Shoppers Drug Mart Corporation (SC.TO) are on the earnings calendar tomorrow. Retail sales data is due at 8:30 a.m. ET.
For comments and feedback: contact firstname.lastname@example.org