RTTNews - Toronto stocks are in negative territory again on Wednesday, extending a two-week low. Weakness in the mining and gold sectors has led the day's slide.
The S&P/TSX Composite Index has dropped 54.27 points or 0.55% to move at 9,790.31. The market is headed toward a third straight daily decline.
Mining stocks are down 1.8% as copper has lost 2.05 cents to $2.205 per pound. HudBay (HBM.TO) is down 2.8% to lead the decliners.
Teck Resources (TCK-B.TO) has lost 1.9% as the company said it closed the previously announced US$245 million sale of its 40% interest in the Pogo gold mine in Alaska to affiliates of Sumitomo Metal Mining Co. and Sumitomo Corp.
Gold stocks are down 1.4%, while materials stocks have declined 1.1% as the precious metal has declined 11.6 cents to $9.175. Eldorado (ELD.TO) has dropped 2.9%, Iamgold (IMG.TO) is down 2.8% and Agnico-Eagle Mines (AEM.TO) has dropped 1.75%.
Tech stocks are down 1.2% as Research in Motion (RIM.TO) is down 3%. The Blackberry maker's stock has been initiated at Buy at Calyon Securities USA.
In other corporate news, Baytex Energy Trust (BTE_U.TO) is down about 1% after the company announced that it has agreed to acquire predominantly heavy oil assets located in the Kerrobert and Coleville areas of southwest Saskatchewan, plus certain natural gas assets located in the Ferrier area of west central Alberta. The deal is worth about $93 million.
Powertech Uranium (PWE.TO) has dropped 6.1% after the company signed two option agreements for the purchase of an aggregate of 3,585 acres of land in Colorado. The optioned properties are adjacent to the existing northern portion of the Company's Centennial Project.
There is no major economic news due tomorrow in Canada today, leaving traders to peek ahead to Thursday's housing starts data. Across the border, earnings season unofficially gets started after the closing bell with Alcoa's second-quarter report.
On Tuesday, the main index fell 183.08 points or 1.82% to close at 9,844.35. The market saw notable weakness in the final 90 minutes of trading to take out the daily lows.
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