RTTNews - Bay Street stocks moved moderately lower on Friday as investors collected profits from the sharp rally in the previous session. Weakness in the health care and technology sectors has dragged the market lower.
The S&P/TSX Composite Index is down 79.32 points or 0.74% to move at 10,596.36. The market surged to a six-week high yesterday.
Healthcare stocks are down about 2%. Cardiome Pharma Corp. (COM.TO) has dropped 3.7%, MDS Inc. (MDS.TO) has declined 3% and Biovail Corp. (BVF.TO) is down 1.2%.
Technology stocks are showing a 1.6% decline as Research in Motion (RIM.TO) is off 1.9%.
In corporate news, Nexen (NXY.TO) is up 0.2% after the company announced that it is reviewing strategic alternatives for its natural gas and power marketing businesses, which may include the sale of all or part of these businesses.
TransAtlantic Petroleum (TNP.TO) has climbed 2.6% after the company announced that it has acquired Energy Operations Turkey for total consideration of $7.75 million, including a $1.5 million promissory note payable in one year.
Loblaw Companies (L.TO) is down 1% announced it has reached a deal to acquire T&T Supermarket for C$225 million.
Loblaw also posted second quarter net income of C$193 million or C$0.70 per basic share, compared to C$140 million or C$0.51 per basic share in the prior year period.
DHX Media Ltd (DHX.TO) has slipped 1.4% after the company said that DHX distribution subsidiary DECODE Enterprises licensed six of its television series to Ireland's TG4.
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