RTTNews - Toronto stocks are sharply lower on Monday morning, following the lead of markets around the globe. Resource stocks continue to pace the decline.
The S&P/TSX Composite Index has plunged 331.14 points or 3.05% to move at 10,516.87.
Mining stocks have lost 4.5% as copper is down 7.45 cents on the Comex. First Quantum (FM.TO) has dropped 5.8%, Teck Resources (TCK.B.TO) is down 4.1% and HudBay (HBM.TO) has lost 3%.
Materials stocks are down 4.1%. Agrium (AGU.TO) has fallen 5.3% after the fertilizer maker said it extended the expiration date of its offer to acquire CF Industries Holdings (CF) for $40 in cash plus one Agrium share per CF share until midnight ET on September 22.
Energy stocks are down 3.6%. Suncor (SU.TO) has dropped 4.9%, Canadian Natural Resources (CNQ.TO) has declined 3.75% and Encana (ECA.TO) is down 3%.
The Gold Index is down 3.4%. Eldorado (ELD.TO) has dropped 5.8%, Iamgold (IMG.TO) is down 5.4% and Agnico-Eagle Mines (AEM.TO) has dropped 4.1%.
In other corporate news, Allen-Vanguard (VRS.TO) has added 1.9%. The company said its third-quarter net loss was C$99.2 million or C$0.91 per share, compared to a net loss of C$36.6 million or C$0.34 per share in the year-ago quarter.
Canadian Zinc Corp. (CZN.TO) reported a second quarter net loss of $722,000 compared to a loss of $1.129 million in the year ago quarter.
Genesis Land Development (GDC.TO) has increased 3.75% after the company said its second-quarter after-tax earnings declined to $4.39 million or $0.10 per share from $5.39 million or $0.12 per share in the comparable period.
Petro Andina Resources (PAR.TO) is up 0.7%. The company reiterated its unanimous recommendation that shareholders reject the unsolicited offer to acquire Petro Andina by 1462627 Alberta Ltd.
On the economic front across the border, the New York Fed said its general business conditions index rose to 12.1 in August from a negative 0.6 in July, with a positive reading indicating an expansion in the manufacturing sector. Economists had been expecting the index to increase more modestly to 3.0.
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