RTTNews - Bay Street stocks finished modestly lower on Friday, easing away from a multi-month high from the previous session. A drop in commodity prices dragged resource stocks into the red.
The S&P/TSX Composite Index dropped 69.15 points or 0.64% to finish at 10,644.96. The index finished at its best level since early October on Thursday.
Gold stocks fell 1.9% and materials stocks lost 1.6% as the precious metal declined $21.30 to close at $940.70 per ounce on the Comex.
Centerra Gold (CG.TO) plunged 11.2% after the company said it received notice its Boroo mine's operating liscence has been suspended for as much as three months by Mongolian mining officials, according to reports.
Mining stocks fell 1.5% as copper dropped 7.15 cents to $2.3735 a pound. First Quantum (FM.TO) fell 3.3% and HudBay (HBM.TO) declined 2.8% to lead the decliners.
Energy stocks fell 1.15% as oil lost 64 cents off of its multi-month closing high from the day before. Canadian Natural Resources (CNQ.TO) dropped 2%, while Encana (ECA.TO) and Canadian Oil Sands (COS.UN.TO) each fell 1.6%.
In other corporate news, Manulife (MLF.TO) dropped 2.3% after its credit rating was downgraded A+ from AA- at Fitch Ratings.
Patheon (PTI.TO) fell 4.6% after the the company reported second quarter revenues fell 10%. Net loss narrowed to US$3.2 million from US$8.0 million last year.
Cascades (CAS.TO) edged up 1.1% after the company announced that it has reached an agreement with Atlantic Packaging Products Ltd. to acquire its tissue business for about C$60 million.
COM DEV International (CDV.TO) added 1.5% after reporting second quarter earnings of C$4.9 million or C$0.07 per share, compared to C$2.0 million or C$0.03 per share in the year-ago quarter.
Bombardier (BBD.B.TO) dropped 2.6% as U.S. rival Cessna Aircraft said it is eliminating 1,300 jobs.
On the economic front on Monday, new motor vehicle sales data is due at 8:30 a.m. ET. Economists expect sales to be flat for April, compared to a 6.3% rise for March.
At the same time, April manufacturing shipments are also forecast to come in flat, compared to a 2.7% drop last month.
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