RTTNews - Toronto stocks continued a downward tumble on Wednesday morning as commodities sparked notable weakness in the resource sectors. The market is on pace for a second straight negative session after rising in nine of 11.
The S&P/TSX Composite Index dropped 146.09 points or 1.41% to move at 10,421.45.
Mining stocks have plunged 3.5% as copper is down 4.9 cents to $2.4715 per pound. Inmet (IMN.TO) has lost 5.5%, adding to yesterday's losses. Teck Resources (TCK.B.TO) is off 4.1%.
Energy stocks are down 2.75% as crude oil is down $2.87 to $64.36 per barrel following a U.S. government report showing a sharper-than-expected build in weekly crude oil inventories. Suncor (SU.TO) has dropped 3.7% and Canadian Natural Resources (CNQ.TO) is down 3.4%.
Talisman Energy (TLM.TO) reported its second-quarter net income was C$63 million or C$0.06 per share, down from C$426 million or C$0.41 per share, a year earlier.
Enbridge (ENB.TO) announced that its second quarter earnings were C$393.0 million or C$1.08 per common share, compared to C$657.7 million, or C$1.81 per share in the year ago quarter.
Gold stocks are down 1.8% and materials stocks have lost 1.7% as gold has dropped $9.00 to $930.10. Goldcorp (G.TO) is down 1.2% and Agnico-Eagle Mines (AEM.TO) is down 1.1%. Both are expected to report earnings after the close today.
Maple Leaf Foods (MFI.TO) has dropped 2.3% after the company reported a second-quarter profit of C$4.90 million or C$0.04 per share versus a loss of C$9.35 million or $0.07 per share a year earlier. Adjusted earnings per share were $0.12 compared with a loss of C$0.01 in the prior year period.
Sherritt International Corp. (S.TO) is down 2.4% after the company said its second-quarter net earnings plummeted to C$24.4 million or C$0.08 per share from C$80.3 million or C$0.28 per share in the year earlier period.
Canada Bread (CBY.TO) is down 3.1% after the company reported second quarter net earnings of C$22.54 million or C$0.89 per share, compared to C$6.54 million or C$0.26 per share last year.
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