RTTNews - Toronto stocks continue to trade sharply lower, following the pattern of markets around the globe. Resource stocks are among the biggest decliners of the day.
The S&P/TSX Composite Index has plunged 304.31 points or 2.8% to move at 10,543.70. With the drop, the market has erased its gains from late last week.
Mining stocks have dropped 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%.
Rio Tinto (RTP) will reportedly announce a deal to sell the non-beauty aluminum packaging assets of Alcan for US$2 billion.
Materials stocks are down 3.8%. 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.
Industrials are down 3.4%. Canadian Pacific (CP.TO) has dropped 5% and Canadian National Railway (CNR.TO) has declined 3.3%.
Energy stocks are down 3.2%. Nexen (NXY.TO) is down 5.3%, Suncor (SU.TO) has dropped 4.4% and Canadian Oil Sands (COS.UN.TO) has declined 3.75%. .
In other corporate news, 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. Shares are down 5.7%.
Genesis Land Development (GDC.TO) has plunged 7.2% 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 0.6%. The company reiterated its unanimous recommendation that shareholders reject the unsolicited offer to acquire Petro Andina by 1462627 Alberta Ltd.
Cymat Technologies Ltd. (CYM.TO) has added 10% after it announced that it has received a purchase order from a major US armored vehicle manufacturer for 13 SmartMetal assemblies to be delivered in August 2009. The prototypes would be incorporated in and tested as part of a complete armoring system for the proposed vehicle.
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