Bay Street stocks remained lower on Wednesday and could be on their way to a second consecutive negative close. Weakness in the technology and energy sectors have led the declines.
The S&P/TSX Composite Index has dropped 61.39 points or 0.66% to move 9,167.64. The index had surged to a three-month high earlier in the week.
The Information Technology Index led the decliners with a 2.1% drop. Research in Motion (RIM) has lost 2.6% as rival Intel declined to provide guidance with its quarterly report.
Energy stocks are down 1.72% as crude oil has surrendered early gains. Savanna (SVY.TO) has lost 5%, Suncor (SU.TO) has slipped 3% and Encana (ECA.TO) is down 2.9%.
Masters Energy (MSY.TO) is flat after Sun Century Petroleum Corp. announced that it intends to commence a public offer to acquire the company at a price of C$1.85 per common share in cash.
Pacific Rubiales Energy (PRE.TO) has dropped 1% after the company was rated Overweight in new coverage at JPMorgan Chase & Co.
Materials stocks are down 1.1% as Agrium (AGU.TO) has lost 1.1%. The fertilizer producer announced that it sent a letter to CF Industries Holdings (CF) stockholders urging them to withhold votes for CF's three director nominees up for election regarding Agrium's takeover bid.
NovaGold Resources (NG.TO) is down 3.6% after the company reported a first quarter net loss of C$28.5 million or C$0.20 per share, compared to net earnings of C$24.2 million or C$0.22 per share in the year ago quarter.
In other corporate news, ADF Group (DRX.TO) has added 6.7% after the company reported fiscal year 2009 net income of C$15.6 million or C$0.42 per share, compared to C$33.9 million or C$0.98 per share in last year.
On the economic front, the Canadian Real Estate Association reported existing home sales of 31,135 in March, up 7% from the previous month. Year-over-year sales fell 13.7%.
Meanwhile, Statistics Canada reported new motor vehicle sales declined 2.2% to 115,187 units in February.
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