RTTNews - Bay Street stocks moved notably lower again on Tuesday, adding to yesterday's losses. The weakness was again led by declines in the financial and resource sectors.
The S&P/TSX Composite Index has dropped 82.61 points or 0.84% to 9,751.57. The market lost more than 4.4% yesterday to finish at its lowest level in more than six weeks.
Financial stocks are down 2.1% to lead the decliners. National Bank (NA.TO) has dropped 4.4%, Royal Bank (RY.TO) is down 3% and Toronto-Dominion (TD.TO) has lost 2.3%.
Mining stocks are down 1.6%, extending the sharp drop seen yesterday. Inmet (IMN.TO) has slipped 1.6%. This comes despite the fact that copper is up 3.05 cents to $2.1625.
Energy stocks have declined 1.2%, as crude oil is off 55 cents to $66.95. Encana (ECA.TO) is down 1.4% and Canadian Oil Sands (COS.UN.TO) has lost 1.25%.
In corporate news, Agrium (AGU.TO) is up 0.8% as the agricultural products supplier said Tuesday that, as of expiration date last night, stockholders of CF Industries Holdings (CF) have tendered about 30.14 million or 62% of the total outstanding CF shares into its offer of $40 in cash plus one Agrium share per CF share.
Agrium noted that it has extended the expiration date of the offer until July 22 and urges CF's Board to respect the message from its stockholders.
Meanwhile, Bombardier (BBD.B.TO) is meeting with the Canadian Auto Workers in a final attempt to avoid a strike at a jet-assembly plant near Toronto, according to the Globe and Mail. Shares are down 0.9%.
Across the border, a National Association of Realtors report showed that existing home sales rose 2.4 percent to an annual rate of 4.77 million units in May from a revised 4.66 million units in April. Economists had expected sales to rise 3 percent to 4.82 million units from the 4.68 million units originally reported for the previous month.
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