RTTNews - Bay Street stocks have moved modestly lower on Friday as traders collected profits ahead of the three-day holiday weekend. Bay Street's main index moved further away from a recently-visited seven-month high with the decline.
The S&P/TSX Composite Index has declined 71.22 points or 0.71% to 9,778.98. If the losses hold, the index will close in the red for the fourth time this week.
Mining stocks have the decliners, with a 2.5% drop. HudBay has declined 4.9%, First Quantum (FM.TO) has slipped 3.55% and Teck Cominco (TCK.B.TO) is down 1%.
Energy stocks have lost 0.8% as light sweet crude oil has dropped more than $2 per barrel on the NYMEX on lingering demand worries.
Petro-Canada (PCA.TO) has lost 2.4% after investment company Letko Brosseau & Associates said it will vote against the $16.5 million takeover bid from Suncor (SU.TO). Suncor has declined 2.3%.
Epsilon Energy (EPS.TO) has rallied 10.3% after reporting first quarter revenues increased to C$1.71 million from C$1.54 million in the previous year quarter. Net loss widened to $0.02 per share, compared to $0.01 per share a year ago.
In other corporate news, Biovail Corp. (BVF.TO) has gained 2% after the company revealed that it has received antitrust approval for the proposed acquisition of U.S. rights to Wellbutrin XL from GlaxoSmithKline (GSK).
GLG Life Tech (GLG.TO) has declined 1.6% as the refiner and producer of a natural sweetener reported a net loss for the quarter of C$1.5 million or C$0.02 per share, compared to a net loss of C$0.93 million or C$0.01 per share in the previous year.
TSO3 (TOS.TO) is up 1.2% after the company reported first-quarter net loss of C$2 million or C$0.04 per share, compared to net loss of C$2.16 million or C$0.05 per share last year.
MDN (MDN.TO) is down 2.5% after it reported first quarter net income of C$794,214 or C$0.01 per share, compared to C$1.82 million or C$0.02 per share in the prior year quarter.
On the economic front, Statistics Canada reported on Friday that manufacturing sales dropped 2.7% in March, erasing gains from the previous month.
Across the border, the Labor Department said its consumer price index was unchanged in April after edging down by an unrevised 0.1 percent in March. The lack of growth in consumer prices came in line with the expectations of economists.
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