RTTNews - Bay Street stocks remain notably lower on Tuesday and seem headed for the first losing session in four. Weakness in the resource sectors has contributed to the weakness, which follows the pattern of U.S. and European stocks
The S&P/TSX Composite Index has dropped 160.6 points or 1.49% to move at 10,596.31. The market finished yesterday's session at its best level since early October.
Gold stocks have dropped 4% and materials stocks are down 3.2% as the precious metal has lost $14.40 to $939.10 per ounce. Goldcorp (G.TO) has dropped 6.3%, Iamgold (IMG.TO) is down 5.5% and Agnico-Eagle Mines (AEM.TO) has dropped 5.3%.
Energy stocks are down 1.7% as crude oil has dropped below $68 on the NYMEX. Encana (ECA.TO) has slipped 2.7% and Suncor (SU.TO) is down 2%.
Canadian Oil Sands (COS.UN.TO) is down 0.6% after the company reported net income for the second quarter of $46 million or $0.10 per unit, compared with $497 million or $1.04 per unit a year ago.
Nexen (NXY.TO) is down 1% after the company said it priced and agreed to issue US$1.0 billion of senior notes, consisting of US$300 million principal amount of 6.20% senior notes due July 30, 2019 and US$700 million principal amount of 7.50% senior notes due July 30, 2039.
In other corporate news, Rogers Communications (RCI-A.TO) has slid 2.3% after the wireless giant predicted fiscal 2009 revenue growth of 2% to 4%, compared with its prior estimate range of 5% to 9%. The company's net income for the quarter increased to C$374 million or C$0.59 per share, from C$301 million or C$0.47 per share reported in the same quarter of last year.
Inmet (IMN.TO) is down 0.3% after paring an earlier slump. The company said its second-quarter net income decreased to C$66.5 million or C$1.37 per share from C$67.7 million or C$1.40 per share in the prior year period.
QLT (QLT.TO) has dropped 2.9% after the company reported second-quarter net income of US$8.63 million, or US$0.16 per share, compared with a net loss of US$7.44 million, or US$0.10 per share, a year ago.
Accord Financial Corp. (ACD.TO) is up 0.8% after the company reported a second quarter net earnings of C$494,000 or C$0.05 per share, compared to C$1.8 million or C$0.18 per share in the previous year quarter.
BioMS Medical Corp. (MS.TO) has plunged 85% after the pharmaceutical company and its partner Eli Lilly and Co. (LLY) said that dirucotide did not meet the primary endpoint of delaying disease progression during the two-year MAESTRO-01 Phase III trial in patients with secondary progressive multiple sclerosis.
Cardiome Pharma Corp. (COM.TO) has added 5.9% after the company said that it has earned a US$15 million milestone payment from its collaboration with Merck Co., Inc. (MRK: News ), through an affiliate.
Magna International (MG.A.TO) has dropped 4.1% as Bloomberg reported a German official said the company boosted its offer for Opel.
On the economic front, 778,700 Canadians received unemployment benefits In May, Up 9.2% From April. This marks the highest number since records began being kept in 1997.
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