RTTNews - Bay Street stocks fell sharply for a second straight session and moved to its lowest closing level in more than a week. Mining and energy stocks fell to drag the market lower.
The S&P/TSX Composite Index lost 115.21 points or 1.08% to settle at 10,455.33. The drop is the second in a row for Bay Street's main index, which had gained in nine of the previous 11 sessions.
Mining stocks led the weakness with a 3.6% decline. Inmet (INM.TO) fell 6.2%, Teck Resources (TCK.B.TO) dropped 4% and First Quantum (FM.TO) declined 3.8%.
Energy stocks fell 2.75% as crude plunged to $62.85 per barrel, down $4.38 on the session. Suncor (SU.TO) fell 4%, Canadian Oil Sands (COS.UN.TO) dropped 2.8% and Canadian Natural Resources (CNQ.TO) shed 2.7%.
Talisman Energy (TLM.TO) fell 4.8% after the company reported its second-quarter net income was C$63 million or C$0.06 per share, down from C$426 million or C$0.41 per share, a year earlier.
In other corporate news, Maple Leaf Foods (MFI.TO) gained 5.1% after the company reported a second-quarter profit of C$4.90 million or C$0.04 per share versus a loss of C$9.35 million or $0.07 per share a year earlier. Adjusted earnings per share were $0.12 compared with a loss of C$0.01 in the prior year period.
Sherritt International Corp. (S.TO) dropped 2.75% after the company said its second-quarter net earnings plummeted to C$24.4 million or C$0.08 per share from C$80.3 million or C$0.28 per share in the year earlier period.
TMX Group [X.TO] declined 4.7% after the company posted second quarter net income of C$46.9 million or C$0.63 per share, compared to C$49.2 million or C$0.65 per share in the last year quarter.
Rogers Communications (RCI.A.TO) declined 2.4% after being downgraded To Sector Perform from Outperform at RBC Capital Markets. The target price was dropped to C$34 from C$39.
More corporate news is on the way Thursday as Barrick Gold (ABX.TO), Canadian Pacific (CP.TO) and Petro-Canada (PCA.TO) are all scheduled to report earnings.
On the economic front tomorrow, industrial product price data is due at 8:30 a.m. ET. Analysts predict prices fell 1.1% in the month of June, compared to a 0.1% jump in May. At the same time, raw materials price index rose 3% in June, compared to 2.2% in May.
For comments and feedback: contact firstname.lastname@example.org