RTTNews - Bay Street stocks have dropped to a 12-day low on Tuesday, following the pace set by European and U.S. stocks. Weakness in the financial sector has weighed on the Canadian market.

The S&P/TSX Composite Index has dropped 136.68 points or 1.26% to move at 10,655.79. The market is on target for a second straight daily decline.

Financials are down 2.5%. Bank of Montreal (BMO.TO) is down 3.6%, Scotiabank (BNS.TO) has dropped 3.1% and National Bank (NA.TO) is down 2.9%.

In corporate news, Goldcorp (G.TO) has slipped 1.2% and Agnico-Eagle Mines (AEM.TO) is off 0.2% and Barrick Gold (ABX.TO) has declined 0.6%. All three were initiated at Hold by Dahlman Rose.

Yamana Gold (YRI.TO) is up 0.3% after the stock was initiated at Buy at Dahlman Rose.

Wesdome Gold Mines (WDO.TO) is up 3% after the company reported second-quarter net income of C$7.82 million, compared to C$763 thousand in the same quarter of last year.

Iamgold Corp. (IMG.TO) reached a deal with Avnel Gold Mining Limited (AVK.TO) and has the option to acquire up to an initial 51% interest in Avnel's 80% interest in Societe d'Exploitation de Mines d'Or de Kalana in Mali, West Africa. Avnel has soared 46% while Iamgold is up 1.3% on the news.

Crew Energy (CR.TO) is up 1.25% after the company said its second-quarter funds from operations or FFO declined to C$20.03 million or C$0.27 per share from C$34.10 million or C$0.58 per share in the year-ago period.

Cardiome Pharma (COM.TO) has dropped 7.7% after the company reported second quarter net loss of C$1.4 million or C$0.02 per share, compared to a net loss of C$18.1 million or C$0.28 per share last year.

Paladin Labs (PLB.TO) has dropped 6.5% reported that its second quarter net income was C$27.73 million or C$1.71 per share, compared to C$2.60 million or C$0.17 per share in the year ago quarter.

Cascades (CAS.TO) has surged 9.5% after the company reported second quarter net earnings of C$30 million or C$0.30 per share, compared to net loss of C$25 million or C$0.25 per share last year.

Rona (RON.TO) has slipped 2% after the company reported its second-quarter net earnings and comprehensive income, including unusual items, slid to C$60.80 million from C$76.62 million last year.

The seasonally adjusted annual rate of Canadian housing starts decreased to 132,100 units in July from 137,800 units in June, according to Canada Mortgage and Housing Corporation.

For comments and feedback: contact editorial@rttnews.com