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.
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