RTTNews - Canadian stocks finished an uncertain session modestly lower on Friday, following the direction of markets in the U.S. and Europe. Lower commodity prices dragged Toronto stocks into the red.
The S&P/TSX Composite Index slipped 26.79 points or 0.27% to end at 9,747.13. The main index closed down 535.97 points for the week.
Materials stocks dropped 2.1% to lead the decliners. Potash (POT.TO) dropped 8.9% and rival Agrium (AGU.TO) fell 4.7%.
Mining stocks fell 1.1% as copper fell in Comex trading. Teck Cominco (TCK.B.TO) and HudBay (HBM.TO) each lost 2.5% to lead the sector lower.
On the upside, technology stocks rose 1.4%. Research in Motion (RIM.TO) added 1.2% to lead the way.
In corporate news, Bioniche Life Sciences (BNC.TO) surged 26.1% after the company sold the exclusive rights to develop and market Urocidin in the U.S. with an option for global rights to Endo Pharmaceuticals in a deal worth up to US$130 million.
Rogers Communications (RCI.A.TO) is up 1.1% after the company announced the launch of mobile Internet ready netbooks. The network is now the mobile Internet service provider for the first 3.5G embedded laptops in Canada.
Corel Corp. (CRE.TO) fell 4% after the company reported that its second quarter net loss was US$4.1 million or US$0.16 per share, compared to net income of US$930,000 or US$0.04 per share in the second quarter of fiscal 2008.
Migenix (MGI.TO) declined 14.3% after the company said its fourth-quarter income was C$6.71 million or C$0.05 per share compared with a loss of C$3.24 million or C$0.04 per share in the prior year period.
Timminco Ltd. (TIM.TO) fell 2.4% after the company said its subsidiary Becancour Silicon Inc. has signed a definitive loan agreement with Investissement Quebec providing for a two-year term loan of C$25.0 million.
In economic news, Statistics Canada reported job losses of 13,000 in the second quarter, much smaller than the 273,000 decline in the first three months of the year. The unemployment rate edged up to 8.6%, up from 8.4%, as more people looked for work.
Meanwhile, separate data showed Canadian new home prices selling prices decreased 0.1% in May following a 0.6% decline in April.
And the Canadian trade deficit widened to C$1.4 billion in May. A deficit of C$600 million was projected, compared to a deficit of C$200 million in April.
Earnings will be in focus next week. OSI Gspatial (OSI.TO), Couche-Tard (ATD.A.TO), Corus Entertainment (CJR.B.TO) and Nexen (NXY.TO) are among the key companies on next week's earnings calendar.
Across the border, Google, IBM, Bank of America, Citigroup, Goldman Sachs, Intel and General Electric are on the schedule.
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