RTTNews - Bay Street stocks have moved into negative territory on Tuesday afternoon, led by weakness in the mining and energy sectors. After opening notably higher the index began a sharp downtrend in the late morning.
The S&P/TSX Composite Index is down 59.76 points to 0.57% to move at 10.334.68. The drop has added to a sharp decline from yesterday's session.
Mining stocks reversed course and are down 2.5% as the price of copper turned lower on the Comex. Teck Cominco (TCK.B.TO) has dropped 5.2%, Inmet (IMN.TO) is down 4.4% and HudBay (HBM.TO) has declined 3%.
Equinox Minerals (EQN.TO) has added 3.1% after the shares were upgraded to Sector Perform from Underperform by RBC Capital Markets.
Energy stocks are down 2.1% as crude oil gave back and early rally. Suncor (SU.TO) has dropped 3.3%, Encana (ECA.TO) is down 2% and Canadian Natural Resources (CNQ.TO) has dropped 1.7%.
On the upside, gold stocks are up 1% as Goldcorp (G.TO) has added 1% after the stock was upgraded to Outperform from Market Perform.
In corporate news, Research in Motion (RIM.TO) is up 1.7% as several analysts boosted their target price for the Blackberry maker. Thomas Weisel raised its forecast to $92 per share from $85, RBC Capital Markets upped its outlook price to $100 per share from $90 and Credit Suisse bumped up its target price to $76 from $61.
RIM, which will unveil its new BlackBerry Tour later this year, is expected to report quarterly earnings on Thursday.
In other corporate news, Magna International (MG.A.TO) has gained 6.7% after the company was upgraded to Overweight from Neutral by JPMorgan Chase.
Air Canada (AC.B.TO) has rallied 10.1% as the company has reportedly reached tentative deals with its pilots and flight attendants regarding the airliner's pension obligations.
Methanex (MX.TO) is down 0.3% after the stock was downgraded to Neutral from Buy at UBS.
Biovail (BVF.TO) is down 2.4% despite seeing its target price raised to $15 from $13 at Credit Suisse. The stock's rating was reiterated at Neutral.
On the economic front, Stats Canada said the labor productivity of Canadian businesses rose 0.3% in the first quarter.
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