RTTNews - Bay Street stocks remain in the red on Monday with weakness in the technology sector dragging the market lower. With the decline, Torontp's main index has moved off of a 2 1/2-week high.
The S&P/TSX Composite Index has lost 55.6 points or 0.51% to move at 10,775.58. Earlier, the market touched above 10,900 for the first time since August 6.
Technology stocks are down 2.4%. Research in Motion (RIM.TO) is off 2.25% to lead the decline.
Gold stocks are down 1.2%. Iamgold (IMG.TO) has dropped 1.8%, Seabridge (SEA.TO) is down 1.7% and Barrick Gold (ABX.TO) has dropped 1%.
Solitario Exploration & Royalty Corp. (SLR.TO) announced that it has agreed to acquire all outstanding shares of exploration stage gold company Metallic Ventures Gold (MVG.TO) in an all stock deal. Metallic Ventures Gold stocks surged 33%, while Solitario shares decline 2.5%.
In other corporate news, Biovail Corp. (BVF.TO) announced an agreement to buy the U.S. and Canadian rights to develop and commercialize Santhera Pharmaceuticals Holding AG's JP-1730/fipamezole for the treatment of Dyskinesia in Parkinson's Disease. Shares are up 0.5%.
Crescent Point Energy (CPG.TO) is down 0.2% after the company said it has agreed to acquire Wave Energy in a deal worth $665.3 million, plus the assumption of debt. Wave shareholders will receive 0.21 of a Crescent Point share for each Wave share, or approximately C$7.28 per share.
Magna International (MG.A.TO) shares has dropped 5.5% amid a Bloomberg report that General Motors may keep its ownership of Opel.
In economic news, Statistics Canada reported retail sales in current dollars rose 1.0% in June to $34.4 billion. Retail sales have risen in five of the last six months, following large drops at the end of 2008.
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