RTTNews - Toronto stocks remained sharply lower in Thursday afternoon trading and seem destined for the first daily decline in five sessions. Weakness in the financial and mining sectors has driven the market lower.
The S&P/TSX Composite Index has declined 202.99 points or 1.84% to 10,843.88. The index reached an eight-month high yesterday.
Financials are down 4.5% as two key insurance companies are experiencing sharp declines. Manulife (MFC.TO) has plummeted 13.4% after the company cut its dividend to preserve capital. The company also announced second quarter earnings of C$1.09 a share, compared to $0.66 a year earlier.
Sun Life (SLF.TO) fell 10% as the insurer said it expects third quarter earnings to fall C$450 million to C$550 million.
BCE (BCE.TO) had added 1% after the company reported for the second quarter net earnings applicable to common shares of C$346 million or C$0.45 per share, compared to net earnings of C$361 million or C$0.45 per share for the same period last year.
Mining stocks are down 3.4%. First Quantum (FM.TO) has declined 7.9%, Teck Resources (TCK.B.TO) is down 5.7% and Ivanhoe Mines (IVN.TO) has dropped 3.7%.
Lundin Mining Corp. (LUN.TO) has gained 5.5% after it reported second-quarter net income was US$43.5 million or US$0.08 per share compared with a loss of US$108.4 million or US$0.28 per share in the comparable period.
On the upside, healthcare stocks are up 9.9%. Biovail Corporation (BVF.TO) has gained 5.1% after the company reported net income of $24.09 million or $0.15 per share, compared with a loss of $25.29 million or $0.16 per share in the same quarter last year.
Stantec (STN.TO) has decline 2.6% after the company said its second-quarter net income increased to C$22.3 million or C$0.49 per share from C$22.1 million or C$0.48 per share in the prior year period.
Thomson Reuters (TRI.TO) added 5% after the company reported second-quarter operating profit of US$475 million, compared to US$254 million in the same quarter of last year.
WestJet (WJA.TO) has gained 3.4% after the company reported second-quarter net earnings of C$9.15 million or C$0.07 per share, compared to C$26.84 million or C$0.21 per share in the same quarter of last year.
Logibec Groupe Informatique (LGI.TO) is down 0.4% after the company reported third quarter net earnings of C$2.7 million or C$0.29 per share, compared to C$2.0 million or C$0.21 per share in the previous year quarter.
Roctest Ltd (RTT.TO) is down 6% after the company reported second quarter net earnings of C$0.26 million or C$0.05 per share, compared to C$0.13 million or C$0.02 per share in the prior year quarter.
Canadian gold miner Iamgold Corp. (IMG.TO) has added 4.5% after reporting net earnings of US$44.1 million or US$0.12 per share, compared to US$33.2 million or US$0.11 per share for the prior year period.
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