RTTNews - Bay Street stocks dropped off the recently-seen three-week high on Monday morning, following the direction of markets around the globe. Mining stocks led the decliners.
The S&P/TSX Composite Index fell 131.77 points or 1.2% to move at 10,846.20. The index touched above 11,000 last week.
Mining stocks are down 2.9% as copper fell 10.15 cents to $2.8215 a pound. First Quantum (FM.TO) has dropped 5%, Inmet (IMN.TO) is down 3% and Teck Resources (TCK.B.TO) has lost 2.4%.
On the corporate front, Brick Brewing Co. (BRB.TO) is reportedly being sued by Anheuser-Busch InBev, alleging Brick's new Red Baron lime violates copyright protection for Bud Light Lime. Still, Brick shares are up 1.4%.
Midway Energy (MEL.TO) is up 0.8% after the company said it has signed deal to acquire certain assets of a private oil and gas company. The acquisition price is $8.25 million and consideration will be $7.425 million in cash and the rest through the issuance of common shares of Midway.
Stats Canada reported Canada's real gross domestic product increased 0.1% as expected in June. This was the first monthly increase in eleven months. For the second quarter as a whole, GDP shrank at an annual rate of 3.4%, compared with a contraction of 6.1% in the first three months of 2009.
On Friday, the S&P/TSX Composite Index rose 0.4 percent or 44.01 points to 10,977.97.
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