RTTNews - Bay Street stocks moved off the daily lows but remained in the red on Wednesday. With the decline, the market gave back some of its gains from yesterday.
The S&P/TSX Composite Index has lost 30.59 points or 0.28% to move at 10,642.11. The market gained more than 1.3% yesterday after falling nearly 3% on Monday.
Statistics Canada reported the Canadian consumer price index fell 0.9% in July 2009 compared with July 2008, following a 0.3% decrease in June. The decrease was due primarily to a 12-month decline of 23.4% in prices for energy products, particularly gasoline. However, excluding volatile energy prices, consumer prices rose 1.8% annually.
Meanwhile, Canada's leading index rose 0.4% in the month of July.
Mining stocks have lost 1.5%. Inmet (IMN.TO) has declined 2.75% and Teck Resources (TCK.B.TO) has dropped 2.7%.
On the corporate front, Sears Canada (SCC.TO) announced that its second-quarter net earnings were C$49.1 million or C$0.45 per share, compared to C$61.5 million or C$0.57 per share in the second quarter last year.
Nufcor Uranium (NU.TO) announced that its fiscal 2009 loss was US$26.27 million or US$0.637, compared to a loss of US$216.95 million or US$5.173 per share in the year ago quarter. Income for the year was US$3.83 million, down from US$4.21 million in the prior year.
Twin Butte Energy (TBE.TO) has dropped 1.1% after the company and Buffalo Resources Corp. (BFR.V) announced that they have entered into a merger arrangement worth C$119 million.
Brookfield Asset Management (BAMK.A.TO) revealed a C$1 billion fund to provide financing for companies in need of restructuring, according to Bloomberg.
The S&P/TSX Composite Index surged 142.25 points or 1.35% on Tuesday to move at 10,673.84. The market fell 2.9% on Monday.
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