RTTNews - Bay Street stocks are modestly lower for a second straight day, coming off a five-week high. Resource stocks are experiencing some weakness, contributing to the decline.
The S&P/TSX Composite Index has shed 41.03 points or 0.39% to 10,474.48. The market had gained in six straight sessions before yesterday.
Materials stocks are down 1.7% and gold stocks are off 1.4%. Eldorado (ELD.TO) has dropped 3.2%, Iamgold (IMG.TO) is down 2.6% and Barrick Gold (ABX.TO) has dropped 2%.
Silvercorp Metals (SVM.TO) added 2.7% after the company announced that its offer to acquire all the outstanding shares of Klondex Mines has been terminated.
B2Gold Corp. (BTO.TO) has added 2.9% after the company said it completed its previously announced bought deal financing and has issued 33.34 million common shares at C$0.75 per share, for gross proceeds of C$25.00 million.
Energy stocks are down 1.1% as crude oil is down 89 cents to $64.73 per barrel. Canadian Natural Resources (CNQ.TO) has dropped 2.5% to lead the decliners.
Suncor (SU.TO) is down 1.5% after the company reported second quarter earnings of C$185 million or C$0.20 per share, sharply below C$920 million or C$0.99 per share reported in the second quarter of 2008.
Precision Drilling Trust (PD.UN.TO) has climbed about 1% after the company reported second quarter earnings of $57 million or $0.22 cents per unit, compared to $22 million or $0.16 per unit a year earlier.
After the cloing bell, Teck Resources (TCK.B.TO) and Husky Energy (HSE.TO) are on the earnings calendar.
In economic news, Canadian retail sales rose 1.2% in the month of May, according to Statistics Canada. This is compared to a revised 0.6% drop for April. Excluding auto, sales were up 0.7% after falling 0.5% in April.
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