RTTNews - Toronto stocks turned moderately lower again on Friday, led by weakness in the resource sectors. The market had edged away from a two-month low on Thursday.
The S&P/TSX Composite Index has declined 69.06 points or 0.7% to move at 9,703.38. The market rose 1.25% yesterday.
Meanwhile, Statistics Canada reported job losses of 13,000 in the second quarter, much smaller than the 273,000 decline in the first three months of the year. The unemployment rate edged up to 8.6%, up from 8.4%, as more people looked for work.
Energy stocks are down 1.2% as crude oil has dropped $1.01 to $59.40 per barrel. Canadian Oil Sands (COS.UN.TO) has dropped 1.8%, Suncor (SU.TO) is down 1.75% and Canadian Natural Resources (CNQ.TO) has dropped 1.3%.
Mining stocks have lost 1.3%. Teck Cominco (TCK.B.TO) has dropped 1.7%, HudBay (HBM.TO) is down 1.5% and Inmet (IMN.TO) is down 1%. Copper is down 1.45 cents to $2.2230 per pound.
In commodity trading, crude oil turned back into negative territory, losing $1.33 to $59.08 in electronic trading. Gold has slipped $5.80 and copper has lost 3.65 cents to $2.201.
Rogers Communications (RCI.A.TO) announced the launch of mobile Internet ready netbooks. The network is now the mobile Internet service provider for the first 3.5G embedded laptops in Canada. Shares are up 1.5%.
Corel Corp. (CRE.TO) has dropped 5.2% after the company reported that its second quarter net loss was US$4.1 million or US$0.16 per share, compared to net income of US$930,000 or US$0.04 per share in the second quarter of fiscal 2008.
Endo Pharmaceuticals (ENDP) said it has licensed from Bioniche Life Sciences (BNC.TO) the exclusive rights to develop and market Urocidin in the U.S. with an option for global rights in a deal worth up to US$130 million. Bioniche Life Sciences stocks has soared more than 30%.
Migenix Inc. (MGI.TO) said its fourth-quarter income was C$6.71 million or C$0.05 per share compared with a loss of C$3.24 million or C$0.04 per share in the prior year period. The stock has dropped 14.3%>
Meanwhile, separate data showed Canadian new home prices selling prices decreased 0.1% in May following a 0.6% decline in April.
And the Canadian trade deficit widened to C$1.4 billion in May. A deficit of C$600 million was projected, compared to a deficit of C$200 million in April.
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