Bay Street's main index has moved slightly into negative territory Thursday morning after earlier extending its six-month intraday high. Financial and technology stocks have seen weakness in early trading, while resource stocks leveled off after the recent surge.
The S&P/TSX Composite Index has dropped 25.62 points or 0.25% to move at 10,117.81.
Financials are down 1.7% with all of the big six banks in the red. Toronto-Dominion (TD.TO) has dropped 2.2%, Royal Bank (RY.TO) is down 1.5%, National Bank (NA.TO) is down 1.4% and Bank of Montreal (BMO.TO) is off 1.3%.
Sun Life Financial (SLF.TO) has dropped 1.5% after the insurer revealed first-quarter net loss was C$213 million, or C$0.38 per share, compared with net income of C$533 million, or C$0.93 per share, last year.
Manulife Financial (MFC) has lost 1.7% after the company reported a first quarter loss of $1.06 billion, compared to profit of $0.86 billion in the first quarter last year. Loss per share for the period was $0.67, compared to earnings per share of $0.57 in the year-ago quarter. Earnings for the quarter, excluding certain items, totaled $803 million.
Technology stocks also have slipped 1.7% as Blackberry maker Research in Motion is down 1.1%.
Energy stocks are up 0.3% as oil is up 97 cents on the NYMEX after earlier touching a multi-month intraday high above $58 per barrel.
Husky Energy (HSE.TO) said on Wednesday that it has agreed to issue US$1.5 billion in senior unsecured notes. The senior notes will be issued in two tranches: US$750 million at 5.90% maturing on June 15, 2014 and US$750 million at 7.25% maturing on December 15, 2019.
In other corporate news, Bell Canada (BCE.TO) dropped 2.9% after announcing adjusted earnings for the first quarter were C$0.57, flat with the prior year. Revenues fell 0.4%.
Goldcorp (G.TO) is up 3% after the company reported adjusted first quarter net earnings of US$169.3 million or US$0.23 per share, better than the $0.13 per share expected by analysts.
Royal Gold (RGL.TO) is up 1.5% after the company announced third quarter net income of $4.14 million, or $0.12 per share, compared to $3.31 million or $0.11 per share in the prior year quarter.
Internet gaming software provider CryptoLogic Ltd. (CXY.TO) reported a loss for the first quarter on sharp revenue declines, reflecting primarily challenging global economic conditions and unfavorable currency impact. Posting a fourth consecutive quarterly loss, the casino software developer said it is on track to returning to profitability and cash generation in 2009, in line with prior guidance.
Across the border, the Labor Department said initial jobless claims, a closely-watched gauge of layoffs, dropped to 601,000 for the week ended May 2. This was down 34,000 from the previous week's revised total of 635,000.
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