Toronto stocks have turned lower on Tuesday as traders cashed in on a recent rally. The drop took the market off its highest level in six weeks.
The S&P/TSX Composite Index has lost 135.40 points or 1.51% to 8,766.65. The index has closed higher in nine of the previous sessions.
Gold stocks are down a sharp 4.4% and materials have lost 3.2% as the precious metal has dropped more than $30 in Comex trading. Among the big names, Goldcorp (G.TO) has declined 4.8%, Agnico-Eagle Mines (AEM.TO) has dropped 4.5% and Kinross (K.TO) is down 3.6%.
Energy stocks are down 2.4% with crude oil surrendering some of its recent gains. Light sweet crude has lost 91 cents to $52.89 per barrel.
Suncor (SU.TO) is down 4.5% adding to modest gains from yesterday that came after the company agreed to buy Petro-Canada (PCA.TO) in a $15.8 billion deal. Petro-Canada's stock has dropped 2% after soaring more than 20% on Monday.
The heavily-weighted Financial Index is down 1%. Sun Life Financial (SLF.TO) is down 1% as the insurer had its credit rating reduced to A- from A+ by Fitch Ratings.
In other corporate news, MTI Global (MTI.TO) has soared 20% after the company agreed to sell certain assets of its silicones business to Rogers Corp. (ROG) for US$7.4 million.
HudBay Minerals (HBM.TO) is flat after the company announced that it has named Peter Jones chief executive officer. HudBay also appointed Wesley Voorheis as chairman.
Comaplex Minerals Corp. (CMF.TO) has lost 7% after the company reported fourth quarter net earnings of C$328,000 or C$0.01 per share, compared to C$2.85 million or C$0.06 per share in the same quarter of last year.
Shaw Communications (SJR.B.TO) has edged up 1.15% after the company said that its second-quarter basic cable subscribers increased 4,273 to 2.27 million. Digital and Internet customers totaled 1.08 million and 1.63 million, up by 106,489 and 26,130.
Tekmira Pharmaceuticals Corp. (TKM.TO) has plunged 9.5% after the company announced that its fiscal 2008 net loss was C$14.3 million or C$0.35 per common share, compared to a net loss of C$2.6 million or C$0.11 per common share in 2007.
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