Toronto stocks have slipped in afternoon trading as traders have collected cash on the recent rally to a three-month high. Mining and energy stocks are leading the decliners.
The S&P/TSX Composite Index has lost 76.72 points or 0.82% to move at 9,208.90. The market is on pace for its first decline in five sessions.
Mining stocks have dropped 3.6%, giving back some of the recent rally as copper has backed off of a multi-month high. FNX Mining (FNX.TO) is down 4.5%, First Quantum (FM.TO) has dropped 4.2% and Teck Cominco (TCK.B.TO) is down 2.7%.
In corporate news, Denison Mines (DML.TO) has gained 7.7% after the company announced that it has entered into a deal to sell 20% of its U3O8 production to Korea Electric Power Corporation for C$75.4 million and also supply KEPCO with uranium until 2015.
Meanwhile, energy stocks are down 2.5% as crude oil has lost 69 cents to $49.36 per barrel. Savanna (SVY.TO) has dropped 7.6%, Suncor (SU.TO) is down 4.7% and Encana (ECA.TO) has dropped 3.1%.
Financials have given back early gains and are nearly flat for the day. Among Canada's big banks, Bank of Montreal (BMO.TO) has rallied 3% and National Bank (NA.TO) is up 1.5%.
Maximizer Software (MAX.TO) is down 25% after the company reported its first-quarter net loss amounted to US$0.81 million, compared to a loss of US$0.31 million in the prior year quarter.
Telus (T.TO) has declined 3.4%. The company said it plans to invest more than C$700 million in its wireless and landline networks in Alberta this year.
Across the border, government data showed retail sales unexpectedly showed a notable decrease in the month of March, according to a report released by the Commerce Department on Tuesday, although the report also showed an upward revision to February sales.
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