Bay Street stocks moved sharply lower on Thursday and moved off of a six-month high. The market is lower amid profit-taking as traders brace for the U.S. government's stress test results later today and jobs data tomorrow.
The S&P/TSX Composite Index dropped 182.49 points or 1.79% to 9,960.94. The index closed Wednesday above 10,000 for the first time since November.
Mining stocks are down 3.6% as copper dropped 2.25 cents to $2.1645 per pound.FNX Mining (FNX.TO) has plunged 6.9%, Inmet (IMN.TO) is down 4.2% and Teck Cominco (TCK.B.TO) has dropped 3.2%.
Financials are down 3% ahead of the stress test results with all of the big six banks in the red. Toronto-Dominion (TD.TO) has dropped 3.5%, Royal Bank (RY.TO) is off 2.7% and Scotiabank (BNS.TO) has declined 2.6%.
Sun Life Financial (SLF.TO) has fallen 5.4% 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.TO) has lost 4.9% 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 2.9% as Blackberry maker Research in Motion is down 5.5%.
Energy stocks have lost 1.8% as crude oil surrendered most of its daily gains after earlier touching a multi-month high above $58 per barrel. Canadian Natural Resources (CNQ.TO) has dropped 3.8%, Encana (ECA.TO) is down 1.9% and Suncor (SU.TO) has slipped 1.5%.
Husky Energy (HSE.TO) is down 0.9% after the company 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 3.6% after announcing adjusted earnings for the first quarter were C$0.57, flat with the prior year. Revenues fell 0.4%.
Goldcorp (G.TO) has added 2.75% 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 2% 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.
CryptoLogic Ltd. (CXY.TO) plunged 24.2% after the Internet gaming software provider 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 2nd. This was down 34,000 from the previous week's revised total of 635,000.
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