Toronto's main index is down for a third straight session on Wednesday and has dropped below the 10,000 mark. Weakness in the energy and mining sectors has dragged stocks lower.
The S&P/TSX Composite Index has declined 118.26 points or 1.17% to 9,958.83. The index had reached a seven-month high above 10,300 last week.
Mining stocks are down 4.4% as copper has dropped 5.2 cents to $2.0375 per pound. Among the big names, Teck Cominco (TCK.B.TO) has plunged 8.1%, First Quantum (FM.TO) has slipped 3% and Thompson Creek Metals (TCM.TO) has dropped 2.9%.
Energy stocks are down 2.5% as crude oil has turned lower on the NYMEX after an early advance. Suncor (SU.TO) has declined 4%, Canadian Natural Resources (CNQ.TO) is down 3.1%, Canadian Oil Sands (COS.UN.TO) has slipped 2.9% and Encana (ECA.TO) is down 1.9%.
Gammon Gold (GAM.TO) is down 1.5% after the company reported first-quarter net income of US$2.6 million or US$0.02 per share, compared to net income of US$8.5 million or US$0.07 per share in the same quarter last year.
New Gold (NGD.TO) has added 2.75% after the company reported net earnings for the first quarter of US$12.1 million or US$0.06 per share, higher than US$9.8 million or US$0.13 per share in the same quarter a year-ago.
Pan American Silver Corp. (PAA.TO) is up 0.4% after the company said its first quarter profit declined from last year, hurt by lower base metal and silver prices, offset in part by a reduction in cost of sales.
In other corporate news, Hydrogenics Corp. (HYG.TO) has plunged 13.4% after reporting first-quarter net loss of US$4 million or US$0.04 per share, compared to net loss of US$4.32 million or US$0.05 per share last year.
ING Canada (IIC.TO) has lost 3.9% after the insurer reported a net loss for the first quarter of C$36.3 million or C$0.30 per share compared with net income of C$23.0 million or C$0.19 per share in the corresponding period last year.
On the economic front across the border, a Commerce Department report showed that retail sales fell 0.4 percent in April following a revised 1.3 percent decrease in March. Economists had expected sales to come in unchanged compared to the 1.2 percent decrease originally reported for the previous month.
Tuesday, the S&P/TSX Composite Index lost 16.44 points or 0.16% to settle at 10,077.70. The index finished lower for a second straight day after finishing Friday at a seven-month high.
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