RTTNews - Canadian stocks are lower again on Tuesday morning, extending its sharp decline from the previous session. Weakness in the utilities and industrial sectors has led the decline.
The S&P/TSX Composite Index has dropped 73.77 points or 0.73% to move at 9,953.78. The index fell nearly 2.5% yesterday.
Industrial stocks are down 2% to lead the decliners. Canadian Pacific Railway (CP.TO) has dropped 4% and Canadian National Railway (CNR.TO) is down 2.6%.
Utility stocks are down 1.9%. Fortis (FTS.TO) has lost 2.4%, Transalta (TA.TO) is down 1.8% and Canadian Utilities (CU.TO) has dropped 1.7%.
In corporate news, Air Canada (AC-A.TO) has dropped 7.7% after the airliner said it flew 4.17 billion revenue passenger miles and 5.15 billion available seat miles, on a consolidated basis with Jazz, in June 2009, resulting in a traffic decrease of 9.1% and capacity decrease of 7.6% as compared to June 2008.
The Jean Coutu Group (PJC-A.TO) has added 3.4% after the company reported a first-quarter profit of C$10.3 million or C$0.04 per share versus a loss of C$20.2 million or C$0.08 per share in the prior year period.
Thallion Pharmaceuticals (TLN.TO) has plunged 9.1% after the company said that it has suspended patient enrollment in its Phase II trial evaluating TLN-232 as a treatment for metastatic melanoma, due to an ongoing dispute with the licensor.
Genworth MI Canada (CIC.TO) is down 47 cents on its first day on the TSX after pricing its initial public offering of 44.7 million common shares at $19
On the economic front, building permits in May surpassed the $5.0-billion mark for the first time since October 2008, according to data released by Statistics Canada.
Meanwhile, the Office of the Superintendent of Bankruptcy Canada reported Canadian bankruptcies rose 31% year-over-year in the month of May.
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