Bay Street Stocks Mildly Lower, Head Toward Sharp Weekly Decline - Canadian Commentary

(RTTNews) - Toronto stocks moved slightly lower amid uncertain trading on Friday as the market wraps up a dismal week. Resource stocks were mildly lower to lead the declines.

The S&P/TSX Composite Index has dropped 31.86 points or 0.32% to 9,742.06. The market is down more than 500 points on the week.

Mining stocks dropped 1.9% as copper fell more than 1% in Comex trading. Teck Cominco (TCK.B.TO) has declined 3.2% and HudBay (HBM.TO) is down 2.2%.

Materials stocks have dropped 1.6% as Potash (POT.TO) is down 8.3%. Rival Agrium (AGU.TO) is down 4.4%.

In corporate news, Bioniche Life Sciences (BNC.TO) has soared 26.1% after the company sold the exclusive rights to develop and market Urocidin in the U.S. with an option for global rights to Endo Pharmaceuticals in a deal worth up to US$130 million.

Rogers Communications (RCI.A.TO) is up 1.1% after the company announced the launch of mobile Internet ready netbooks. The network is now the mobile Internet service provider for the first 3.5G embedded laptops in Canada.

Corel Corp. (CRE.TO) has dropped 5.2% after the company reported that its second quarter net loss was US$4.1 million or US$0.16 per share, compared to net income of US$930,000 or US$0.04 per share in the second quarter of fiscal 2008.

Migenix (MGI.TO) said its fourth-quarter income was C$6.71 million or C$0.05 per share compared with a loss of C$3.24 million or C$0.04 per share in the prior year period. The stock has plunged 14.3%.

Caldwell Partners International Inc. (CWL-A.TO) is down 9.2% after the company reported a net loss for the third quarter of C$2.5 million or C$0.15 per share, compared to net income of C$69,145 or C$0.004 per share for the year-ago quarter.

Meanwhile, Statistics Canada reported job losses of 13,000 in the second quarter, much smaller than the 273,000 decline in the first three months of the year. The unemployment rate edged up to 8.6%, up from 8.4%, as more people looked for work.

Meanwhile, separate data showed Canadian new home prices selling prices decreased 0.1% in May following a 0.6% decline in April.

And the Canadian trade deficit widened to C$1.4 billion in May. A deficit of C$600 million was projected, compared to a deficit of C$200 million in April.

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