(RTTNews) - Bay Street stocks remain slightly lower on Friday, surrendering some of a recent rally. Gold stocks are leading the decline as the precious metal has cooled away from its record levels.

The S&P/TSX Composite Index has dropped 63.66 points or 0.55% to move at 11,420.85. The market has gained in each of the last four sessions.

Gold stocks are down 1.7%. Paramount Gold and Silver Corp. (PZG.TO) has declined 6.3% after the company announced the pricing of its public offering of 16 million shares of its common stock at US$1.25 apiece.

Materials are down 1.1%. Potash (POT.TO) has lost 3.25% after the stock was initiated at Sell by Dahlman Rose.

In other corporate news, DragonWave (DWI.TO) has surged 18.8% after the company reported second quarter net income of C$6.3 million or C$0.21 per share, compared to a loss of C$1.7 million or C$0.06 per share in the year-ago quarter.

Clarke (CKI.TO) has dropped 8.8% after the Nova Scotia Securities Commission approved a settlement agreement between the company and staff of the Commission.

MDS (MDS.TO) has dropped 1.2% after the company said it agreed to sell its Central Labs operation to Czura Thornton for around $8 million.

Meanwhile, Dollarama (DOL.TO) has gained 6% on its first day of trading following its initial public offering of common stock. The company announced that it will offer 17.14 million common shares at C$17.50 per share.

On the economic front, Statistics Canada said employment was up 31,000 last month, driven by large full-time gains. The unemployment rate fell by 0.3 percentage points to 8.4%, the first monthly decline since the beginning of the labor market downturn in the fall of 2008.

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Posted in Categories: Canada, Releases, Stocks, USA.

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