Toronto Stocks Slip Slightly As Gold Backs Off Records

(RTTNews) - Canadian stocks have moved slightly lower on Friday amid choppy trading as weakness in the gold sector has outweighed a strong employment report.

The S&P/TSX Composite Index has slipped 17.16 points or 0.14% to move at 11,468.90. The market has gained in each of the last four sessions.

Gold stocks are down 1.5% after the precious metal backed off record levels. Seabridge (SEA.TO) has slipped 2%, Yamana (YRI.TO) is down 1.6% and Iamgold (IMG.TO) has dropped 1.1%.

Paramount Gold and Silver Corp. (PZG.TO) has dropped 4.9% after the company announced the pricing of its previously announced public offering of 16 million shares of its common stock at US$1.25 apiece.

Materials stocks are down 0.8%. Potash (POT.TO) has dropped 2.7% after the stock was initiated at Sell by Dahlman Rose.

In corporate news, DragonWave (DWI.TO) has rallied 13.1% 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.

MDS (MDS.TO) said it agreed to sell its Central Labs operation to Czura Thornton for around $8 million. The stock has slipped 0.9%.

Dollarama (DOL.TO) has rallied 7.5% 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.

In economic news, 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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