Toronto Stocks Slip Away From Three-Week High As Metals Fall - Canadian Commentary

(RTTNews) - Bay Street stocks turned into negative territory on Thursday and backed off a three-week high. Weakness in metal-related sectors dragged the market lower.

The S&P/TSX Composite Index has slipped 49.34 points or 0.42% to move at 11,484.41. The market gained more than 1% yesterday.

Mining stocks dropped 1.1% as copper fell on the Comex. HudBay (HBM.TO) has lost 2.5%, Teck Resources (TCK.B.TO) is down 1.8% and Inmet (IMN.TO) has lost 1%.

Gold stocks have lost 0.95 as the precious metal moved further from its record levels. Seabridge (SEA.TO) has dropped 2.8%, Agnico-Eagle Mines (AEM.TO) is down 1.2% and Eldorado (ELD.TO) has slipped 0.9%.

Manulife Financial (MFC.TO)has dropped 1% after the company said it acquired Pottruff & Smith Travel Insurance Brokers Inc., a broker and third party administrator of travel insurance across Canada.

Research In Motion (RIM.TO) along with Vodafone launched BlackBerry Storm2, the second generation of RIM’s touch-screen smartphone, in seven European countries as well as South Africa. RIM stock is down 0.9%.

Vasogen (VAS.TO) has gained 1.8% after the company reported third-quarter net loss of C$1.2 million or C$0.05 per share, compared to a net loss of C$2.6 million or C$0.12 per share last year.

Capital Gold Corp. (CGC.TO) said its full-year net income rose to $10.40 million or $0.05 per share from $6.36 million or $0.03 per share in the prior year period. However, the stock fell 2.6%.

On the economic front, manufacturing sales declined 2.1% to $40.9 billion in August following a revised 5.2% gain in July, according to Statistics Canada. Economists expected sales to drop 1.6% in August.

Separately, the Labor Department also revealed that jobless claims fell to 514,000 from the previous week’s revised figure of 524,000. Economists had been expecting jobless claims to edge down to 520,000 from the 521,000 originally reported for the previous week.

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

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