Bay Street Stocks Turn Notably Lower - Canadian Commentary

(RTTNews) - Canadian stocks fell on Wednesday, experiencing a notable drop in the final hour of trading. The decline pulled the market away from its best level in nearly a month.

The S&P/TSX Composite Index fell 96.10 points or 0.83% to close at 11,442.02.

Healthcare stocks declined 2.2%. Biovail (BVF.TO) and MDS (MDS.TO) both dropped about 1.4%.

Technology stocks fell 1.7%. Blackberry-maker Research in Motion (RIM.TO) declined 1.5% on the session.

Financials lost 1.4% to drag the market lower. CIBC (CM.TO) lost 1.9%, Toronto-Dominion (TD.TO) dropped 1.7% and Scotiabank (BNS.TO) declined 1.8%.

Manulife (MFC.TO) dropped 2.5% as the stock was initiated at Sector Perform at National Bank.

In other corporate news, First Quantum (FM.TO) gained 5.1%. According to Bloomberg, the company is considering seeking arbitation involving its dispute with the Congolese government, which backed out of a $553 million copper project with First Quantum last week.

Canadian National Railway (CNR.TO) dropped 1% after the company reported net income of C$461 million or C$0.97 per share for the third quarter, compared to C$552 million or C$1.16 per share in the year-ago quarter. Rival Canadian Pacific (CP.TO) has slipped 0.7%.

Ivanhoe Energy (IE.TO) added 1.1% after the company announced the appointment of David Dyck as President and CEO of Ivanhoe Energy Canada.

SemBioSys Genetics (SBS.TO) plunged 7.7% after the company announced it will acquire a 10% stake in Advitech (AVI.V).

Canadian Oil Sands (COS.UN.TO) dropped 2.6% after the stock was downgraded to Underweight from Equal Weight.

Potash (POT.TO) is scheduled to report third quarter earnings before the bell tomorrow. The fertilizer maker is forecast to report earnings of $0.81 per share, compared to EPS of $3.93 a year ago. Revenues are expected to drop more than 65% to $1.06 billion.

Canadian retail sales data for August is due at 8:30 a.m. ET tomorrow. A rise of 0.1% is forecast, compared to a drop of 0.6% in July. Excluding autos, sales are expected to increase 0.2% after falling 0.8% in July.

For comments and feedback: contact editorial@rttnews.com

Posted in Categories: Canada, Releases, Stocks.

If you like this article please...

Subscribe by RSS Subscribe by Email

Email This Post To A Friend

Commodities Why Gold Prices Could Fall From Here… And Two Ways To Play The Move Gold Rush Creating Issues For Gold Buyers Will Copper Continue To Shine In ‘09? When Do We Sell Gold? Silver ETFs: More Gains To Come? Oil Seems Like It’s Going Nowhere… But The Story Is Very Different Below The Surface Distorted IEA Oil Reserve Figures Create Biofuel Opportunities In “White Gold” Region Of Central Asia The Simplest Reason Gold Will Soar Physical Gold, Silver And Oil Out-Performing Their Stocks? Silver Hits New Highs At Top Of Uptrend Channel Read More »	Financials US Home Prices Continue To Rise Bank Of America Call Options In Hot Demand Stock Market News: HP, Analog Devices, Heinz, Medtronic Report Strong Results, Citigroup Selling Diners Club To Bank Of Montreal Stock Market Briefs: Twitter May Consider IPO, Tyson Foods Beats Estimates Don’t Count Out Actively Managed ETFs U.S. Bank Failures Reach 124 Financial ETFs Still Remain Vulnerable Ron Paul Thinks That Fed “Oversight Is Laughable” Buffett Borrows For Rail Acquisition Investment Ideas: Here Are 3 Dirt Cheap Stocks Read More »	Exchange Traded Funds Murdoch’s Gamble: Will It Benefit Media ETFs? Why Agriculture ETF Outlook Appears Promising Is Low Interest Creating A Sovereign Debt Bubble? Protect Yourself Against An Imminent Stock Market Correction Japan ETFs: The New War They’re Waging India ETFs: Too Much, Too Soon? ETF Update: Health Stocks And Health Care Legislation Biggest Gainer ETFs For The Week Ended 22 Nov Has Gold Just Broken Out Of Its Trend Channel? What You Should Know About Precious Metals ETFs And Taxes Read More »
Stocks Option Traders Barter For Calls On EBAY Will Emerging-Market Outperformance Last? Stock Market Movers: Dollar Tree, Origin Agritech, US Airways Group How To Value Stocks Using Discounted Cash Flow Stocks To Watch Tuesday: Curis, Cell Therapeutics, Qwest Indian Stock Markets: Sensex Down 49.10 On Tuesday Can The Retail Sector Rouse The Recovery? Stock Charts For Tuesday: S&P 500, Nano, Hertz A Different Look At Recent Breadth Divergences In The NYSE Insider Selling Can Be An Important Tool In Determining Potential Trouble For Both Individual Stocks And The Broader Market Read More »	Forex Risk Aversion Takes A Back Seat In Forex Markets Australian Dollar: Caution Swiss Franc: The Downside Prevails Canadian Dollar: Caution Japanese Yen: Under Pressure British Pound: The Downside Prevails Euro: Under Pressure Watching EUR/USD At The 1.4945 Level Where 100 & 200 Bar Moving Averages Converge Forex Markets Drift Due To Lack Of Drivers Tuesday’s Forex Outlook Read More »	Economy Summary Of Holiday Spending Surveys & Reports Consumer Confidence Increasing The Great Louisiana Healthcare Rip-Off Consumer Attitudes: The Future Of Saving And Spending Economic Highlights: GDP Up 2.8%, Corporate Profits Increase By $130 Billion With T-Bill Yields At Zero, It’s Time To Beware Of The “Bond Bears” U.S. Economy Will Grow Faster Than Expected, Jobs To Return To Growth Next Year, Economists Say Government Debt - The New Subprime? Heeding The Populist Call Here’s A Sector To Short Read More »