Bay Street Stocks Slip Slightly As Oil Falls - Canadian Commentary

(RTTNews) - Toronto stocks have dropped slightly on Thursday, extending the slump from the final hour of the previous session. Energy stocks have seen some weakness as crude oil moves lower.

The S&P/TSX Composite Index has declined 31.56 points or 0.27% to move at 11,410.51.

Crude oil has lost 0.5% as crude oil fell 48 cents on the NYMEX. Canadian Oil Sands (COS.UN.TO) has lost 1.6% and Canadian Natural Resources (CNQ.TO) is down 1.1%.

Harvest Energy Trust (HTE-UN.TO) has soared 33.2% after the oil and natural gas company announced it has agreed to be acquired by state-run Korea National Oil Corp. in a deal worth about $4.1 billion, including the assumption of debt.

Husky Energy (HSE.TO) has declined 3.1% after the company reported third-quarter net earnings of C$338 million or C$0.40 per share compared with C$1.27 billion or C$1.50 per share in the same quarter last year.

Precision Drilling Trust (PD_U.TO) has slipped 1.1% after the company reported third quarter net income of C$72 million or C$0.25 per unit, compared to C$82 million or C$0.61 per unit last year.

In corporate news, Potash (POT.TO) has climbed 1.75% after the company reported third-quarter net earnings of US$248.8 million or US$0.82 per share, compared to US$1.2 billion or US$3.93 per share, in the same quarter last year.

Corus Entertainment (CJR-B.TO) has dropped 2.5% as the company announced its fourth-quarter net income was C$18.7 million or C$0.23 per share, compared to net income of C$17.4 million or C$0.21 per share last year.

Cangene Corp. (CNJ.TO) has rallied 13.8% after the company reported full-year net income of C$59.9 million or C$0.86 per share, compared with C$29.6 million or C$0.42 per share a year earlier.

Pinetree Capital (PNP.TO) has slipped 1.2% after the company announced it acquired approximately 2.55 million common shares of U308 Corp.

On the economic front, Stats Canada reported Thursday morning that retail sales rose 0.8% in August to $34.5 billion, offsetting a revised 0.5% decline in July. However, excluding rising sales at gas stations and new car dealers, sales were flat.

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