TSX Turns Lower As Tech, Financial, Energy Stocks Fall - Canadian Commentary

(RTTNews) - Canadian stocks turned to the downside on Friday, hurt by weakness in the technology sector. The heavily-weighted financial and energy sectors are also in the red.

The S&P/TSX Composite Index has lost 116.06 or 1% to move at 11,417.31. This erased a moderate rally from yesterday.

Technology stocks are down 2.1%. Research in Motion (RIM.TO) has lost 1.9% to lead the sector lower.

Energy stocks have lost 1.3% as crude oil has dropped on the NYMEX. Encana (ECA.TO) has lost 2.3%, Canadian Natural Resources (CNQ.TO) is down 2.2% and Canadian Oil Sands (COS.UN.TO) has lost 1.5%.

Financials are down 1.1%. Among the big banks, CIBC (CM.TO) has lost 1.9%, Toronto-Dominion (TD.TO) has declined 1.5% and Bank of Montreal (BMO.TO) and Scotiabank (BNS.TO) is down 1.3%.

In other corporate news, Agrium (AGU.TO) has lost 5.1% after the company announced that it expects third quarter 2009 earnings to be 90% to 95% below last year’s third quarter results, in line with results previously reported from industry peers for the third quarter. Analysts polled by Thomson Reuters expects the company to report earnings of US$0.79 per share for the third-quarter.

Celestica (CLS.TO) has plunged 8.2% after the company announced its third-quarter net loss was US$0.6 million, compared with net earnings of US$32.1 million reported for the year-ago period. On a per share basis, earnings broke even for the quarter, compared with US$0.14 per share reported last year.

Shaw Communications (SJR.B.TO) is down 2.3% after the company reported fourth quarter net income of C$124 million or C$0.29 per share, compared to C$132.38 million or C$0.31 per share for the same quarter last year.

Apollo Gold Corp. (APG.TO) has added 1.75% after announcing it has reached a deal to sell Montana Tunnels Mining Inc. to Elkhorn Goldfields for US$9 million.

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