(RTTNews) - Bay Street stocks have posted notable declines on Monday, easily erasing an early-morning rally. Weakness in the commodity-related sectors has led the declines.

The S&P/TSX Composite Index has dropped 116.20 points or 1.02% to move at 11,265.93. Earlier, the index rallied above 11,500.

Gold stocks have dropped 2.75% and materials stocks are down 2.4%. Seabridge (SEA.TO) has plunged 7.5% and Yamama (YRI.TO) is down 4.1%, New Gold (NGD.TO) has dropped 2.9% and Agnico-Eagle Mines (AEM.TO) is down 2.1%.

Iamgold Corp. (IMG.TO) turned to the downside and is down 1.8%. The stock had surged earlier after announcing it now projects 2009 production of about 940,000 - 950,000 ounces of gold, an increase of 30,000 ounces over its prior guidance issued in June 2009.

Mining stocks are down 2.4%. Inmet (INM.TO) is down 5.25%, HudBay (HBM.TO) has dropped 3.6% and Teck Recources (TCK.B.TO) is down 1.4%.

Birchcliff Energy (BIR.TO) has declined 5.4% after being downgraded to Hold from Buy at Genuity Capital Markets.

Rogers Communications (RCI.B.TO) has added 0.3% after the company made an investment to become a shareholder in Vuguru, a web video studio.

Toromont Industries Ltd. (TIH.TO) slipped 0.6% after the stock posted third-quarter net earnings of C$31.9 million or C$0.50 per share compared with C$37.1 million or C$0.56 per share in the same quarter last year.

Coretec (CYY.TO) has rallied 39% after receiving an buyout offer from DDi Corp. for C$0.20 per share, or approximately C$3.6 million.

Canfor Pulp Income Fund (CFX_U.TO) has gained 1.4% after the company reported its third quarter net income of C$18.3 million or C$0.26 per share, compared to C$11.1 million or C$0.15 per share in the same period last year.

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Posted in Categories: Canada, Releases, Stocks.

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