Canadian Stocks Down 90 Pts, But Off Day Lows; Mining, Energy Stocks Leading Retreat; Financial Shares Also Sliding


Canadian stocks are broadly lower, with the S&P/TSX Composite Index down nearly 90 points, or about 0.7% - but still around 60 points higher than session lows hit around midday. Although it has upward momentum just now, it looks unlikely to extend its gains to a seventh straight day with just over two hours of trading left.

The Toronto Stock Exchange is following other global markets south after growth in U.S. gross domestic product failed to live up to expectations. Energy and mining stocks are posting the steepest declines, falling in unison with commodities as traders worry about future demand following the slower-than-expected U.S. GDP. At last check, the mining and metals sector was down 4.46%, while energy shed 1.34%.

Among mining companies, Agnico-Eagle Mines (AEM.TO, AEM) is down over 5% and has hit new year lows on the TSX after Q1 earnings fell sharply compared to year-ago levels. AEM reported adjusted net income of $0.31 per share, trailing the analyst consensus by $0.03.

TransCanada Corp. (TRP.TO,TRP) is also trading lower after the company said in its Q1 report that it does not expect the Keystone XL pipeline to start service before the second half of 2015, citing permitting delays. In addition, TRP said that the estimated $5.3-bln price tag for the project will likely rise because of the delays.

TRP also reported Q1 earnings of $0.63 per share, up from a $0.50 per share in the year-ago quarter and topping analyst forecasts by $0.09 per share.

Financial stocks also are slipping, sliding about 0.7% as a group, including a 2% decline for FirstService Corp (FSV.TO, FSRV) after its Q1 per-share net loss doubled from year-ago levels to $0.20 per share. The Street was looking for a $0.02 per share net loss.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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