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
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
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
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
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