Canadian stocks are broadly lower, with the S&P/TSX
Composite Index down more than 100 points, or 0.8%, and near
All 10 industry sectors in the TSX Composite are in the red, led
by a 1.25% slide for mining stocks amid reports Chinese Premier Li
Keqiang said the country has limited room to use government
spending and policy stimulus to boost its economy, likely reducing
demand for raw materials in the future.
Among individual miners, Aurizon Mines Ltd (ARZ.TO, AZK) is down
about 2% after posting a Q1 net loss of $0.02 per share, reversing
a year-ago $0.05 per share profit and trailing analyst forecasts
looking for a break-even quarter.
Revenue slid nearly 24% from year-ago levels to $43.2 mln but
still managed to beat the Street view by $2.65 mln. Revenue was
adversely affected by a 4.2% decline in the price of gold from the
same quarter last year as well as a 21.5 drop in the amount of gold
sold by the company in Q1 compared to last year.
Shares of energy companies also are lower, falling about 0.9%,
after the U.S. government's weekly inventory report found a
2.6-mln-barrel rise in gasoline supplies during the week ended May
11, suggesting reduced demand following recent price gains. But
crude oil inventories fell last week by 600,000 barrels to 394.9
mln barrels, still well above the five-year average for this time
of the year.
In other company news, shares of smartphone-maker Blackberry Inc
(BB.TO,BBRY) are down about 2% after the stock was cut to Market
Perform at Alliance Bernstein, citing lack of catalysts the next
six months. Price target for the stock also was reduced by $7 to
The company yesterday said at its annual developers' conference
in Orlando it will roll out a new phone that will run on its latest
operating systems and target customers in the developing world. But
BBRY also said it is pushing back the U.S. launch of its Q10
smartphone to early June from later this month, disappointing
Smartphone company reports a diverse range of sectors -
including high tech, banking, retail and government - have adopted
Blackberry 10 and Blackberry Enterprise Service 10.