(RTTNews) - Bay Street stocks were extending losses for a second session in mid-morning deals Friday amid worries over the global economic recovery. Falling commodities prices and weak global equities weighed on trader sentiment.
The S&P/TSX Composite Index was down 42.77 points or 0.37% to 11,667.41, a day after snapping its 4-day winning streak.
The price of crude oil moved down for a second session amid falling equities. Crude for October was down $0.67 to $74.10 a barrel.
In the oil patch, Canadian Oil Sands Trust (COS_UN.TO) and NuVista Energy (NVA.TO) shed over 2% each.
Integrated energy company Suncor Energy (SU.TO) lost 1.67% after it said it is experiencing an outage at one of its hydrogen reformer units at the oil sands base plant in Fort McMurray, Alta.
Energy sector solutions provider Gemini Corp. (GKX.V) was down 3.70%. The company said its second quarter net earnings declined to $0.19 million or 0.5 cents per share from $0.32 million or 1.0 cents per share in the same quarter last year.
The Diversified Metals Index lost 1.61%, with First Quantum Minerals (FM.TO) and Lundin Mining (LUN.TO) slipping around 3% each.
HudBay Minerals (HBM.TO) and Thompson Creek Metals (TCM.TO) were down around 2% each.
In the financial sector, Bank of Montreal (BMO.TO), Scotiabank (BNS.TO) and CIBC (CM.TO) lost around 1% each.
The price of gold retreated from its 7-week high hit yesterday following data from the U.S. rekindled fears about the nation's economic recovery. Official jobless claims data from the U.S. raised concerns over the nation's employment situation. Gold for December delivery was down $7.10 to $1,228.30 an ounce.
Eldorado Gold (ELD.TO) eased 0.62% and Goldcorp (G.TO) was down nearly 1%.
Gold mining company Medoro Resources (MRS.V) shed 5.16%. The company said it closed the buyout of assets of Frontino Gold Mines.
Pacific Rim Mining (PMU.TO: News ) plummeted 12.50% after it said it would acquire a gold mine in Panama, through its subsidiary for $5 million in cash plus additional shares.
In the IT space, blackberry maker Research In Motion (RIM.TO) lost 2.46%, despite reports indicating that India could see solutions on blackberry emails next week.
Meanwhile, Potash Corp. (POT.TO) continued to hold to its recent gains, adding 0.22% to C$155.20 per share. BHP Billiton officially kicked-off its hostile $130 per share bid for Potash today.
Fertilizer and agricultural products distributor Agrium Inc. (AGU.TO) announced that it has entered into definitive deal to buy all shares of AWB Ltd.(AWBZF.PK, AWB.AX) at A$1.50 per share, or for $1.1 billion, in an all cash deal. The stock edged up 0.14%.
In economic news, Statistics Canada said the consumer prices rose 1.8% in the 12 months to July, following a 1.0% increase in June, largely affected by changes in consumption taxes in Nova Scotia, Ontario, and British Columbia. Economists expected consumer prices to rise 2% annually. On a seasonally adjusted monthly basis, the nation's consumer prices rose 0.6% in July, following a 0.2% decline in June. Economists expected prices to rise 0.5% on-month.
Meanwhile, the Bank of Canada's closely watched core index advanced 1.6% in the 12 months to July, following a 1.7% rise in June. The seasonally adjusted monthly core index rose 0.1% in July, matching the increase in June.
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