Bay Street stocks opened lower Wednesday amid selling across a variety of sectors, with the S&P/TSX Composite Index losing 80.18 points or 0.65 percent to 12,243.43.
The Diversified Materials Index lost over 3 percent. First Quantum Minerals (FM.TO) surrendered nearly 6 percent. Teck Resources (TCK_B.TO) and Inmet Mining (IMN.TO) moved down close to 3 percent each.
Among gold stocks, Goldcorp. (G.TO), Allied Nevada Gold (ANV.TO) and Barrick Gold (ABX.TO) were down over 2 percent each.
Gold and silver miner First Majestic Silver (FR.TO) shed 4 percent after it said it would acquire Silvermex Resources (SLX.TO) for about C$175.00 million or C$0.60 per share. The offer values Silvemex at approximately 33 percent premium to its latest closing price. Shares of Silvermex lost a similar 4 percent.
In the oil patch, MEG Energy (MEG.TO) and Crescent Point Energy (CPG.TO) shed around 2 percent each.
Meanwhile, software solutions provider 20-20 Technologies Inc. (TWT.TO) surged 8 percent despite posting lower first-quarter net earnings.
by RTT Staff Writer
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