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TSX Dips At Open Monday

Bay Street stocks opened lower Monday amid selling in commodities, with the S&P/TSX Composite Index shedding 67.01 points or 0.55 percent to 12,170.73.

The Global Gold Index was down nearly 1 percent, with New Gold (NGD.TO) diving over 7 percent. Goldcorp. (G.TO) slipped 1 percent after announcing that the environmental permit approval for its El Morro copper-gold project was suspended by the Supreme Court of Chile.

In the oil patch, MEG Energy was down close to 3 percent and Pacific Rubiales Energy (PRE.TO) slipped 1.50 percent.

On the other hand, Niko Resources (NKO.TO) and Petrominerales (PMG.TO) moved up around 3 percent each.

Meanwhile, McGraw-Hill Ryerson (MHR.TO) surged close to 5 percent even after reporting a wider first quarter net loss of C$2.7 million or C$1.37 per share compared to the net loss of C$2.2 million or C$1.10 per share last year.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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After moving sharply lower in early trading on Wednesday, stocks have seen continued weakness over the course of the trading session. Will the pullback, the major averages are adding to the modest losses posted in the two previous sessions. With spending on private and public construction both showing notable decreases, the Commerce Department released a report on Wednesday showing an unexpected drop in U.S. construction spending in the month of August. Growth in U.S. manufacturing activity saw a notable slowdown in the month of September, according to a report released by the Institute for Supply Management on Wednesday, with the index of activity in the sector pulling back off a three-year high.
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