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TSX Dives At Open Monday

Bay Street stocks suffered steep losses at open Monday amid widespread sell-offs, with the S&P/TSX Composite Index diving 167.82 points or 1.44 percent to 11,526.85.

The Diversified Materials Index lost close to 3 percent, with Inmet Mining (IMN.TO) and First Quantum Minerals (FM.TO) shedding close to 4 percent each. Teck Resources (TCK_B.TO) was down 2 percent.

Base-metals miner Imperial Metals (III.TO) surrendered close to 5 percent after reporting a lower first-quarter net earnings.

In the oil patch, Suncor Energy (SU.TO) and Baytex Energy Corp. (BTE.TO) were down around 3 percent each.

Among gold plays, Goldcorp. (G.TO), Allied Nevada Gold (ANV.TO) and Agnico-Eagle Mines (AEM.TO) were down over 2 percent each.

Silver Wheaton Corp. (SLW.TO) slipped over 3 percent despite posting improved first quarter net earnings.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
The Bank of Japan expanded its massive quantitative and qualitative easing unexpectedly as policymakers assessed it necessary to achieve the 2 percent inflation target even after a sales tax hike in April. In a 5-4 vote, the Policy Board led by Governor Haruhiko Kuroda decided to raise the monetary base at an annual pace of about JPY 80 trillion. LinkedIn Corp., the world's largest online professional network, said Thursday after the markets closed that its third quarter loss widened slightly from last year, as higher costs and expenses more than offset a 45% increase in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue. After ending the previous session modestly lower, stocks moved mostly higher over the course of the trading day on Thursday. The gains on the day more than offset yesterday's losses, lifting the major averages to their best closing levels in a month.
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