Canadian stocks were lingering deep in the red Monday morning amid falling commodities and on concerns over the euro zone financial stability. Investors risk appetite waned amid uncertainty over the impact of a potential Greek exit from the euro, while China's announcement to trim bank reserve requirement is perceived as weak signals out of the world's second biggest economy.
The S&P/TSX Composite Index lost 122.17 points or 1.04 percent to 11,572.50, levels not seen in this calendar year.
The Diversified Materials Index was the major loser, dipping nearly 2 percent. First Quantum Minerals (FM.TO) lost over 2 percent after it said its wholly-owned subsidiary, FQM (Peru) Ltd., has acquired a 19.99 percent stake in Zincore Metals Inc.
Base-metals miner Imperial Metals (III.TO) dived over 6 percent after reporting a lower first-quarter net earnings of C$4.6 million or C$0.06 per share compared to C$19.8 million or C$0.27 per share in the year-ago period. Adjusted earnings were C$8.2 million or C$0.11 per share compared to C$13.0 million or C$0.18 per share last year. Analysts were expecting the company to report earnings C$0.14 per share for the quarter.
The price of crude oil was lingering near a 5-month low Monday morning on concerns over demand growth amid the ongoing developments in the euro zone. Traders overlooked China's weekend announcement that it plans to cut its bank reserve requirement by 0.5 percentage points. Crude for June shed $1.86 to $94.27 a barrel.
In the oil patch, Niko Resources (NKO.TO) and Trilogy Energy (TET.TO) were down around 4 percent each.
The price of gold was extending losses Monday morning amid lingering concerns over the euro zone debt situation. Gold for June lost $22.80 to $1,561.10 an ounce.
Among gold stocks, Detour Gold (DGC.TO) was down close to 4 percent. Gold miner Iamgold (IMG.TO) slipped over 1 percent after reporting a lower first-quarter net earnings of $119 million or $0.32 per share, compared to $153.4 million or $0.41 per share last year. Excluding items, earnings were $92.4 million or $0.25 per share compared to $117.8 million or $0.32 per share last year. Analysts were expecting the company to report earnings of $0.28 per share for the quarter.
Silver Wheaton Corp. (SLW.TO) posted improved first quarter net earnings of $147.18 million or $0.41 per share versus $122.18 million or $0.34 per share last year. Analysts were expecting the company to report earnings C$0.44 per share for the quarter. The stock dipped over 2 percent.
Meanwhile, industrial mineral miner WGI Heavy Minerals (WG.TO) gained nearly 2 percent even aafter reporting d a wider first quarter net loss of $468,000 or $0.020 per share, compared to a net loss of $72,000 or $0.003 per share last year.
Research-based bio-pharmaceutical company Cardiome Pharma Corp. (COM.TO) soared over 8 percent to C$0.540 after reporting first-quarter net loss of $7 million or $0.11 per share, narrower than $7.1 million or $0.12 per share recorded last year.
In economic news from across the Atlantic, euro zone industrial production declined unexpectedly in March, the latest figures from Eurostat showed. Industrial production fell 0.3 percent month-on-month in March, against economists' forecast for a 0.4 percent increase. This followed a 0.8 percent rise in February.
Germany's wholesale price inflation accelerated to 2.4 percent in April from 2.2 percent in March, the Federal Statistical Office said. Economists had forecast an increase to 2.3 percent. The uptick can mainly be attributed to higher wholesale prices of solid fuels and petroleum products.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.