Canadian stocks were lingering in the red Monday morning amid global economic growth concerns after Japan reported a much slower growth in the second quarter.
Today's data revealed that Japanese economy grew 0.3 percent in April-June from the first quarter, sharply missing economists' expectations for a 0.6 percent growth.
Elsewhere, German economy minister Philipp Roesler expressed disappointment at Greece's efforts to implement necessary reforms tied to its international aid program. Meanwhile, Italy today raised 8 billion euros through a 12-month bill auction at slightly higher interest rates compared to an earlier auction.
The S&P/TSX Composite Index lost 58.20 points or 0.49 percent to 11,832.69, after adding just over 100 points or nearly 1 percent in the past two sessions.
The price of crude oil was moving lower Monday morning even as the euro was bouncing back from its one-week low against the US dollar on hopes of further stimulus measures from the ECB. Crude for September lost $0.72 to $92.15 a barrel.
In the oil patch, Enbridge Inc. (ENB.TO) and Tourmaline Oil (TOU.TO) were down around 2 percent each.
Sonde Resources Corp. (SOQ.TO) plummeted 37 percent to C$0.970 after announcing a much wider second quarter net loss.
Ensign Energy Services (ESI.TO) shed 2 percent despite posting improved second-quarter net income of C$18.7 million or C$0.12 per share versus C$16.1 million or C$0.11 per share last year. Adjusted net income was C$16.54 million or C$0.11 per share compared to C$18.94 million or C$0.12 per share a year ago. Analysts were expecting the company to earn C$0.18 per share this quarter.
Food and beverages company Asia Bio-Chem Group (ABC.TO) slipped into the red in second quarter, reporting net loss of C$8.2 million or C$0.10 per share compared to a profit of C$1.3 million or C$0.02 per share in the year ago quarter. Analysts were expecting the company to report a loss of C$0.05 per share this quarter. The stock dived 12 percent.
The price of gold was ticking lower Monday morning, with gold for December shedding $4.60 to $1,618.20 an ounce.
Gold miner Yukon-Nevada Gold Corp. (YNG.TO) shed 2 percent after slipping into the red in its second-quarter, reporting net loss of $8.31 million or $0.01 per share, compared to net income of $22.92 million or $0.03 per share a year ago.
Africa focused diamond explorer Lucara Diamond Corp. (LUC.TO) lost nearly 10 percent after reporting that its second-quarter net loss widened to $7.6 million from $5.9 million in the year ago quarter
Pump and pumping equipment company WaterFurnace Renewable Energy. (WFI.TO) eased 0.20 percent after reporting a lower second-quarter net income of $2.2 million or $0.18 per share compared to $3.4 million or $0.28 per share in the comparable quarter last year.
Meanwhile, agriculture and construction equipment dealer Rocky Mountain Dealerships (RME.TO) gained over 2 percent after posting lower second-quarter net earnings of C$1.6 million or C$0.08 per share versus C$4.46 million or C$0.23 per share a year ago. Normalized earnings per share declined to C$0.26 from C$0.30 in the same quarter a year earlier.
Oil and gas industry services provider Hyduke Energy Services Inc. (HYD.TO) moved up 0.75 percent after announcing that its shareholders approved a acquisition proposal by Do All Industries Ltd.
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Real estate company Chartwell Seniors Housing Real Estate Investment Trust (CSH_UN.TO) added nearly 1 percent after reporting that its second-quarter Funds from operations were C$29.8 million or C$0.17 per unit compared to C$24.1 million or C$0.17 per unit in the second quarter of 2011.
In economic news from the euro zone, wholesale price inflation in Germany rose more than expected in July, the latest figures from the Federal Statistical Office showed. Wholesale price inflation quickened to 2 percent in July from 1.1 percent in June. This was expected to rise to 1.3 percent. On a monthly basis, prices increased 0.3 percent against expectations for a 0.4 percent decline. This comes after a 1.1 percent month-on-month decline in June and 0.7 fall in May.
by RTT Staff Writer
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