Toronto's main index cut losses in mid-afternoon trade Tuesday as commodity prices came off their lows, but remained in the red zone. Financial stocks struggled to get a firm foot-hold, in spite of an impressive earnings report from Scotiabank (BNS.TO).
The S&P/TSX Composite Index was down 12.64 points or 0.11% to 11951.21, after touching an intraday low of 11908.58. In the previous week, the index recorded its biggest weekly advance since November, and reached a new closing high for 2010 on Friday.
The Energy Index gave in 0.39%, with Suncor Energy Inc. (SU.TO) down 1.62% and Imperial Oil Ltd. (IMO.TO) down 0.23%.
Renewable energy development company US Geothermal Inc. (GTH.TO), which announced plans to raise nearly $8.6 million by issuing approximately 8.2 million shares of common stock at a price of $1.05 per share, surrendered 10.48%.
Crude oil April was down $0.30 to $81.57 a barrel, bouncing back from a low of $80.16.
The Gold Index lost 0.27%. Red Back Mining Ltd. (RBI.TO) shed 0.73% and Agnico-Eagle Mines Ltd. (AEM.TO) eased 1.21%.
April gold eased $3.60 to $1120.40 a troy ounce.
Minco Gold Corp. (MMM.TO), which announced the discovery of a gold zone on its Oujiaba property in China, surged 24.47%.
Canada's third largest lender Scotiabank (BNS.TO), which reported Tuesday a 17% rise in first-quarter net income, was down 1.12%. National Bank (NA.TO) eased 1.10%.
Canada's five biggest banks earned a combined $5.09 billion in the first-quarter of 2010 compared to $2.97 billion in 2009, with profits soaring nearly two-third, the Canadian Press said. Quarterly earnings of four of the majors, with the exception of RBC (RY.TO), topped analysts' estimates.
The Information Technology Index was up 0.38%. Research In Motion Ltd. (RIM.TO) rose 0.77% and Celestics Inc. (CLS.TO) added 1.45%.
Among consumer staples, Maple Leaf Foods Inc. (MFI.TO) was down 1.78% while Metro Inc. (MRU-A.TO) gained 1.73%.
Convenience retailer Alimentation Couche-Tard Inc. (ATD_B.TO) eased 0.21%. The company reported a third-quarter net income that declined to US$54.8 million from US$71.1 million in the comparable quarter.
In economic release from across the border, the IBD/TIPP Economic Optimism Index in March fell 1.4 points to 45.4 from 46.8 in February. Economists were expecting a rise to 48.9. A reading below 50 indicates pessimism.
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