Canadian Stocks Fall for Second Day Amid Disappointing Earnings

Canadian stocks experienced a decline for the second consecutive day, with the S&P/TSX Composite Index shedding 135.39 points, or 1.01 percent, to close at 13,300.56. This downturn was largely driven by losses in the financials and telecommunication services sectors. Royal Bank of Canada, the country's second-largest lender, saw a decline of 1.44 percent, while Rogers Communications Inc. decreased by 3.49 percent following its report of a nearly flat profit in the wireless sector. In contrast, Research In Motion Ltd. and Sino-Forest Corp. saw gains of 2.66 percent and 11.95 percent, respectively.

Key Takeaways:

• The S&P/TSX Composite Index fell 135.39 points, or 1.01 percent, to close at 13,300.56.
• The index measuring the financials sector on the Toronto Stock Exchange (TSX) lost 1.34 percent.
• Royal Bank of Canada, the country's second-largest lender, declined 1.44 percent.
• The index measuring the telecommunication services sector on the TSX reduced 1.94 percent.
• Inmet Mining Corp. tumbled 4.86 percent after reporting disappointing quarterly results and cutting its full-year production outlook due to operational problems.
• Research In Motion Ltd. gained 2.66 percent following a sharp selloff in the previous session.
• Sino-Forest Corp. rallied 11.95 percent.
• The S&P/TSX Venture Composite Index closed down 13.11 points, or 0.64 percent, at 2,023.52.
• The Canadian dollar appreciated against its U.S. counterpart for a second day.

Statistics:

• The S&P/TSX Composite Index lost 1.01 percent.
• The financials sector index on the TSX fell by 1.34 percent.
• Royal Bank of Canada declined 1.44 percent.
• Rogers Communications Inc. decreased by 3.49 percent.
• Inmet Mining Corp. tumbled 4.86 percent.
• Research In Motion Ltd. gained 2.66 percent.
• Sino-Forest Corp. rallied 11.95 percent.
• The S&P/TSX Venture Composite Index lost 0.64 percent.

Sources:

• Xinhua news agency, July 26, 2011.