TSX Ends Lower On Global Cues -- Canadian Commentary

(RTTNews) - Canadian stocks ended lower on Tuesday, tracking declining global equity markets with telecommunications and technology stocks dropping even as investors continued to opt for profit taking with lack of direction and positive triggers.

Some sluggish commodity prices and weak economic data from Europe, coupled with geopolitical worries over the ongoing conflicts in Iraq and Ukraine also weighed on the market.

The Capped Telecommunications Index lost 0.82 percent, with Rogers Communications Inc. (RCI.B.TO) down 0.38 percent, BCE Inc. (BCE.TO) dropping 0.60 percent, and Telus Corp. (T.TO) down 2.19 percent.

The Information Technology Index dropped 1.00 percent, with BlackBerry Limited (BB.TO) down 2.75 percent and CGI Group Inc. (GIB.A.TO) shedding 0.82 percent.

The S&P/TSX Composite Index closed Thursday at 15,137.18, down 35.75 points or 0.24 percent. The index scaled an intraday high of 15,172.93 and a low of 15,021.05.

On Monday, the index ended down 42.03 points or 0.28 percent at 15,172.93, after recording a high of 15,215.39 and a low of 15,107.18 intraday.

Crude oil futures slipped for an eighth day to end lower ahead of the official weekly crude oil report from the Energy Information Administration, amid easing fears of production disruption in Iraq.

The Energy Index dropped 0.42 percent, with U.S. crude oil futures for August delivery, the most actively traded contract, dropping $0.13 or 0.1 percent to close at $103.40 a barrel Tuesday on the Nymex.

Among energy stocks, Canadian Natural Resources Ltd. (CNQ.TO) inching up 0.02 percent, Talisman Energy Inc. (TLM.TO) down 0.28 percent, Suncor Energy Inc.(SU.TO) down 0.15 percent, Cenovus Energy Inc. (CVE.TO) shed 0.53 percent, and Encana Corp. (ECA.TO) gained 1.18 percent.

The Financial Index dropped 0.20 percent with Toronto-Dominion Bank down 0.11 percent, National Bank of Canada (NA.TO) up 0.48 percent, Bank of Nova Scotia (BNS.TO) down 0.50 percent, and Royal Bank of Canada (RY.TO) added 0.35 percent.

The Capped Healthcare Index dived 1.83 percent with Valeant Pharmaceuticals International, Inc. (VRX.TO) shed 1.11 percent and Catamaran Corp. (CCT.TO) down 0.68 percent

The Global Gold Index gained 1.45 percent, with gold futures for August delivery dropping $0.50 to close at $1,316.50 an ounce Tuesday on the Nymex.

Among gold stocks, Yamana Gold Inc. (YRI.TO) edged up 0.12 percent, Kinross Gold Corp. (K.TO) added 1.35 percent, Eldorado Gold Corp. (ELD.TO) added 1.91 percent, and Barrick Gold Corp. (ABX.TO) gained 2.10 percent.

The Capped Materials Index gained 0.55 percent, with Potash Corp. of Saskatchewan Inc. (POT.TO) edging down 0.82 percent.

The Diversified Metals & Mining Index added 0.42 percent, with Lundin Mining Corp. (LUN.TO) gained 0.48 percent, Teck Resources Limited (TCK.B.TO) down 1.03 percent, and First Quantum Minerals Ltd. (FM.TO) up 1.39 percent.

The Information Technology Index dropped 1.00 percent, with BlackBerry Limited (BB.TO) down 2.75 percent and CGI Group Inc. (GIB.A.TO) shedding 0.82 percent.

The Capped Industrials Index shed 0.68 percent, with Bombardier Inc. (BBD.B.TO) down 1.04 percent and Air Canada (AC.B.TO) down 3.05 percent.

The Capped Telecommunications Index lost 0.82 percent, with Rogers Communications Inc. (RCI.B.TO) down 0.38 percent, BCE Inc. (BCE.TO) dropping 0.60 percent, and Telus Corp. (T.TO) down 2.19 percent.

CAE Inc. (CAE.TO) dropped 1.55 percent, with the company revealing contracts for civil aviation training solutions including seven full-flight simulators, a series of training devices as well as simulator update services to customers in North America, Asia, the Middle East and Eurasia.

Meanwhile, ATS Automation Tooling Systems Inc. (ATA.TO) jumped 7.45 percent after it agreed to buy all shares of German-based M+W Process Automation GmbH and ProFocus LLC, collectively M+W PA, provider of engineering-based automation services and solutions, for an enterprise value of nearly 248 million euros or C$362 million.

Technology stock MacDonald, Dettwiler and Associates Ltd.(MDA.TO) is down 1.69 percent. The company has signed a contract valued at C$14 million with the Land Title and Survey Authority of British Columbia or LTSA to provide an operational electronic parcel map solution known as ParcelMap BC.

Element Financial Corp. (EFN.TO) dropped 1.92 percent after indicating the closure of the previously announced acquisition of the assets and operations of PHH Arval for a purchase price of US$1.4 billion.

Jean Coutu Group Inc. (PJC.A.TO) fell 0.45 percent after reporting a decline in first-quarter net profit to C$54.1 million or C$0.29 per share, from C$108.6 million or C$0.51 per share, last year.

In economic news from Europe, a report from German Statistical Office DESTATIS showed German manufacturing turnover to have slipped 1.9 percent month-over-month in May following the revised 0.5 percent increase in April.

Meanwhile, U.K. industrial production was down unexpectedly in May, declining 0.7 percent month-on-month, reversing a 0.3 percent rise in April, the Office for National Statistics said. Economists had forecast a 0.3 percent rise.

Eurozone investor sentiment recovered in July, with the Sentix indicator rising to 10.1 from June's 8.5, after weakening in the previous two months. Economists had forecast a lower score of 7.7. The economic expectations index climbed to 18.3 from 17 in the previous month and equaled May's score. The index rose for the first time in five months.

The Organization for Economic Cooperation and Development said the leading index continues to show stable growth momentum in the region. The composite leading indicators remained unchanged at 100.6 in May. The CLI for the United States continue to indicate stable growth momentum with the index rising to 100.6 in May from 100.5 in April. In the euro area, the CLI for May came in at 101.1, the same score as seen in April.

Meanwhile, International Monetary Fund Managing Director Christine Lagarde indicated a slight reduction to the institution's global growth outlook as investment remains subdued. The global economic outlook is to be released later this month.