Toronto stocks fell again Thursday amid the dissatisfaction with the tech sector spurred on by Nortel’s accounting debacle. As well, energy stocks dropped following an announcement by OPEC to raise its output. The S&P/TSX composite index fell 45.71 points, or 0.55%, to 8,329.12.
The TSX information technology sector led the fall today, dropping 2.6%, while energy issues slid 1%. Eight of the TSX’s 10 sub-indexes ended lower.
Technology stocks spent the entire day in negative territory as Nortel Networks Corp. remains under pressure from investors to produce revised financials. Its stock fell 14¢, or 2.7%, to $5.09. The malaise spread elsewhere in the sector. Research In Motion fell $4.29, or nearly 5%, to $76.50, its lowest level in nearly two weeks.
Energy stocks fell after OPEC agreed to raise output by 2 million barrels a day, and pledged to add a further 500,000 barrels a day starting in August. EnCana Corp. dropped 67¢, or 1%, to $54.73. Canadian Natural Resources dropped $1.10, or 3%, to C$35.50.
Meanwhile, the junior S&P/TSX Venture composite index dropped 9.85 tpoints o 1,593.37.
Stocks fell in the U.S., too, as investors anxiously awaiting tomorrow’s May jobs report. The Dow Jones industrial average dropped 67.06 points, or 0.65%, at 10,195.91. The broader S&P 500 Index slid slightly, down 8.36 points, or 0.74%, to 1,116.63. The technology-focused Nasdaq composite Index fell 28.72 points, or 1.44%, to 1,960.26.