Shawshank, VA 10/17/2011 (PennyPayDay) – Canadian stocks opened lower Monday amid selling across a variety of sectors, with the base-metals stocks turning in a particularly poor performance. The S&P/TSX Composite Index lost 82.72 points or 0.68 percent to 11,999.01.The Diversified Materials Index shed over 2 percent, with First Quantum Minerals (FM.TO) losing 2 percent. Inmet Mining (IMN.TO) and Teck Resources (TCK_B.TO) were down 1 percent each.
In the oil patch, Ecopetrol S.A. (ECP.TO) dived 10 percent and Crew Energy (CR.TO) slipped 4 percent.
In the financial space, Sun Life Financial (SLF.TO) lost nearly 6 percent after it estimated a third-quarter loss of C$621 million on the impact of declining equity markets and interest rate levels.
Fellow insurer, Manulife Financial (MFC.TO) shed 3 percent.
Smart phone maker Research In Motion (RIM.TO) eased 1.50 percent after it said a selection of premium apps worth a total value of more than $100 will be offered free of charge to subscribers
Meanwhile, entertainment technology company IMAX Corp. IMX.TO) edged up 0.20 percent after it said it acquired license for laser projection technology patents from Imaging technology company Eastman Kodak Co.
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