Canadian Stocks Decline On Weak Crude Oil Prices, Ukraine Worries

(RTTNews) - Canadian stocks are lower Friday, dragged down by some heavy selling in the energy space following a significant drop in crude oil prices.

Weakness in Europe, some disappointing earnings reports from the U.S. and escalating worries about the situation in Ukraine are also contributing to the market's decline.

The benchmark S&P/TSX Composite Index is down 52.16 points or 0.36 percent at 14,502.09.

On Thursday, the index ended up 20.86 points or 0.14 percent at 14,554.25, after scaling a high of 14,584.10.

In corporate news, Progressive Waste Solutions Ltd. (BIN.TO) Friday reported a drop in earnings as well as revenues for the first quarter. Earnings, however, were in line with analysts' estimates. The stock is up more than 2 percent.

West Fraser Timber Co Ltd (WFT.TO) shares are up 1.5 percent. On Thursday, the company reported first-quarter net earnings of C$72 million compared with C$67 million last year.

Federal officials are threatening to cut Telus (T.TO) out of the big wireless spectrum auction, according to the Global and Mail. Telus shares are down 0.7 percent.

Brookfield Office Properties Inc. (BPO.TO) shares are little changed. The company reported first-quarter net income to shareholders of $93 million or $0.15 per share, compared to $275 million or $0.48 per share, previous year. Income before income taxes increased to $473 million from $373 million, a year ago.

Nautilus Minerals Inc. (NUS.TO) shares are up 22 percent after the company finalized an agreement with Papua New Guinea to explore the ocean floor for ores of copper, gold and other valuable metals.

Energy stocks are declining. Canadian Oil Sands Limited (COS.TO) is down 4.4 percent after announcing an unplanned maintenance-related outage at Syncrude Coker 8-1.

Husky Energy Inc. (HSE.TO) and Talisman Energy (TLM.TO) are lower by 1.6 percent and 1.3 percent, respectively.

Canadian Natural Resources Limited (CNQ.TO) is losing about 1.2 percent, while Talisman Energy Inc. (TLM.TO), Encana Corporation (ECA.TO), Suncor Energy Inc. (SU.TO) and Cenovus Energy Inc. (CVE.TO) are down 0.5 to 1 percent.

Gold stocks are rising, tracking higher bullion prices. Barrick Gold Corporation (ABX.TO), Eldorado Gold Corporation (ELD.TO), Goldcorp Inc. (G.TO), Kinross Gold Corporation (K.TO) and Detour Gold Corporation (DGC.TO) are higher by 1 to 2 percent.

Consumer discretionary stocks Magna International Inc. (MG.TO), Gildan Activewear Inc. (GIL.TO) and Linamar Corporation (LNR.TO) are down 0.5 to 1.3 percent.

Among healthcare stocks, Extendicare Inc. (EXE.TO) is down 0.5 percent and Valeant Pharmaceuticals International, Inc. (VRX.TO) is declining 0.8 percent, while Catamaran Corporation (CCT.TO) is down marginally.

The big six banks are all down in negative territory with marginal losses.

In the industrial space, Canadian National Railway Company (CNR.TO), Canadian Pacific Railway Limited (CP.TO), Finning International Inc. (FTT.TO) and Stantec Inc. (STN.TO) are down 0.5 to 1 percent. MacDonald, Dettwiler and Associates Ltd. (MDA.TO) is losing over 2 percent, while Ballard Power Systems Inc. (BLD.TO) is up over 4.5 percent and Bombardier Inc. (BBD.B.TO) is higher by about 0.6 percent.

In commodities, crude oil futures for June delivery are down $1.07 or 1.05 percent at $100.87 a barrel.

Natural gas is down $0.065 or 1.38 percent at $4.658 per million btu.