Investors shrugged off positive earnings reports from Rogers Communications and Canadian Pacific rail on Tuesday, driving the Toronto Stock Exchange well into negative territory.
The S&P/TSX Composite Index closed at 11,053.5, down 181.34 points from Monday's finish. The decline was broad-based, with all but two of the index's eight sub-indexes trading lower on the day.
The lone exceptions were the energy and telecommunications sectors.
The benchmark Canadian index has shed 480 points in the last three trading days.
The Canadian dollar finished up .08 of a cent to 93.8 cents US after a stronger greenback pushed the loonie down about 1.3 cents US on Monday.
Rogers shares ended up $1.40 at $31.50 after the telecom company reported quarterly net income of $485 million or 79 cents a share, compared to year-earlier earnings of $495 million or 78 cents a share.
After adjustments, net income totalled $505 million or 82 cents a share, up from 73 cents a year earlier and well above analysts' expectations of 54 cents per share. Revenue at the wireless division was up seven per cent, fuelled by growth in postpaid subscriptions attributed to the popularity of the Apple iPhone.
Canadian Pacific Railway Ltd. said that third-quarter net income rose to $195.4 million or $1.16 cents a share, up from $170.7 million or $1.10 cents a share a year ago. However, revenue fell to under $1.1 billion from more than $1.3 billion a year ago and its shares lost $2.45 to trade at $46.28 in the afternoon.
