Toronto Stocks close in the red

Another red day for Toronto stocks, led lower by weaker oil prices and precious metals.

Silver stocks took the brunt of the damage from a sharp pull back in the metal with silver futres closing near the lows of the day at $34.72.

First Majestic Silver Corp (FR:TSX) was one of the weaker stocks on the TSX today with a -8% close.

First Majestic Silver Corp. (First Majestic) is a silver mining company. The Company is focused on the business of silver production and the development, exploration, and acquisition of mineral properties with a focus on silver production in Mexico. First Majestic has ownership of three producing properties in Mexico: the La Encantada Silver Mine in Coahuila State, the La Parrilla Silver Mine in Durango State, and the San Martin Silver Mine in Jalisco State. It also owns two advanced stage development silver project, the Del Toro Silver Mine and the Real de Catorce Silver Project in San Luis Potosi State. La Parrilla Silver Mine is a producing underground silver mine and processing facility in Durango State, Mexico. It consists of 22 contiguous mining concessions, which provide mineral rights that cover an area of 4,076 hectares. In January 2011, it entered into a letter of intent whereby it has agreed to grant an option to acquire up to 90% in the Jalisco Group of Properties.