OTTAWA: Canada’s main stock index slipped on Wednesday as weakness in the energy sector dragged, offsetting gains by gold mining companies benefiting from higher bullion prices.
Gold miners rose 2.2 percent to a nearly three-week high as the U.S. dollar was hurt by declining expectations the Federal Reserve will raise interest rates soon.
Goldcorp increased 1.3 percent to C$23.38 and Barrick Gold rose 1.5 percent to C$24.40.
The energy group, which accounts for about a third of the weighting of the TSX, retreated from gains earlier in the session to fall 2.2 percent.
Shares of Suncor fell 2.8 percent to C$35.47.
The sector’s declines came despite a gain in oil prices as supply disruptions sent U.S. crude prices up 2.3 percent to $51.52 a barrel.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 52.51 points, or 0.37 percent, at 14,313.10. Eight of the index’s 10 main sectors fell.
The TSX hit a session high of 14,450.91, a level last reached in early August. The index has gained about 6 percent in the last four weeks as oil has rebounded to $50 a barrel.
Shares of Valeant Pharmaceuticals International dropped 3.2 percent to C$30.46, a day after the company slashed its 2016 outlook.
Shares of retailer Dollarama rose 1.9 percent to C$94.39 after the company reported a bigger-than-expected increase in first-quarter profit.
