OTTAWA: Canada’s main stock index dipped on Monday as energy and mining shares tracked commodity prices lower, offsetting gains for financial and industrial shares after the U.S. Senate’s approval of a tax overhaul bill boosted investor sentiment. Energy shares declined 0.9 percent as oil fell. U.S. crude prices were down 1.3 percent at $57.61 after U.S. shale drillers added more rigs last week, though prices remained in sight of recent two-year highs. Suncor Energy Inc fell 1.5 percent to C$43.87.
Still, the largest percentage gainer on the TSX was uranium producer Cameco Corp, which surged 15.8 percent to C$13.94. Analysts said plans by Kazakhstan’s state-run uranium mining company to cut production could boost the price of the metal. The largest percentage decliner on the index was Shopify Inc, down 6.1 percent. The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.7 percent. Gold futures fell 0.4 percent to $1,273.8 an ounce and copper prices declined 0.4 percent to $6,803.5 a tonne.
At 10:57 a.m. ET (1557 GMT), the Toronto Stock Exchange’s S&P/TSX composite index fell 9.44 points, or 0.06 percent, to 16,029.53. Seven of the index’s 10 main groups were lower. The financials group, which accounts for 35 percent of the index’s weight, gained 0.3 percent. Some of Canada’s major banks have operations in the United States and could benefit if U.S. tax cuts boost economic growth. Industrials rose 0.98 percent, led by a 1.4 percent gain for Canadian National Railway Co to C$101.26.
