(MENAFN- ProactiveInvestors) Canadian shares retreated for a second day but was on track to finish in positive territory for a third consecutive year. The resource-sensitive benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) skidded 0.2 percent to 14605.09 at 12:20 p.m. in Toronto. Five shares declined for every four stocks that advanced with half of the ten major industries down. The gauge has gained 7.2 percent this year.
The energy sector the main index's second most heavily weighted group surrendered 0.7 percent as oil Canada’s largest export headed for the biggest annual decline since the 2008 global financial crisis.
Energy (TSE:SU) Canada's largest oil sands producer fell 0.9 percent to C$36.75 and () the country's second-largest oil and gas company dropped 0.4 percent to C$35.72.
West Texas Intermediate for February delivery declined 2.3 percent to $52.87 a barrel at 11:29 a.m. on the New York Mercantile Exchange after dropping to $52.51 the lowest since May 2009. Oil fell as U.S. producers and the Organization of Petroleum Exporting Countries ceded no ground in their battle for market share amid a supply glut.
The materials sub-index which includes mining shares fell 0.6 percent as gold dropped. (TSE:ABX) stumble 1.5 percent to C$12.41 stretching this year’s loss to 34 percent. (TSE:G) retreated 0.7 percent to C$21.47.
Agrium () a Canadian fertilizer maker edged up 0.1 percent to C$110.50 after saying it has restarted potash production at its Vanscoy mine in Saskatchewan after completing work to tie in its expansion project. It said the facility is expected to ramp up production in the first half of 2015 with the target production volume for the coming year unchanged at 2.1 million metric tons.
Gold futures for February delivery fell 0.4 percent to $1195.50 an ounce at 10:02 a.m. an ounce on the Comex in New York.
The financials group which accounts for approximately 36 percent of the main measure more than any other group dropped 0.4 percent. () the company with the highest weighting in the index decreased 0.5 percent to C$80.01. Toronto-Dominion Bank (TSE:TD) the second-largest bank by market value dropped 0.2 percent to C$55.35.
The junior () inched down 0.1 percent to 686.76 at 12:12 p.m. in Toronto. The 404-company measure where energy and materials producers account for approximately 70 percent of its weighting dropped 26 percent this year.
In the U.S. market shares advanced toward record levels on the last trading day of a year. The S&P 500 (INDEXSP:.INX) rose 0.1 percent to 2082.66 at 11:38 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) gained 0.2 percent to 18022.55 while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) added 0.4 percent to 4794.03. Most followed shares included Meadowbrook NephroGenex Aventine American Eagle Energy Kellogg and .
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