(MENAFN- ProactiveInvestors) Canadian shares advanced Thursday as banks and insurers stretched gains to counter a drop among energy producers. The benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) inched up 0.2 percent to 14766 at 12:32 p.m. in Toronto. Six out of the ten main industries advanced. The 250-company benchmark gauge is up 0.8 percent this year.
The financials group which accounts for approximately 34 percent of the main measure more than any other group gained 0.8 percent. () which has the heaviest weighting in the index rose 0.7 percent to C$76.49. Toronto-Dominion Bank (TSE:TD) the second-largest bank by market value added 0.7 percent to C$53.92.
The energy sector the main index's second most heavily weighted group slipped 0.9 percent as U.S. crude prices fell for a third day. Energy (TSE:SU) Canada's largest oil sands producer fell 1.3 percent to C$35.56. (TSE:ENB) Canada's largest pipeline company edged up 0.2 percent to C$58.29.
(TSE:PWT) a Canadian conventional oil producer rose 3.6 percent to C$2.00 even after reporting a larger loss in the fourth quarter and planning to further cut its quarterly dividend in response of falling crude prices.
(TSE:BTE) an oil and gas production company fluctuated between gains and losses. The Calgary company expects to raise about C$550 million from the sale of common shares at C$17.35 each.
West Texas Intermediate for April delivery slid 1.4 percent to $47.49 a barrel at 11:58 a.m. on the New York Mercantile Exchange. Brent for April settlement slid 0.4 percent to $57.33 a barrel on the London-based ICE Futures Europe exchange. Oil fell on concern the supply glut will expand as oil production increases.
The materials sub-index which includes mining shares dropped 0.8 percent as gold steadied today. (TSE:G) Canada’s largest gold miner by market value fell 1.9 percent to C$23.42. (TSE:ABX) the second-largest slumped 2.5 percent to C$13.60.
Spot gold was at $1153.80 an ounce at 09:54 a.m. little changed from the previous day while U.S. gold futures for April delivery were up $1.50 an ounce at $1152.10. gold was flat as a retreat in the dollar from 12-year highs arrested its eight-session slide though speculation that U.S. interest rates could rise sooner rather than later kept prices under pressure.
A.T. () tumbled 8.5 percent to C$6.13 after the nation’s largest tour operator said revenue fell almost 7 percent in the fiscal first quarter and its losses widened. The Montreal Quebec-based company said the weaker Canadian dollar led to higher operating costs which were not enough to counter higher selling prices and its cost-control efforts.
() fell 2.4 percent to C$2.43 even as the plane and train maker said Mesa Air Group has agreed to buy seven CRJ900 NextGen aircraft. The order is worth about $326 million at list prices.
The junior () rose 0.1 percent to 670.44 at 12:21 p.m. in Toronto.
In economic news Leverage ratios among Canadian households increased to a record in the fourth quarter as disposable income grew more slowly than borrowing. Statistics Canada said today that credit-market debt including mortgages consumer credit and non-mortgage loans grew to 163.3 percent of disposable income from a revised 162.7 percent in the third quarter. Mortgage debt which accounts for about two thirds of the total climbed 1.2 percent on a seasonally adjusted basis.
Elsewhere prices for new homes in Canada fell for the first time in nearly five years in January and figures for home re-sales in February showed a correction underway in several markets with prices scratching out just a slight gain nationally.
In the U.S. market shares rose as banks advanced and an unexpected drop in retail sales boosted the case for keeping interest rates low. The S&P 500 (INDEXSP:.INX) jumped 1 percent to 2059 at 11:45 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) rose 1.1 percent to 17830 while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) rose 0.6 percent to 4878. Most followed shares included American Express Citigroup Lumber Liquidators Shake Shack Men's Wearhouse Zoe’s Kitchen Acadia and .
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