(MENAFN- ProactiveInvestors) Canadian shares seesawed between gains and losses as a slump among commodity producers offset gains in financial shares.
The benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) was little changed at 15103.19 at 12:46 p.m. in Toronto. Three shares declined for every two issues that declined as six out of ten main share groups were in the negative territory.
The energy sector the main index's second most heavily weighted group fell 1.6 percent as oil Canada’s largest export dropped by more than 2 percent. Energy (TSE:SU) Canada's largest oil sands producer skidded 1.5 percent to C$36.04. (TSE:ENB) Canada's largest pipeline company was little changed at $61.88.
June crude traded at $57.98 a barrel down 2.4 percent on the New York Mercantile Exchange. The Nymex June contract expires at the close of trading. July Brent crude on London’s ICE Futures exchange fell 2.2 percent to $64.79 a barrel.
The materials sub-index which includes mining shares slid 0.7 percent as gold fell. (TSE:G) Canada’s largest gold miner by market value slumped 1.9 percent to C$22.88. (TSE:ABX) the second-largest lost 2.3 percent to C$15.44.
(TSE:TRQ) the Canadian mineral exploration company focused on the Asia Pacific region soared 4.8 percent to C$5.49 after Mongolia and parent Group settled a dispute over the Oyu Tolgoi copper and gold mine.
Imperial Metals () sank 5.5 percent to C$12.10 after its top shareholder agreed to provide additional funds to the copper miner after a delay to the start of production.
Gold for June delivery on Comex dropped as much as $22 to tap an intraday low of $1205.60. It was recently down 1.6 percent at $1208 an ounce.
Financials the index's most heavily weighted sector rose 0.7 percent. () which has the heaviest weighting in the index gained 0.8 percent to C$79.41. Toronto-Dominion Bank (TSE:TD) the second-largest bank by market value advanced 0.8 percent to C$55.81.
() jumped 4.6 percent to C$2.49 after saying it has entered a long-term strategic manufacturing agreement that provides it with access to additional manufacturing capacity in an FDA-licensed facility in Winnipeg Manitoba. It said it will use the capacity to develop and make plasma-derived biopharmaceuticals.
() fell 0.7 percent to C$48.96 reversing an earlier rally. The company declared a monthly dividend of 13 Canadian cents a share for May up from 12.5 Canadian cents in April.
() tumbled 2.6 percent to C43.43 after the crop processor said first-quarter revenue fell 33 percent and its net loss widened from a year earlier.
The junior () dropped 0.2 percent to 693.92 at 12:32 p.m. in Toronto.
In economic news Governor Stephen Poloz said today that the Canadian economy remains on track for a partial rebound in the second quarter as non-energy exports and other positive forces continue to build.
In the U.S. market shares were slightly lower as investors digested a report indicating a share increase in housing starts last month. The S&P 500 (INDEXSP:.INX) was flat at 2129 at 11:47 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) added 0.1 percent to 18311 while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) skidded 0.2 percent to 5070. Most followed shares included Wal-Mart Dick’s Sporting Goods Royal Caribbean Cruises TJX Lumber Liquidators and .
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