(MENAFN- ProactiveInvestors) Canadian shares tumbled today as a plunge in gold and oil prices nudged down commodity producers. The benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) fell 1 percent to 15036.88 at 12:55 p.m. in Toronto. Seven shares declined for every issue that advanced as nine out of the 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 fell 3%. Energy (TSE:SU) Canada's largest oil sands producer sank 2 percent to C$36.23. Limited () Canada’s second-largest energy producer declined 1.6 percent to C$37.78.
() Canada's second-largest independent oil producer slumped 1.1 percent to $20.73 after announcing the upcoming retirements of four executives including its chief operating officer. It said three will be replaced by internal candidates while an external search is underway for a president of upstream oil and gas a position it expects to fill by September.
() dipped 2.4 percent to C$19.60 after saying it has temporarily suspended operations at its Christina Lake oil-sands project in northeastern Alberta and moved non-essential staff from the site due to the potential risk of nearby forest fires.
Brent crude was down $1.90 at $63.62 a barrel at 11:40 a.m. while U.S. crude also known as WTI was $1.60 lower at $58.12. Oil was pressured by the possibility that U.S. shale oil producers could increase drilling activity and by a stronger dollar.
The materials sub-index which includes mining shares tanked 1.7 percent as gold dipped almost 2 percent. (TSE:G) Canada’s largest gold miner by market value gave up 2.8 percent to C$21.88. (TSE:ABX) the second-largest retreated 3.8 percent to C$14.55.
Spot gold dropped to a two-week low of $1185.35 an ounce earlier and was down 1.6 percent at $1187.59. U.S. gold futures for June delivery were down $16.70 at $1187.30 an ounce. Bullion tumbled as the dollar extended gains following a raft of strong U.S. data.
Financials the index's most heavily weighted sector dived 1.4 percent. () which has the heaviest weighting in the index gave back 1.2 percent to C$79.36.
Toronto-Dominion Bank (TSE:TD) the second-largest bank by market value sank 1.5 percent to C$55.52. TD agreed to acquire retailer ’s () existing U.S. and private-label consumer credit-card portfolio which the companies said currently totals about $2.2 billion in receivables.
CAE (TSE:CAE) skidded 0.4 percent to C$15.26 even as the maker of flight simulators posted a fourth-quarter profit of C$0.24 per share a penny better than both results in the year-earlier period and the mean estimate. Revenue also rose 10 percent from a year earlier.
The junior () lost 1 percent to 693.14 at 12:18 p.m. in Toronto.
In the U.S. market shares dipped after a mixed bag of U.S. economic data underscored investor concerns about the recent pace of economic growth. The S&P 500 (INDEXSP:.INX) fell 1 percent to 2105 at 11:56 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) slipped 1 percent to 18047 while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) lost 1.1 percent to 5033. Most followed shares included Cable Ctrip Priceline LivePerson First Solar GM Qualcomm Wal-Mart and .
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