(MENAFN- ProactiveInvestors)Canadian shares fell on Wednesday led by Valeant Pharmaceuticals which lost a quarter of its market value on a short-seller report and as commodities prices slumped. The resource-heavy benchmark Standard & Poor's/TSX Composite Index (TSE:OSPTX) fell 0.8% to 13733.16 at 11:58 a.m. in Toronto. Five shares advanced for every issue that declined as six out of ten share groups were in negative territory. The healthcare sector plunged 7.9%. Valeant Pharmaceuticals International (TSE:VRX) lost 22% to C$148.46 after Citron Research published a report examining the drugmaker's pricing practices. The energy sector the main index's second most heavily weighted group skidded 0.6% as oil prices slid. Suncor Energy (TSE:SU) Canada's biggest energy company inched up 0.2% to C$36.91. Canadian Natural Resources (TSE:CNQ) the country's largest heavy-oil producer declined 1.4% to C$30.73. TransCanada (TSE:TRP) rose 1.3% to C$45.41 after the pipeline company which is proposing the Keystone XL and Energy East pipeline projects announced new job cuts eliminating about 20% of its directors. U.S. crude was down $0.46 at $45.83 a barrel after tumbling as much as $1.43 earlier to a three-week low of $44.86. The materials sub-index which includes mining shares lost 1.3% as gold prices dipped. Goldcorp (TSE:G) Canada's largest gold miner by market value retreated 1% to C$19.83. Barrick Gold (TSE:ABX) Canada's second-largest gold miner sank 4% to C$9.85 expanding this year's drop to 21%. Spot gold was down 0.6% at $1168.76 an ounce. U.S. gold futures for December delivery were down $9.60 an ounce at $1168.10. The financials group which accounts for approximately 36% of the main measure more than any other group gained 0.8%. Royal Bank of Canada (TSE:RY) which has the heaviest weighting in the index added 0.8% to C$75.01. Toronto-Dominion Bank (TSE:TD) the second-largest bank by market value was little changed at C$53.56. In economic news the Bank of Canada toned down its optimism for a rebound from an oil-price collapse slashing its growth forecast for the next two years. The benchmark rate on overnight loans between commercial banks was left unchanged at 0.5 percent the central bank said in a decision on Wednesday. The bank said the fallout from lower prices for crude oil one of Canada's largest exports will be felt for longer than projected. As a result the Canadian dollar fell the most in three months. The loonie fell 0.9% to C$1.3095 per U.S. dollar. In the U.S. market shares were wavering between gains and losses but turning higher as investors weighed a mixed bag of earnings news deal activity and renewed volatility in commodity markets.
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