3 Min Read
* TSX down 55.75 points at 11,617.09
* Eight of 10 sectors lower (Updates with details, commentary)
By Claire Sibonney
TORONTO, July 14 (Reuters) - Toronto's main stock index drifted lower on Wednesday as commodity prices softened and weak U.S. retail sales data offset better than expected U.S. corporate results.
Data showed a second straight month of declining U.S. retail sales in June, though robust results from technology bellwether Intel Corp (INTC.O) fed optimism that second-quarter company earnings will impress investors. [.N]
As well, oil eased to below $77 a barrel, falling from a two-week high, after a weekly industry report showed a surprise increase in U.S. crude inventories, pushing down energy stocks 0.8 percent. [O/R]
The materials sector was also 0.5 lower after a rally in gold and copper prices fizzled. [GOL/] [MET/L]
Barrick Gold Corp (ABX.TO) was down 0.5 percent to C$44.38, and Teck Resources TCKb.TO slipped 0.9 percent to C$34.58.
"You've just got a little bit of a profit-taking pullback here," said Bruce Latimer, a trader at Dundee Securities.
On Tuesday, a broad rally TSX drove the TSX to touch a two-week high.
"It's really tough to say how today's going to fare out. I think people are just watching for particular earnings," Latimer added.
Shares of Corus Entertainment (CJRb.TO) rose 0.7 percent to C$19.51, after reporting a quarterly profit, citing strengthening advertising sales in both its television and radio segments. [ID:nN13265871]
At 10:07 a.m. (1407 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 55.75 points, or 0.48 percent, at 11,617.09. Eight of the 10 sectors were lower. Technology and telecom stocks were slightly higher.
"If you look at the last few weeks, the market has had a nice move and we're just going to consolidate that move and digest it," said Latimer.
He also noted that some investors will be sitting on the sidelines ahead of a raft of major Chinese economic data on Thursday including figures on inflation, industrial output, retail sales and growth domestic product. ECONCN
In other company-specific news, shares of Sprott Inc (SII.TO), one of Canada's best-known fund managers, jumped 3 percent to C$3.40 after the company said Peter Grosskopf will take over as chief executive, replacing Eric Sprott. [ID:nSGE66C0IU]
Investors are also looking ahead to the Federal Reserve's economic forecasts, which will be released Wednesday afternoon alongside the minutes from the Fed's most recent monetary policy meeting. (Reporting by Claire Sibonney; Editing by Jeffrey Hodgson)