OTTAWA (Reuters) - Canada’s main stock index slipped on Wednesday as weakness in the energy sector dragged, offsetting gains by gold mining companies benefiting from higher bullion prices.
Gold miners .SPTTGD rose 2.2 percent to a nearly three-week high as the U.S. dollar was hurt by declining expectations the Federal Reserve will raise interest rates soon. [GOL/]
The energy group .SPTTEN, which accounts for about a third of the weighting of the TSX, retreated from gains earlier in the session to fall 2.2 percent.
Shares of Suncor (SU.TO) fell 2.8 percent to C$35.47.
The sector’s declines came despite a gain in oil prices as supply disruptions sent U.S. crude CLc1 prices up 2.3 percent to $51.52 a barrel. [O/R]
The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE closed down 52.51 points, or 0.37 percent, at 14,313.10. Eight of the index’s 10 main sectors fell.
The TSX hit a session high of 14,450.91, a level last reached in early August. The index has gained about 6 percent in the last four weeks as oil has rebounded to $50 a barrel.
Shares of Valeant Pharmaceuticals International VRX.TO dropped 3.2 percent to C$30.46, a day after the company slashed its 2016 outlook. Shares of retailer Dollarama (DOL.TO) rose 1.9 percent to C$94.39 after the company reported a bigger-than-expected increase in first-quarter profit.
Reporting by Leah Schnurr and John Tilak; Editing by W Simon and Steve Orlofsky