TORONTO (Reuters) - Canada’s main stock index ended flat on Monday, as sharp gains for several base metal miners and a major bank offset losses for heavyweight energy stocks as crude oil prices turned sharply lower.
Toronto-Dominion Bank (TD.TO) rose 1.1 percent to C$64.41 after Moody’s said it had a very strong credit profile and better financial metrics than peers.
First Quantum Minerals Ltd (FM.TO) jumped 5 percent to C$13.54 after Zambia restored full electricity supply to two of its copper mines over the weekend, after reducing them last week due to a pricing dispute.
The materials group, which also includes precious metal miners and fertilizer companies, added 1 percent. Five more of the index’s 10 main groups traded in positive territory.
Copper hitting its highest level since late 2014 also boosted First Quantum and other copper mining companies, with Hudbay Minerals Inc (HBM.TO) up 4.2 percent to C$10.38 and Lundin Mining Corp (LUN.TO) adding 2 percent to C$9.21.
But the energy group retreated 1.6 percent, as oil prices fell nearly 2 percent ahead of monthly contract expiration, pulling back from last week’s rally.
“That is obviously not good, and energy names are paying the price for that,” said Allan Small, a senior investment advisor at HollisWealth.
HollisWealth’s Small said that with crude prices stuck in a range Canadian domestic producers were less attractive than global companies paying higher dividends.
The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE ended the day down 0.45 points at 14,951.88.
Marijuana company CannTrust Holdings Inc TRST.CD, settled at C$2.50 on its first day of public trade on the smaller Canadian Securities Exchange, after pricing convertible warrants at C$2 in June.
Reporting by Alastair Sharp; Editing by Nick Zieminski and Tom Brown