TSX closes lower as falling oil, metal prices weigh

(Reuters) - Canada’s main stock index closed lower on Wednesday, dragged down by energy companies and miners as oil and metal prices dropped.

A man walks past an old Toronto Stock Exchange (TSX) sign in Toronto, June 23, 2014. REUTERS/Mark Blinch

The Toronto Stock Exchange’s S&P/TSX composite index slipped 33.35 points, or 0.22 percent, to 15,330.58.

Gold and silver-mining company Klondex Mines was the biggest decliner on the index, closing down 7.1 percent after Royal Bank of Canada and Bank of Montreal cut their target price for the stock.

Gold prices fell as much as 1 percent to $1,311.66 an ounce, and were trading at $1,316.62 as of 4:17 p.m. EST (2117 GMT).

Energy company Paramount Resources was the second-biggest decliner, with a 6.7 percent drop, followed by copper miner Hudbay Minerals, which lost 5.4 percent.

U.S. crude hit a one-month low, falling as much as 3.4 percent to $61.25 a barrel; Brent slid as much as 2.5 percent to $65.16, a six-week low.

Copper futures dropped 2.8 percent to $6,880.05 a tonne.

Torex Gold bucked the downtrend in metals producers to be the best performer on the index, with a 5.2 percent gain. The company said it had completed financing to restart its ELG Mine Complex in Mexico.

Sleep Country Canada was the second-biggest gainer, up 5 percent, after Laurentian Securities initiated coverage with a “buy” rating.

Marijuana producer Canopy Growth Corp and Bombardier Inc were the most actively traded stocks on the index.

There were 124 advancing stocks and 122 declining ones on the index; four were flat.

Reporting by Leah Schnurr; Editing by James Dalgleish