Aug 1 (Reuters) - Canada’s main stock index treaded water on Thursday as upbeat earnings from companies including Shopify countered losses in energy shares on the back of lower crude prices.
* Shopify Inc rose 8% after the e-commerce company raised its full-year revenue forecast and reported a quarterly profit that handily beat Wall Street estimates, as the investments to attract customers to its product offerings paid off.
* The energy sector, which accounts for nearly a fifth of the index’s weight, dropped 1.9%, the most among the major Canadian sectors trading lower.
* Oil prices fell for the first time in six days, after the U.S. Federal Reserve dampened hopes for a string of interest rate cuts and as rising U.S. output helped keep the market well supplied.
* A rising dollar makes oil more expensive for holders of other currencies and tends to weigh on commodities priced in the U.S. currency. The dollar hit a two-year peak against the euro on Thursday after the Fed decision.
* The U.S. central bank reduced borrowing costs by a widely expected quarter of a percentage point on Wednesday, but Fed Chairman Jerome Powell signaled a series of further cuts was unlikely, leading to a sharp selloff.
* At 9:49 a.m. ET (1349 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 2.58 points, or 0.02%, at 16,403.98.
* The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.4% as gold futures fell 1.5% to $1,404.7 an ounce.
* Thomson Reuters Corp’s shares rose 2.1% after the news and information provider raised its sales and core profit outlook for 2019 and 2020.
* The largest percentage gainer on the TSX was Spin Master Corp, which jumped 12.9% after the company’s quarterly profit topped estimates.
* Element Fleet Management Corp followed closely behind with a 8.5% rise after its second-quarter revenue beat expectations.
* Hudbay Minerals plunged 21.1%, the most on the TSX, after a court ruling barred the company from proceeding with construction at its Rosemont project in Arizona.
* The second-biggest decliner was Bombardier, down 17.6%, after the plane and train maker lowered its full-year core earnings and free cash flow forecasts.
* On the TSX, 115 issues were higher, while 119 issues declined for a 1.03-to-1 ratio to the downside, with 36.15 million shares traded.
* The most heavily traded shares by volume were Bombardier , Encana Corp and Trevali Mining.
* The TSX posted four new 52-week highs and three new lows.
* Across all Canadian issues, there were 10 new 52-week highs and 13 new lows, with total volume of 52.86 million shares. (Reporting by Amy Caren Daniel in Bengaluru; Editing by Maju Samuel)