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Canadian shares drop as falling commodities pull energy producers and miners down

Published: 12:47 15 Oct 2015 EDT

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Two shares declined for every issue that advanced.

Canadian shares declined on Thursday as falling commodities prices nudged down energy producers and miners.


The benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) fell 0.7% to 13,785.61 at 12:18 p.m. in Toronto. Two shares declined for every issue that advanced as six out of ten share groups were in negative territory.

The energy sector, the main index's second most heavily weighted group, tumbled 2.3% as oil futures headed toward their lowest settlement in two weeks.

Suncor Energy (TSE:SU), Canada's biggest energy company, retreated 1% to C$36.66.
Canadian Natural Resources (TSE:CNQ), the country's largest heavy-oil producer, declined 3.5% to C$29.95.

November West Texas Intermediate crude traded at $45.35 a barrel, down $1.28, or 2.7%, on the New York Mercantile Exchange.

The materials sub-index, which includes mining shares, slid 0.7% as gold retreated from the previous session's 3-1/2 month high.

Goldcorp (TSE:G), Canada’s largest gold miner by market value, declined 1% to C$19.86.
Barrick Gold (TSE:ABX), Canada’s second-largest gold miner, slumped 1.8% to C$10.37.

Spot gold was down 0.4% at $1,181.01 an ounce, while U.S. gold futures for December delivery were up $1.50 an ounce at $1,181.30.

Financials, the index's most heavily weighted sector, inched down 0.1%. Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, was flat at C$73.54.

Toronto-Dominion Bank (TSE:TD) fluctuated and was last down 0.3% at $52.22. The second-largest bank by market value set a new target to lift earnings from its Canadian retail businesses by more than 7% in the medium term.

Bank of Nova Scotia (TSE:BNS) slipped 0.1% to $59.65. The nation’s third-largest lender agreed to buy C$1.7 billion ($1.3 billion) in Canadian credit-card receivables from JPMorgan Chase & Co., including those tied to Sears Canada Inc.

In economic news, the prolonged housing boom in Canada showed signs of slowing last month as home resales fell, especially in Calgary, the energy capital, even as low interest rates boosted national house prices.

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