(MENAFN- ProactiveInvestors) Canadian shares seesawed as gains among energy producers outstripped losses in gold miners following concerns raised by the victory of the leftist Syriza party in the Greek election.
The benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) inched up 0.1 percent to 14792.20 at 12:11 p.m. in Toronto. One share declined for every stock that advanced as six out of ten major industries slipped.
Greek leftist leader Alexis Tsipras was sworn in on Monday as the prime minister of a new anti-bailout government and promised that the austerity imposed by international creditors for the past five years is over.
The energy sector the main index's second most heavily weighted group was up 0.2 percent as oil Canada’s largest export pared losses. Energy (TSE:SU) Canada's largest oil sands producer lost 0.5 percent to C$37.16. Limited () Canada’s largest independent energy company added 0.4 percent to C$36.50.
West Texas Intermediate for March delivery added 9 cents to $45.68 a barrel at 10:47 a.m. on the New York Mercantile Exchange. Brent for March settlement fell 0.4 percent to $48.62 a barrel on the London-based ICE Futures Europe exchange. Oil slid after OPEC Secretary-General Abdalla El-Badri said insufficient investment could push prices to $200 a barrel.
The materials sub-index which includes mining shares fell 0.7 percent as gold futures fell the most this year. (TSE:G) Canada’s largest gold miner by market value shot up 2.4 percent to C$29.01. (TSE:ABX) the second-largest eased back 0.1 percent to C$15.42.
Gold futures for February delivery dropped 1.1 percent to $1278.60 an ounce at 10:47 a.m. on the Comex in New York heading for the biggest decline since December 31. Bullion fell on bets that Greece’s anti-austerity party victory will not result in the country leaving the euro currency bloc crimping demand for haven assets.
() a tape and packaging firm tumbled 15 percent to C$17.13 after cutting its guidance for fourth-quarter EBITDA to about $20.5 million from its previous view of between $24 million and $26 million. The downgrade is partly due to temporary manufacturing issues and some order delays for stretch film due to declining resin and crude oil prices it said.
(TSE:MX) was flat at C$57.84. The Vancouver British Columbia-based company said it “successfully” produced first methanol from its new 1.0 million-metric-ton plant in Geismar Louisiana. It also said it continues to make progress on the construction of its 1 million-ton Geismar 2 plant and remains on target for methanol production from that facility late in the first quarter of 2016.
The financials group which accounts for approximately 34 percent of the main measure more than any other group gave up 0.3 percent. () which has the heaviest weighting in the index was flat at C$75.39. Toronto-Dominion Bank (TSE:TD) the second-largest bank by market value decreased 0.1 percent to C$52.37.
(TSE:RCI.B) slumped 3.2 percent to $45.47 after analysts at Canaccord Genuity cut their rating for the stock.
() which offers excavating services to utility and oilfield-services companies gained 3.1 percent to C$22.71. The Calgary company said the rapid drop in oil prices has increased uncertainty around the oil and natural-gas portion of its business. Because of this it said it will “conservatively manage” its capital spending this year.
HNZ Group (TSE:HNZ.A) a provider of helicopter transportation slipped 0.6 percent to C$20.88 reversing earlier gains. The Les Cedres Quebec-based company said it has received a contract from Shell to provide offshore personnel and cargo transport medevac and search and rescue services from Halifax Nova Scotia. Revenue is expected to be about C$20 million over the initial contract term it said.
The junior () fell 0.9 percent to 671.93 at 11:59 a.m. in Toronto.
In economic news Canadians grew the most pessimistic about the prospects for the economy in more than three years as the impact of plunging oil prices raises questions about the pace of growth and the real estate market. The Bloomberg Nanos Canadian Confidence Index - a composite score based on the four survey questions - fell for the first time in four weeks declining to 56.5 from 56.8. It had reached a 19-month low of 55.1 in December.
In the U.S. market shares seesawed as gains in energy companies overpowered a decline in technology shares. The S&P 500 (INDEXSP:.INX) slipped 0.1 percent to 2050.33 at 11:42 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) fell 0.2 percent to 17642.13 while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) was flat at 4761.75. Most followed shares included Axis Capital Citizens Financial Post Holdings Lakes Entertainment Cliffs Natural Resources Actavis and .
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