(MENAFN- ProactiveInvestors) Canadian shares fell amid speculation gains over the past week were overdone after hitting a seventh-month intraday high in the previous session.
The benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) slid 0.1 percent to 15377 at 12:24 p.m. in New York. Nine out of ten share groups were in the negative territory.
The materials sub-index which includes mining shares skidded 0.3 percent as gold prices fell. (TSE:G) Canada’s largest gold miner by market value slipped 0.3 percent to C$24.04. (TSE:ABX) the second-largest gained 0.3 percent to C$15.63.
Spot gold which had fallen 1.2 percent to its weakest level in two weeks at $1183.68 an ounce in earlier trade cut declines to trade down 0.4 percent at $1193.36 at 9:46 a.m. U.S. gold for June delivery was down $6.50 an ounce at $1192.90.
Financials the index's most heavily weighted sector was little changed. () which has the heaviest weighting in the index added 0.2 percent to C$80.34.
Toronto-Dominion Bank (TSE:TD) the second-largest bank by market value slipped 0.1 percent to C$55.32.
The energy sector the main index's second most heavily weighted group rallied 1.2 percent as oil prices gained more ground today.
Energy (TSE:SU) Canada's largest oil sands producer added 0.7 percent to C$39.79. Limited () Canada’s second-largest energy producer tacked on 1.5 percent to C$41.12.
May crude traded at $53.55 a barrel on Nymex up 3.2 percent.
Oil gained after a report that Iran has asked the Organization of the Petroleum Exporting Countries to cut output.
() fell 3 percent to $28.04 after saying second-quarter earnings fell to C$0.34 per share from C$0.46 hurt in part by restructuring and other costs.
() sank 2.4 percent to C$1.22. The specialty pharmaceutical company said its first-quarter loss narrowed to 1 Canadian cent a share from a loss of 6 Canadian cents a year earlier while revenue jumped to C$4.6 million from C$1.7 million.
() the construction and infrastructure company gained 2 percent to C$12.84 after saying it has received contracts from five key clients for work in its energy segment in Ontario. The Toronto-based company said the work is valued at about C$93 million in backlog and about C$85 million in annual recurring revenue.
() a movie-theater operator dropped 2.2 percent to C$48.05. Scotia downgraded the stock to sector perform from sector outperform.
The junior () slid 0.1 percent to 695.37 at 12:23 p.m.
In economic news Canadian home resale prices rose to a record high in March paced by gains in the two biggest markets the Teranet-National Bank Composite House Price Index showed today but a correction appears underway in other regions. The index which measures price changes for repeat sales of single-family homes showed national home prices rose 0.3 percent last month from February. Prices were up 4.7 percent from a year earlier. The index does not provide actual prices.
In the U.S. market shares dropped as weaker-than-forecast retail sales and a decline in railroads overshadowed rallies in energy shares and JPMorgan Chase. The S&P 500 (INDEXSP:.INX) was little changed at 2092 at 11:44 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) added 0.2 percent to 18014 while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) slipped 0.4 percent to 4967. Most followed shares also included Wells Fargo General Motors Pep Boys Fastenal and .
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