Canadian shares fluctuated as a rally among miners and energy producers overshadowed a slump among financial shares.
The benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) added 0.2 percent to 15,064.10 at 12:45 p.m. in Toronto. Two shares advanced for every stock that declined as 7 out of 10 main share groups were in the positive territory.
The materials sub-index, which includes mining shares, was up 0.6 percent as gold futures pulled back Friday but stayed on track for a solid weekly gain.
Goldcorp (TSE:G), Canada’s largest gold miner by market value, rose 0.3 percent to C$23.55. Barrick Gold (TSE:ABX), the second-largest, added 1.3 percent to C$16.02.
Gold for June delivery edged down 0.2 percent to $1,222 an ounce on Comex.
The energy sector, the main index's second most heavily weighted group, was up 0.1 percent even as oil, Canada’s largest export, declined. Suncor Energy (TSE:SU), Canada's largest oil sands producer, inched up 0.3 percent to C$36.39. Enbridge (TSE:ENB), Canada's largest pipeline company, was up 0.2 percent to C$60.54.
On the New York Mercantile Exchange, June crude lost more than 1 percent to $59.27 a barrel.
Financials, the index's most heavily weighted sector, slid 0.4 percent. Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, fell 0.5 percent to C$78.52. Toronto-Dominion Bank (TSE:TD), the second-largest bank by market value, declined 0.5 percent to C$55.19.
Crombie Real Estate Investment Trust (TSE:CRR.UN) slipped 0.9 percent to C$12.90 after Canaccord cut its rating on the open-ended REIT to “hold” from “buy”.
Milestone Apartments Real Estate Investment Trust (TSE:MST.UN) sank 2.9 percent to C$13.55 after it plans an offering of 6.9 million units, while shareholder MileSouth Apartment Portfolio LP plans to sell 2.2 million units of the REIT, for gross proceeds of C$125 million. Following the sale, MileSouth’s stake is expected to fall to 17.9 percent from about 26.9 percent.
Aimia (TSE:AIM), a credit card loyalty program manager, gained 2.2 percent to C$13.75 after swinging to a first-quarter profit, while earnings excluding items fell to C$0.15 per share from C$0.48 per share. Analysts expected earnings of C$0.18.
Absolute Software (TSE:ABT) sank 2.5 percent to C$9.61 after saying its third-quarter profit doubled to C$0.06 per share from C$0.03, while revenue remained steady at C$24.1million.
Webtech Wireless (TSE:WEW), which provides GPS fleet-management services, jumped 19.2 percent to C$2.30 after saying a Brazilian court has ruled in the company’s favor in a case brought in 2008 by a former distributor.
The junior S&P/TSX Venture Composite Index (CVE:OSPVX) rose less than 0.1 percent to 692.25 at 12:48. p.m.
In economic news, Canadian factory sales rose in March at the fastest pace in almost four years as production of planes and automobiles rebounded.
In currency, the Canadian dollar retreated against a broadly higher U.S. dollar today. The Canadian dollar was trading at C$1.2043 to the greenback, or 83.04 U.S. cents.
In the U.S. market, shares were little changed as investors eyed lower bond yields and the dollar, amid data releases. The S&P 500 (INDEXSP:.INX) skidded 0.1 percent to 2,118 at 11:35 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) slipped 0.1 percent to 18,232, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) was down 0.2 percent to 5,042. Most followed shares included El Pollo Loco, Keurig Green, Avon, King Digital, Netflix, Applied Materials, eBay, UPS, and Deere & Co.