Canadian shares were flat as loss among commodity producers overshadowed gains among financial shares in a quiet trade due to public holidays in the U.S. and much of Europe.
The benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) was down less than 0.1 percent at 15,190.59 at 3:18 p.m. in Toronto. Half of the ten share groups were in the negative territory.
The energy sector, the main index's second most heavily weighted group, fell 0.6 percent as crude-oil futures dropped due the rising dollar.
Suncor Energy (TSE:SU), Canada's largest oil sands producer, slipped 0.9 percent to C$36.77. Enbridge (TSE:ENB), Canada's largest pipeline company, fell 2.2 percent to C$60.67.
Cenovus Energy (TSE:CVE) fell 1.7 percent to C$20.97 after shutting down oil production at its Foster Creek oil sands project in northeastern Alberta “as a precautionary measure” because of an out-of-control forest fire in the area that could threaten the safety of the more than 1,700 workers on site.
Canadian Natural Resources (TSE:CNQ) slid 0.3 percent to C$38.50 after reducing production from its Kirby South oil-sands operation in Alberta, raising the amount of production brought offline because of the nearby forest fire to 233,000 barrels a day.
Front-month Brent crude gained $0.53 to $65.90 a barrel after touching an intraday low of $64.72. U.S. crude was up $0.08 cents at $59.80 a barrel.
The materials sub-index, which includes mining shares, inched lower 0.2 percent as gold prices fell slightly today.
Barrick Gold (TSE:ABX) edged up 0.2 percent to C$15.14 as the world's top gold producer agreed to sell its Cowal mine to Evolution Mining for $550 million. The Toronto-based gold miner said it will use the money from the sale to pay down debt.
Spot gold was down 0.1 percent at $1,205.06 an ounce, but held above a near-two-week low of $1,201.20 hit in the previous session.
Financials, the index's most heavily weighted sector, was up 0.1 percent. Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index,
Royal Bank of Canada (TSE:RY), the company with the highest weighting in the index, slipped 0.1 percent to C$80.31. Toronto-Dominion Bank (TSE:TD), the second-largest bank by market value, rose 0.5 percent to C$56.47.
Loblaw Cos. (TSE:L) rose 0.6 percent to C$64.08, reversing an earlier slump. Canada’s biggest grocery store chain said it and Strang’s Produce Inc. are voluntarily recalling certain brands of russet potatoes due to possible food tampering with nails and needles.
BlackBerry (TSE:BB) edged up 0.5 percent to C$12.82 as the Canadian smartphone maker is cutting an undisclosed number of jobs across the world to consolidates its software, hardware and applications business.
The junior S&P/TSX Venture Composite Index (CVE:OSPVX) gave up 0.4 percent to C$700.96 at 3:08 p.m. in Toronto.
In economic news, Canadian consumer confidence rose to its highest since December amid increased optimism over the outlook for the nation’s economy, weekly polling shows.
Canada's federal housing agency today gave a cooler outlook for housing starts this year and next, saying that lower oil prices are contributing to differences across the country's regional markets.
U.S. stock markets were closed today for the Memorial Day holiday.