Canadian shares wavered as a decline in global equities amid negotiations to prevent a Greek default outstripped a retail rally.
The benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) was up 0.1 percent at 14,753.80 at 1:01 p.m. in Toronto. Seven out of ten share groups were in the negative territory.
Hudson’s Bay (TSE:HBC), a Canadian retailer, jumped 8.3 percent to $25.99 after it agreed to buy Germany’s 135-year old Galeria Kaufhof, combining some of the Western world’s best known department-store chains in a deal valued at about $2.73 billion.
The energy sector, the main index's second most heavily weighted group, fell 0.5 percent as oil, Canada’s largest export, dropped. Suncor Energy (TSE:SU), Canada's largest oil sands producer, slipped 1.1 percent to $34.43. Canadian Natural Resources Limited (TSE:CNQ), Canada’s second-largest energy producer, skidded 0.8 percent to C$35.00.
Kelt Exploration (TSE:KEL) sank 3.4 percent to C$8.88 after saying it has increased its capital-spending program for the year by C$40 million, to C$497 million. The oil and gas company also announced plans to raise C$78.8 million through share offerings at C$8.85 per share.
August Brent was off 57 cents at $64.07, with losses more in line with the rest of the complex. U.S. July crude was down 36 cents at $59.60, having swung from $58.73 to $59.98.
The materials sub-index, which includes mining shares, rose 0.6 percent as gold was little changed. Goldcorp (TSE:G), Canada’s largest gold miner by market value, fell 0.9 percent to C$20.54. Barrick Gold (TSE:ABX), the second-largest, added 2.1 percent to C$14.15.
Spot gold was up 0.1 percent at $1,181.25 an ounce, while U.S. gold futures for August delivery were up $1.80 an ounce at $1,181.
Financials, the index's most heavily weighted sector, added 0.2 percent. Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, slipped 0.1 percent to C$78.09. Toronto-Dominion Bank (TSE:TD), the second-largest bank by market value, gained 0.4 percent to C$54.24.
Bombardier (TSE:BBD.B) rose 2 percent to $2.59 after the plane and train maker unveiled better-than-expected performance for its CSeries jet at the Paris International Air Show.
WestJet Airlines (TSE:WJA) advanced 0.4 percent to C$26.60 after saying it has converted purchase options for five Bombardier Q400 NextGen aircraft, set to be delivered in 2016 and 2017. It said the new aircraft will boost the fleet of its regional airline, WestJet Encore, to 36 by 2017.
CAE (TSE:CAE) skidded 0.5 percent to C$14.92 after saying it has received a series of contracts from more than 30 airlines globally for commercial training services. The contracts, which include three full-flight simulators, are valued at more than C$90 million.
The junior S&P/TSX Venture Composite Index (CVE:OSPVX) fell 0.4 percent to 679.58 at 1 p.m. in Toronto.
In economic news, a poll showed today that Canadians are becoming increasingly worried about their job security even as they remain optimistic about the future. The share of Canadians who say their jobs are secure -- at 66.8 percent -- fell for a sixth week, and is down from 72.3 percent at the beginning of May, polling by the Nanos Research Group shows.
Elsewhere, Continued housing strength in Toronto and recovering demand in oil-rich Alberta are driving Canada’s real estate market to one of its best annual starts since the 2008-2009 recession. The number of homes sold nationwide rose 3.1 percent in May, the Canadian Real Estate Association said today. Monthly growth has averaged 2 percent this year, the highest since 2009.
In the U.S. market, shares fell for a second straight session today, weighed down by the latest setback in bailout talks between Greece and its European creditors. The S&P 500 (INDEXSP:.INX) slipped 0.5 percent to 2,084.67. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) slipped 0.6 percent to 17,789.57. The tech-heavy Nasdaq 100 (INDEXNASDAQ:NDX) fell 0.5% to 5,024.20. Most followed shares included United Technologies, Boeing, Standard Pacific, Nike, American Apparel, CVS Health, Target, Alibaba, Twitter, iDreamSky Technology, and Bluebird Bio.