Canadian shares fell, led by commodities producers, as investors awaited a resolution to the Greek debt negotiations. The benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) slipped 0.2 percent to 14,915.63 at 12:14 p.m. in Toronto.
Greece and its creditors have submitted competing proposals aimed at resolving the standoff over aid. French President Francois Hollande held out hope of a deal even as German Chancellor Angela Merkel said negotiations looked to be going backward. Greece faces a June 30 deadline for a 1.5 billion-euro payment to the International Monetary Fund.
The energy sector, the main index's second most heavily weighted group, surrendered 1 percent as oil, Canada’s largest export, fell on concerns over Greek debt talks.
Suncor Energy (TSE:SU), Canada's largest oil sands producer, slipped 2.2 percent to C$34.92. Enbridge (TSE:ENB), Canada's largest pipeline company, skidded 0.2 percent to C$60.35.
Gran Tierra Energy (TSE:GTE/Gran-Tierra-Energy/" rel="4841">TSE:GTE) rose 1.3 percent to C$3.85 after it increased this year’s capital budget by $45 million to $185 million. Mackie Research said the majority of capital will target the oil and gas company’s Moqueta field in Colombia. Mackie and Canaccord both raised their ratings on Gran Tierra to “buy” from “hold”.
Brent for August fell 30 cents to $63.19 a barrel. U.S. crude for August was down 55 cents at $59.72 a barrel.
The materials sub-index, which includes mining shares, fell 0.8 percent as bullion eased back.
Goldcorp (TSE:G), Canada’s largest gold miner by market value, sank 1 percent to C$20.60. Barrick Gold (TSE:ABX), the second-largest, lost 1 percent to C$13.63.
Gold for August delivery on Comex was last down about less than 0.1 percent to $1,172.70 an ounce.
Financials, the index's most heavily weighted sector, rose 0.5 percent. Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, gained 0.4 percent to C$78.38. The largest Canadian bank by market value is in advanced talks to sell its Swiss private bank to Banque Syz SA, Bloomberg reported.
Toronto-Dominion Bank (TSE:TD), the second-largest bank by market value, inched up 0.3 percent to C$54.45.
The telecommunications group, the sixth heaviest on the stock, was the largest advancer with a 0.7 percent gain. BCE (TSE:BCE), Canada’s second-largest wireless carrier, rose 1 percent to C$54.56 after its Bell Canada unit said it will spend C$1.14 billion on a Toronto gigabit infrastructure project. The Internet service provider said the new Gigabit Fibe service will “deliver the fastest Internet speeds available” to 1.1 million Toronto homes and businesses. It expects the project to create roughly 2,400 jobs.
Shaw Communications (TSE:SJR.B), a Western Canada-focused cable-TV and media company, rose 1 percent to C$27.95 after saying revenue rose to C$1.42 billion in the third quarter from C$1.34 billion a year earlier. Profit declined 8 percent to C$209 million, but its operating income rose 7 percent.
BlackBerry (TSE:BB) skidded 2.2 percent to C$10.73 even as the smartphone maker filed a notice of intention to buy back up to 12 million shares.
Empire Company (TSE:EMP.A) tacked on 0.1 percent at C$90.96. The parent of the Sobeys grocery chain posted net earnings from continuing operations for the fourth quarter of C$55.4 million, an increase from just C$1.5 million a year earlier. It also increased its dividend by 11.1 percent to C$0.3 per share.
The junior S&P/TSX Venture Composite Index (CVE:OSPVX) advanced 0.3 percent to 682.52.
In the U.S. market, shares were pushing higher as investors assessed better-than-expected economic reports and continued to monitor developments in Greece debt talks. The S&P 500 (INDEXSP:.INX) added 0.2 percent to 2,112.63 at 11:48 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) advanced 0.1 percent to 17,990.09, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) gained 0.3 percent to 5,135.20. Most followed shares included Barnes & Noble, Winnebago Industries, Bed Bath & Beyond, Cree, Netflix, Eli Lilly , Fitbit, Merrimack Pharmaceuticals, Citigroup, and Accenture.