Canadian shares have switched between small gains and losses on Friday as investors continued to evaluate the pace of global growth.
The Standard & Poor’s/TSX Composite Index (TSE:OSPTX) was flat at 14,240.42 at 11:30 a.m. in Toronto. Five out of ten share groups were in positive territory.
The energy sector, the main index's second most heavily weighted group, slid 0.2% as oil plunged to new lows. Suncor Energy (TSE:SU), Canada's largest oil sands producer, rose 0.6% to C$37.10. Enbridge (TSE:ENB), Canada's largest pipeline company, gained 1.4% to C$55.69.
Zargon Oil & Gas (TSE:ZAR) rose 5.3% to C$2.17 after the oil and gas producer said it is reviewing strategic options to boost shareholder value.
WTI, the U.S. benchmark oil future contract, fell to a six-year low of $41.35 a barrel on Friday.
The materials sub-index, which includes mining shares, fell 0.2% even as gold edged up on Friday. Goldcorp (TSE:G), Canada’s largest gold miner by market value, gave up 0.5% to C$18.79. Barrick Gold (TSE:ABX), Canada’s second-largest gold miner, added 0.5% to C$10.18.
U.S. gold for December delivery was up 0.2% at $1,117.90 an ounce.
Financials, the index's most heavily weighted sector, rose 0.3%. Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, added 0.3% to C$75.62. Toronto-Dominion Bank (TSE:TD), the second-largest bank by market value, skidded 0.2% to C$51.93.
Aimia (TSE:AIM) tumbled 7% to C$12.33 after the credit card loyalty program manager lowered its fiscal full-year guidance for gross billings amid challenging economic conditions in Canada and Europe.
Algonquin Power & Utilities (TSE:AQN) advanced 6.5% to C$9.70. The renewable energy and utilities company reported adjusted earnings from continuing operations of C$22.2mln for the second quarter, an increase of 34% from the same period a year earlier.
In economic news, data from Statistics Canada showed on Friday that Canadian manufacturing sales jumped in June on increased sales of chemical products and motor vehicles. The report provided a welcome sign of activity in the economy at the end of the second quarter.
Elsewhere, Canada’s housing market cooled for a second straight month in July, led by lower prices and sales in the country’s biggest city. Sales dropped 0.4% nationally, compared with a month earlier, with the average price down 0.3%, the Canadian Real Estate Board said on Friday. The number of homes sold in Toronto dropped 1.1%, with average prices falling 0.2%.