Canadian shares fluctuated on Thursday as investors awaited a crucial U.S. Federal Reserve interest rate decision due later in the day.
The benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) was up 0.1% at 13,779.37 at 1:09 p.m. in Toronto. Three shares advanced for every two issues that retreated as half of the ten share groups were in positive territory.
The Fed will unveil the decision of its policy meeting and release its latest economic projections at 2 p.m. in New York. That will be followed by a news conference by Chair Janet Yellen at 2:30 p.m.
The energy sector, the main index's second most heavily weighted group, was the largest advancer with a 1.3% gain even as Brent and U.S. crude futures fell on Thursday in volatile trading.
Suncor Energy (TSE:SU), Canada's largest oil sands producer, rose 1% to C$35.16.
Canadian Natural Resources Limited (TSE:CNQ), Canada’s second-largest energy producer, was flat at C$27.99.
North Sea Brent Crude Oil was down 95 cents at $48.80 a barrel shortly by 1:18 p.m. EDT, having traded as high as $50.14.
U.S. light crude oil was down 18 cents at $46.97 a barrel, having traded from $46.33 to $47.71.
The materials sub-index, which includes mining shares, was down 0.8% as gold eased on Thursday after its biggest one-day jump in a month.
Goldcorp (TSE:G), Canada’s largest gold miner by market value, retreated 2.1% to C$17.20. Barrick Gold (TSE:ABX), Canada’s second-largest gold miner, sank 1.1% to C$8.73.
U.S. gold futures for December delivery were down $1.20 an ounce at $1,117.80.
Financials, the index's most heavily weighted sector, skidded 0.2%. Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, slipped less than 0.1% to C$74.46. Toronto-Dominion Bank (TSE:TD), the second-largest bank by market value, slumped 0.5% to C$52.88.
Cineplex (TSE:CGX) rose 0.7% to C$47.49, reversing an earlier loss. Canada's largest movie theater operator said it has agreed to buy online gaming platform WorldGaming, investing $10mln, or an 80% stake, in a new company and another $5mln to expand the business.
Corus Entertainment (TSE:CJR.B) jumped 3.5% to C$14.33. The Toronto-based television media company acquired closed-captioning company FastFile Media Services, for an undisclosed amount.
In economic news, data from Statistics Canada showed on Thursday that the number of Canadians receiving regular unemployment benefits rose in July, including in oil-sensitive Alberta, with increases seen nationally among trade and construction workers.