Canadian shares fell on Tuesday as rising worries about a supply glut pushed oil prices lower.
The Standard & Poor’s/TSX Composite Index (TSE:OSPTX) fell 0.4% to 13,731.45 at 12:35 p.m. in Toronto.
Three shares declined for every issue that advanced as six out of the ten share groups were in negative territory.
Restaurant Brands International (TSE:QSR) rose 7% to C$53.67. The parent of quick-service restaurants Burger King and Tim Hortons reported a better-than-expected third-quarter profit on continued same-store sales growth at both chains.
The energy sector, the main index's second most heavily weighted group, slid 2.1% as oil prices fell on Tuesday, extending losses into a third week. Suncor Energy (TSE:SU), Canada's biggest energy company, fell 1.2% to C$36.59. Canadian Natural Resources (TSE:CNQ), the country's largest heavy-oil producer, sank 2.7% to C$29.49.
U.S. crude dropped $1.06 to $42.92 a barrel, having touched a nearly nine-week low of $42.58 earlier in the day.
The materials sub-index, which includes mining shares, slid 0.2% even as gold edged up on Tuesday. Goldcorp (TSE:G), Canada’s largest gold miner by market value, inched up 0.7% to C$19.80. Barrick Gold (TSE:ABX), Canada’s second-largest gold miner, added 0.7% to C$9.95.
Spot gold was up 0.4% at $1,167.20 an ounce, while U.S. gold futures for December delivery were up $1 an ounce at $1,167.20.
The financials group, which accounts for approximately 36% of the main measure, more than any other group, rose 0.3%. Bank of Canada (TSE:RY), which has the heaviest weighting in the index, gained 0.4% to C$75.26. -Dominion Bank (TSE:TD), the second-largest bank by market value, added 0.8% to C$54.64.
In economic news, the Bank of Canada outlined possible alternative measures of inflation to help guide it in setting interest rates, but said it would not make any big changes to its framework unless necessary.
In the U.S., U.S. stocks wavered amid mixed earnings reports and data that renewed concern on the strength of the global economy as the Federal Reserve begins a two-day monetary policy meeting.