Canadian shares wavered between gains and losses as a rebound in Valeant and gains in some heavyweight energy and mining stocks countered declines in financial and industrial stocks.
The Standard & Poor’s/TSX Composite Index (TSE:OSPTX) was flast at 13,529.91 at 11:56 a.m. in Toronto. Six out of the ten share groups were in positive territory.
The health-care group was the biggest advancer with a 1.7% gain. Valeant Pharmaceuticals (TSE:VRX) rallied 5% to $128.04 after stock commentary site Citron Research said it won’t release new allegations against the drugmaker.
The energy sector, the main index's second most heavily weighted group, rose 0.6% even as oil slipped on China data and Russian output.
Suncor Energy (TSE:SU), Canada's biggest energy company, surrendered 0.3% to C$38.80. Canadian Natural Resources (TSE:CNQ), the country's largest heavy-oil producer, sank 0.5% to $55.64.
U.S. crude futures slid 1% to $46.09.
The materials sub-index, which includes mining shares, rose 0.3% even as gold hit a four-week low.
Goldcorp (TSE:G), Canada’s largest gold miner by market value, slipped 1.4% to C$16.50. Barrick Gold (TSE:ABX), Canada’s second-largest gold miner, skidded 0.9% to C$9.96.
Spot gold fell to $1,133.65 an ounce, its lowest since October 5 in earlier trade, and was down 0.7% at $1,134.31.
The financials group, which accounts for 36% of the main measure, more than any other group, edged down 0.3%.
Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, fell 0.6% to C$74.33. Toronto-Dominion Bank (TSE:TD), the second-largest bank by market value, was litte changed at C$53.65.
In economic news, Activity in Canada's manufacturing sector sank to a fresh record low in October, as heightened economic uncertainty and stubbornly low oil prices led to a sharp deterioration in business conditions.