Canadian shares wavered between gains and losses on Wednesday as losses among energy producers and miners overshadowed gains among financials.
The benchmark Standard & Poor’s/TSX Composite Index (TSE:OSPTX) slid 0.2% to 13,685.73 at 12:20 p.m. in Toronto.
Two shares declined for every issue that advanced as seven out of the ten main share groups were in positive territory.
Financials, which accounts for approximately 36% of the main measure, more than any other group, inched up 0.2%. Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, increased 0.5% to C$76.15. Toronto-Dominion Bank (TSE:TD), the second-largest bank by market value, inched down 0.6% to C$41.21.
The energy sector, the main index's second most heavily weighted group, fell 1% as oil, Canada’s largest export, slipped on U.S. supply data.
Suncor Energy (TSE:SU), Canada's biggest energy company, rose 0.4% to C$39.63. Canadian Natural Resources (TSE:CNQ), the country's largest heavy-oil producer, slipped 0.8% to C$31.70.
Light, sweet crude for December delivery recently fell 1.7% to $47.08 a barrel on the New York Mercantile Exchange.
The materials sub-index, which includes mining shares, lost 0.3% as gold fell to a fresh one-month low.
Goldcorp (TSE:G), Canada’s largest gold miner by market value, skidded 0.6% to C$16.61. Barrick Gold (TSE:ABX), Canada’s second-largest gold miner, decreased 2.2% to C$10.01.
Spot gold was $1,114.81 an ounce, down 0.2%, while U.S. gold futures for December delivery were up $0.40 an ounce at $1,114.50.
In other stocks, Shopify (TSE:SH) gained 2% to C$42.13. The e-commerce software maker that sold shares in an initial public offering in May raised its revenue forecast after beating analysts’ estimates in its second quarter as a listed company.
CGI Group (TSE:GIB.A) climbed 3.3% to C$52.48. Canada's largest technology company was upgraded to "buy" from "hold" at Desjardins Capital Markets in anticipation of a return to organic growth in fiscal 2016.
In economic news, Canada's trade deficit shrank more than expected in September, buoyed by a modest pickup in exports and reinforcing economists' views that the country pulled out of recession in the third quarter.