Canadian shares dropped on Thursday, hurt by a flurry of downbeat corporate earnings.
The Standard & Poor’s/TSX Composite Index (TSE:OSPTX) fell 0.7% to 13,570.40 at 12:26 p.m. in Toronto.
Five shares declined for every issue that advanced as four out of the ten main share groups were in negative territory.
The benchmark gauge for Canadian equities has lost 7.3% so far this year, compared with a 2% gain for the S&P 500 (INDEXSP:.INX).
The industrials group, the fourth heaviest on the index, fell 0.4%. SNC-Lavalin (TSE:SNC) skidded 2.4% to C$41.94 after saying that 2015 profit will be at the lower end of its previously announced range of C$1.30-C$1.60 per share.
The materials sub-index, which includes mining shares, slumped 1.9% as gold prices hovered around one-month low. Goldcorp (TSE:G), Canada’s largest gold miner by market value, surrendered 2.3% to C$16.09.
Agrium (TSE:AGU) gained 1.1% to $126.71. The largest agricultural retailer to U.S. farmers posted better-than-expected third-quarter earnings as higher sales volumes of crop nutrients for the fall made up for the effect of lower prices.
Spot gold fell to $1,105.15 an ounce, its weakest since October 2 in earlier trade.
The energy sector, the main index's second most heavily weighted group, gained 1% even as oil prices retreated on oversupply. Suncor Energy (TSE:SU), Canada's biggest energy company, wavered and was last down 0.1% at C$39.78.
Enbridge (TSE:ENB) fell 2% to C$53.65. Canada's largest pipeline company reported a loss in the third quarter as one-time charges and a delay in startup of a pipeline to Eastern Canada dragged on earnings.
Canadian Natural Resources (TSE:CNQ) jumped 6.5% to C$33.48 after the country's largest independent petroleum producer reduced its 2015 budget for the fifth time.
Light, sweet crude for December delivery traded down 0.2% for the day at $46.22 a barrel on the New York Mercantile Exchange.
The financials group, which accounts for approximately 36% of the main measure, more than any other group, edged up 0.1%. Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, added 0.5% to C$76.20, paring this year's loss to 5%.
The telecommunications group, the sixth heaviest on the stock, tacked on 0.1%. BCE (TSE:BCE) inched up 1% to C$56.87 after the nation's largest telecommunications company reported third-quarter earnings that topped analysts’ estimates as it attracted new wireless subscribers.
Telus (TSE:T) fell 4% to $41.96. One of Canada’s biggest telecommunications companies is cutting 1,500 jobs to help reduce costs.
Hydro One (TSE:H) rose 5.4% to C$21.59 in its trading debut after the Ontario power utility raised C$1.66bn in one of Canada’s largest initial public offerings.