Canadian shares for a sixth session on Wednesday as commodities shares drop with the slumping oil prices on the heels of weak industrial data from China and increased stockpiles in the U.S.
The Standard & Poor’s/TSX Composite Index (TSE:OSPTX) fell 0.5% to 13,351.86 at 1:02 p.m. in Toronto. Three shares declined for every issue that advanced as four out of the ten share groups were in negative territory.
The energy sector, the main index's second most heavily weighted group, was the biggest laggard with a 2.9% slump as oil, Canada’s largest export, fell more than 2%.
Suncor Energy (TSE:SU), Canada's biggest energy company, slipped 1.9% to C$38.38. Canadian Natural Resources (TSE:CNQ), the country's largest heavy-oil producer, skidded 2.2% to C$31.75.
U.S. crude's West Texas Intermediate (WTI) contract was also down $1.14 at $43.07.
The materials sub-index, which includes mining shares, dropped 0.5% as gold edged down towards a three-month low.
Goldcorp (TSE:G), Canada’s largest gold miner by market value, added 0.5% to C$15.56. Barrick Gold (TSE:ABX), Canada’s second-largest gold miner, slid 0.1% to C$9.55.
U.S. gold futures for December delivery were down $2.40 an ounce at $1,086.10.
Financials, the index's most heavily weighted sector, gained 0.3%. Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, inched up 0.2% to C$76.17. Toronto-Dominion Bank (TSE:TD), the second-largest bank by market value, edged down 0.1% to C$54.84.