Canadian shares dropped for an eighth day, touching a fresh six-week low, as U.S. retail data disappointed and crude oil extended losses.
The Standard & Poor’s/TSX Composite Index (TSE:OSPTX) slid 0.1% to 13,115.21 at 12:07 p.m. in Toronto. Four out of ten share groups were in negative territory.
The benchmark gauge for Canadian equities has lost 10.4% so far this year, compared to a 1.1% loss for the S&P 500 (INDEXSP:.INX).
U.S. retail sales increased less than forecast in October as consumers pocketing money saved from cheaper gas.
The healtcare share group was the biggest advancer with a 4% rise. Concordia Healthcare (TSE:CXR) jumped 24% to $46.87 after the drugmaker reported third-quarter earnings and revenue ahead of estimates.
The energy sector, the main index's second most heavily weighted group, inched up 0.4% even as oil prices dropped toward the $40.00.
Suncor Energy (TSE:SU), Canada's biggest energy company, ticked up 0.1% to C$37.35. Canadian Natural Resources (TSE:CNQ), the country's largest heavy-oil producer, gained 0.9% to C$31.37.
Light, sweet crude for December delivery recently fell 2.7% to $40.61 a barrel on the New York Mercantile Exchange, the lowest intraday level since late August.
The materials sub-index, which includes mining shares, gained 0.4% even as gold fell back towards near six-year lows.
Goldcorp (TSE:G), Canada’s largest gold miner by market value, rose 3% to C$16.17. Barrick Gold (TSE:ABX), Canada’s second-largest gold miner, surrendered 0.6% to C$10.00.
Financials, the index's most heavily weighted sector, skidded 1%. Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, fell 1.2% to C$74.03.