Canadian shares rose, reversing earlier losses, as a rally among lenders made up for a slide in miners.
The Standard & Poor’s/TSX Composite Index (TSE:OSPTX) rose 0.2% to 13,343.77 at 12:03 p.m. in Toronto. Six out of ten share groups were in positive territory.
The 242-company benchmark gauge for Canadian equities (TSE:OSPTX) has lost 8.8% so far this year.
The financials group, which accounts for approximately 38% of the main measure, more than any other group, gained 0.9%. Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, added 0.8% to C$75.84.
The energy sector, the main index's second most heavily weighted group, fell 0.2% as oil prices pulled back on Tuesday. Suncor Energy (TSE:SU), Canada's biggest energy company, added 0.8% to C$38.63, following news that it is cutting 5% of its workforce in response to low crude prices.
On the New York Mercantile Exchange, December West Texas Intermediate crude shed 2% to $40.91 a barrel.
The materials sub-index, which includes mining shares, tumbled 2.8% as gold slipped on Tuesday. Goldcorp (TSE:G), Canada’s largest gold miner by market value, sank 5.5% to C$15.17.
U.S. gold futures for December delivery were down $5.70 an ounce at $1,077.90.
In other equities, Shopify (NYSE:SHOP) fell 3.1% to C$26.51 after the stock’s lockup for company insiders lifted.
The junior S&P/TSX Venture Composite Index (INDEXTSI:JX) fell 0.8% to 521.72 at 12:11 p.m. in Toronto.
Storm Resources (CVE:SRX), the heaviest stock in the gauge, surrendered 6.8% to C$3.72.
The 432-company measure, where energy and materials producers account for approximately 62% of its weighting, has lost 24% this year.