Canadian stocks retreat as energy falls on profit-taking
Toronto, June 9 (IANS) Canada’s main stock market in Toronto failed to follow up after a four-day advance as falling energy and healthcare stocks overshadowed gains in raw- material producers.
The Toronto Stock Exchange’s benchmark Standard & Poor’s/TSX Composite Index lost 52.51 point, or 0.37 percent, to close at 14, 313.10 points on Wednesday, after touching its 10-month highest level, Xinhua news agency reported.
Oil prices rallied for a third straight session Wednesday.
The West Texas Intermediate for July delivery increased $0.87 to settle at $50.36 a barrel, while Brent crude for August delivery gained $1.07 to close at $52.51 a barrel.
However, TSX energy sector ended up with a 2.15 per cent loss, as Suncor Energy Inc. dropped 2.82 per cent to 35.47 Canadian dollars ($27.94) as the Calgary-based oil-sands producer said it would sell about 2.5 billion Canadian dollars in shares to cut debt and help fund acquisitions.
The Canadian dollar traded higher at $0.7876, compared with Tuesday’s closing rate of $0.7830.