Canadian Market Retreats After Hitting New Record High

(RTTNews) - After climbing to a new record high, the Canadian stock market's benchmark S&P/TSX Composite Index slipped into negative territory on Wednesday, weighed down by losses in the materials sector as precious metals prices drifted lower.

Energy stocks moved higher despite a sharp drop in oil prices amid reports of renewed discussions between Iran and Oman for a phased framework to establish a temporary shipping corridor through the Strait of Hormuz.

Industrials shares gained some ground in positive territory, while shares from the rest of the sectors turned in a mixed performance.

The S&P/TSX Composite Index, which climbed to 37,069.11, a new high, was down 38.70 points or 0.1% at 36,918.93 a little past noon.

The Materials Capped Index dropped more than 2%. Wheaton Precious Metals, Ngex Minerals, G Mining Ventures, Dpm Metals, Agnico Eagle Mines, Torex Gold Resources, Kinross Gold Corp., Lundin Gold Inc., and Barrick Mining Corporation were among the notable losers in the sector.

National Bank of Canada slipped more than 5% despite reporting a jump in quarterly earnings. The bank reported third-quarter net income of C$1.307 billion, up 23% from last year's C$1.065 million. On a per-share basis, profit totaled C$3.25 compared to C$2.58 in the prior year.

EQB, Bank of Nova Scotia, Great-West Lifeco and Definity Financial Corporation gained 1%-2%. Toronto-Dominion Bank, Manulife Financial, Bank of Montreal, Sun Life Financial, Canadian Imperial Bank of Commerce and Royal Bank of Canada posted moderate gains.

Energy stocks Kelt Exploration, Cenovus Energy, Enerflex, Athabasca Oil Corp., Spartan Delta Corp., Athabasca Oil Corp., PrairieSky Royalty, Headwater Exploration, CDN Natural Resources and Suncor Energy moved up 2%-3.6%.

Bird Construction, Stantec, Bombardier, Finning International, Mda Space, Tfi International, Aecon Group and Gfl Environmental were the prominent gainers in the industrials sector.

Shares of aerospace and defense firm Calian Group Limited were flat. The company announced an agreement to sell its United States commercial IT business based in Houston, Texas, to Trace3, a technology solutions provider and digital transformation consultancy for a consideration comprising upfront cash proceeds of approximately C$43 million and the assumption of certain net liabilities totaling approximately C$17 million by the buyer.