TSX dips as energy rally tempers broad, mining-led losses

REUTERS

REUTERS

Canada's main stock index was little changed shortly after the open on Wednesday as gains in the financial and energy sectors were offset by broader losses led by mining and industrial firms.

In currency markets, the Canadian dollar was trading at an average price of 82.05 cents United States, down 0.19 of a USA cent.

"There's two opposing forces, oils and metals".

The S&P/TSX composite index was up 6.34 points to 15,149.75, after 90 minutes of trading.

Headland expects the TSX to remain an underperformer among global indices this year and forecast underwhelming earnings growth in the third and forth quarters.

The overall materials group, which includes precious and base metals miners and fertilizer companies, fell 1.8 percent. Eldorado was last trading at C$2.75 a share.

The influential financials group gained 0.3 percent, though individual gains were modest.

Teck Resources Ltd sank 5.4 percent to C$26.73, while First Quantum Minerals Ltd fell 3.6 percent to C$13.30. The Bank also trimmed its target price for Canadian National Railway, which slipped 1.0 percent to C$98.66 a share.

The index had three issues posting a new 52-week high and none posting new lows.

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