TSX falls as weaker bullion prices, materials drag

Canada's commodity-heavy main stock index fell on Wednesday, as a decline in bullion prices and material stocks offset gains in oil prices and optimism over an economic rebound from vaccination rollouts and a US fiscal package.

At 9:53 a.m. ET (14:53 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 79.22 points, or 0.43%, at 18,342.38.

The value of Canadian building permits rose by 8.2% to a record level of C$9.9 billion ($7.8 billion) in January from December, Statistics Canada said on Wednesday.

Eight of the index's 11 major sectors were lower, with mining stocks falling the most.

The materials sector, which includes precious and base metals miners and fertilizer companies, lost 2.1% with gold futures falling 1.2% to $1,713 an ounce as rising US bond yields and firm equities dull its appeal.

Osisko Mining Inc fell 5.4%, the most on the TSX. The second biggest decliner was Torex Gold Resources Inc , down 4.7%.

The energy sector climbed 2.1% as US crude prices were up 1.7% a barrel, while Brent crude added 1.4%.

The financials sector gained 0.2%. The industrials sector fell 0.1%.

On the TSX, 81 issues were higher, while 134 issues declined for a 1.65-to-1 ratio to the downside, with 34.19 million shares traded.

The largest percentage gainers on the TSX were Laurentian Bank of Canada and Sleep Country Canada Holdings , which jumped 6.1% and 5.4% respectively after earnings beat.

The most heavily traded shares by volume were The Supreme Cannabis Co Inc, down 5.2%; Suncor Energy, up 2.9% and Rogers Communications Inc, down 0.4%.

The TSX posted 11 new 52-week highs and no new lows.

Across all Canadian issues there were 39 new 52-week highs and 4 new lows, with total volume of 73.06 million shares.