Canada’s main stock index was muted on Wednesday, as gains from upbeat earning results were offset by an over 1% decline in energy shares on lower oil prices.
At 10:14 a.m. ET, the Toronto Stock Exchange’s S&P/TSX composite index was down 1.86 points, or 0.01%, at 19,573.73.
The industrial sector added 0.6% following an 8.5% rise in shares of ATS Corporation after the automation solutions provider reported higher-than-anticipated revenue in the second quarter.
Fintech firm Nuvei Corporation’s shares climbed 14.8% to the top of the TSX after it beat third-quarter revenue estimates.
TC Energy shares rose 1.4% after the pipeline operator reported third-quarter profit above estimates, benefiting from higher demand for liquefied natural gas.
Rate-sensitive real estate stocks added 1.1%, leading sectoral gains, while data showed the value of Canadian building permits fell by 6.5% in September from August.
Top decliner energy sector was on track for a fourth session of declines, slipping 1.2%, as oil prices slid more than $1 on concerns of waning demand in two of the world’s biggest economies, the United States and China.
“Oil is looking oversold at current levels, so the possibility of a bounce can’t be ruled out,” said David Morrison, senior market analyst at Trade Nation.
The utilities sector fell 0.8% after a 5.7% drop in shares of Superior Plus following the chemical supplier’s third-quarter results.
Dundee Precious Metals was off 6.0% after the gold miner missed third-quarter revenue estimates.
Meanwhile, a Reuters poll found that the Canadian dollar is set to strengthen less than previously expected over the coming year once a slowdown in the domestic economy opens the door to Bank of Canada interest rate cuts.