TSX dips as broad losses tempered by energy rally

REUTERS

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Canada's main stock index edged lower on Wednesday as broad losses led by hefty declines in mining firms, offset strong gains by oil and gas companies, fueled by higher crude prices.

The Canadian dollar was trading at 82.19 cents USA, down from Tuesday's average price of 82.24 cents US.

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

"The hurdle rate, or the barrier to success from last year's Q3, Q4 earnings is that much harder. this year", said Headland.

Canadian Natural Resources rose 1.5 percent to C$39.67 a share while Encana Corp gained 3.4 percent to C$12.12 a share.

The overall materials group, which includes precious and base metals miners and fertilizer companies, gave back 1.1 percent, with losses tempered by a 13.9 percent rally in Eldorado Gold's stock after Greece said it would grant permits for the miner's Olympias project this week.

Teck Resources Ltd sank 5.4 percent to C$26.73, while First Quantum Minerals Ltd fell 3.6 percent to C$13.30.

Declining issues outnumbered advancing ones on the TSX by 138 to 109, for a 1.27-to-1 ratio on the downside.

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