Canadian stock market edges down as gold weighs

Canada's main stock market in Toronto retreated Wednesday as gains from telecom and energy sector were offset by a slump in miners, amid weakening gold prices.

Toronto Stock Exchange's benchmark S&P/TSX Composite Index was down 41.67 points, or 0.27 percent, to 15,304.77 points.

The metals and mining sector lost 0.36 percent, triggered by a selloff in its subsector gold group as June bullion contract dived 16.2 U.S. dollars to 1,186.9 U.S. dollars an ounce on the New York Mercantile Exchange Wednesday.

Shares of most gold producers plunged when Barrick Gold Corp. slumped 4 percent to 15.13 Canadian dollars (about 12.37 U.S. dollars), and Goldcorp Inc. plummeted 3.19 percent to 23.07 Canadian dollars.

The basic metals producers also lost ground when Teck Resources Ltd. decreased 0.57 percent to 15.74 Canadian dollars, and First Quantum Minerals Ltd. dropped 0.25 percent to 16.05 Canadian dollars.

Meanwhile, healthcare, the biggest loser in TSX sectors, lost 1. 11 percent as its heavyweight Valeant Pharmaceuticals International, Inc. fell 2.41 percent to 253.14 Canadian dollars.

Financials, the index's most heavily weighted sector, slipped 0. 25 percent. Royal Bank of Canada dropped 0.39 percent to 79.99 Canadian dollars, while Toronto-Dominion Bank was down 0.18 percent to 55.89 Canadian dollars per share.

The energy sector, however, added 0.17 percent as Suncor Energy Inc. rose 0.55 percent to 40.14 Canadian dollars, and Canadian Natural Resources Ltd. increased 0.85 percent to 40.47 Canadian dollars apiece.

Telecom was the biggest gainer rising 1.05 percent, when Rogers Communications Inc. advanced 2.21 percent to 42.99 Canadian dollars after the telecommunications giant announced Tuesday after the closing bell that it declared a quarterly dividend totaling 0. 48 Canadian dollar per share.

On the currency front, the Canadian dollar traded higher on Wednesday at 0.8178 U.S. dollar, compared with 0.8143 U.S. dollar on Tuesday.