Canadian stocks were little changed, with the benchmark gauge trading near the lowest level in three months, as raw-materials producers retreated with the price of gold to offset a gain among oil shares as crude rebounded.
Tahoe Resources Inc. sank 9.3 percent after Goldcorp Inc. sold its stake in the company. Goldcorp slipped 1.9 percent. Bombardier Inc. sank 6.5 percent as its CSeries jet failed to garner any new orders at the Paris Air Show. Hudson’s Bay Co. climbed 9 percent after announcing a deal to acquire a German retailer yesterday.
The Standard & Poor’s/TSX Composite Index fell 3 points, or less than 0.1 percent, to 14,753.05 at 4 p.m. in Toronto. The benchmark slid as much as 0.5 percent in early trading before nearly erasing the slide over the course of the afternoon. The gauge has advanced 0.8 percent this year, among the worst-performers in developed markets in the world.
Barrick Gold Corp. declined 2.5 percent and Agnico Eagle Mines Ltd. lost 2.7 percent as raw-materials producers dropped 1 percent as a group, the most in the S&P/TSX. Seven of 10 industries retreated on trading volume 3.1 percent lower than the 30-day average.
Tahoe Resources tumbled 9.3 percent. Goldcorp, the world’s largest gold producer by market value, sold its 26 percent stake in the company for C$998.5 million in a secondary share sale to increase its near-term liquidity.
Gold for August delivery slipped 0.4 percent to $1,180.90 an ounce in New York. The Fed meets in Washington on Tuesday and Wednesday to plot monetary strategy and update economic forecasts as investors speculate when it will raise interest rates.
Crescent Point Energy Corp. rose 2.3 percent and Cenovus Energy Inc. added 2.8 percent as energy producers increased 0.5 percent. Oil advanced for the first time in four days.
Greek Prime Minister Alexis Tsipras gave no sign of backing down in the standoff over the country’s bailout. He hurled criticism at Greece’s creditors in a speech to lawmakers in Athens, accusing the International Monetary Fund of “criminal” responsibility for his country’s predicament.
Attention now shifts to a June 18 meeting of euro-area finance ministers in Luxembourg as the next deadline in a saga that opened in 2009. Officials have focused on that as a make-or-break session for Greece’s ability to avert default and stay in the currency union.