Energy sector weighs on Toronto market, U.S. stocks push higher; Loonie up

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TORONTO — The energy sector weighed on Canada’s main stock index in late-morning trading as the price of oil moved lower, while the loonie traded higher following a smaller-than-expected trade deficit.

The S&P/TSX composite index was down 29.21 points to 16,093.04, after 90 minutes of trading.

In New York, the Dow Jones industrial average was up 133.37 points to 24,933.35. The S&P 500 index was up 5.72 points to 2,754.52 and the Nasdaq composite index was up 4.09 points to 7,641.95.

The Canadian dollar was trading at 77.53 cents US, up from an average value of 76.96 cents US on Tuesday. The move came after Statistics Canada said the country’s merchandise trade deficit in April was halved to $1.9 billion compared with $3.9 billion in March. Economists had expected a deficit of $3.4 billion.

The July crude contract was down 93 cents to US$64.59 per barrel and the July natural gas contract was down one cent to US$2.88 per mmBTU.

The August gold contract was up US$1.70 to US$1,303.90 an ounce and the July copper contract was up five cents to US$3.25 a pound.

The Canadian Press