Canadian stocks flat as crude hits six-month high

Canada's main stock market in Toronto finished Thursday trading little changed although crude oil settled at the highest level in more than six months amid concern of reduction in global crude supply with Canadian producers planning to resume oilsands output.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index lost 0.41 point, or 0.00 percent, to close at 13,787.80 points. Half of the TSX index's eight main sub-sectors were higher.

Oil prices rose 1 percent in volatile trade on Thursday, with U.S. crude hitting six-month highs as investors weighed a forecast for tighter global supplies against signs of another storage build at the hub for U.S. crude futures.

The West Texas Intermediate for June delivery moved up 47 cents to settle at 46.7 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery increased 48 cents to close at 48.08 dollars a barrel on the London ICE Futures Exchange.

Enbridge Inc. says its regional pipeline system for the Alberta oilsands will likely be back to full capacity within days, given the diminished risk from wildfires that have devastated the Fort McMurray area.

The Calgary-based company says it reduced the pipeline system's capacity as a precaution by about 900,000 barrels per day on May 4. Enbridge shares went up 0.86 percent to 51.69 Canadian dollars (40.28 U.S. dollars).

Suncor Energy dropped 36 cents, or 1.04 percent, to 34.11 Canadian dollars, and Encana fell 20 cents, or 2.23 percent, to 8.77 Canadian dollars, as energy producers rose.

Crescent Point Energy jumped a dollar, or 4.91 percent, for a third day of gains, to 21.36 Canadian dollars. The company reported a first-quarter loss narrower than analysts had forecast.

Gold fell on Thursday as a strengthening dollar prompted some buyers to cash in gains after its biggest daily rise this month, briefly paring losses after downbeat U.S. jobs data.

Barrick Gold lost 44 cents, or 1.86 percent, to 23.27 Canadian dollars, while First Quantum Minerals retreated 49 cents, or 5.31 percent, to 8.74 Canadian dollars to lead base-metals producers lower.

Goldcorp tumbled 93 cents, or 3.9 percent, to 23.15 Canadian dollars, after agreeing to buy Kaminak Gold in a share-swap deal worth 520 million Canadian dollars. The purchase price values Kaminak at a 40 percent premium to its 20-day average, and will involve Goldcorp issuing about 21.6 million shares.

On the economic agenda, Statistics Canada reported that its new housing price index rose 0.2 percent in March, following an identical increase in February.

The index has increased for 12 consecutive months, largely driven by higher new housing prices in Ontario and British Columbia.

Two reports are shedding new light on the impact of foreign buyers on Canada's luxury real estate market. One quarter of real estate advisors with Royal LePage say 25 percent of luxury homes in key Canadian markets are being snapped up by foreign buyers.

And a new report from Christie's International Real Estate names Toronto and Victoria, B.C. as the second- and third-hottest luxury real estate markets in the world.

The Canadian dollar traded higher at 0.7792 U.S. dollar, compared with Wednsday's closing rate of 0.7781 U.S. dollar. Endit