Canadian stocks slip as crude and resources fall

Canada's main stock market in Toronto fell Thursday as crude oil and gold miners retreated from earlier rally since Britain's vote to exit the European Union.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index shed 96.60 point, or 0.68 percent, to close at 14,134.46 points. Six of the TSX index's eight main sub-sectors were lower.

Crude oil prices fell 5 percent to two-month lows on Thursday after the U.S. government reported a weekly crude draw within analysts' forecasts, disappointing market bulls who had expected larger declines.

The West Texas Intermediate for August delivery tumbled 2.29 U.S. dollars to settle at 45.14 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery dropped 2.40 dollars to close at 46.40 dollars a barrel on the London ICE Futures Exchange.

Dragging the TSX index was its bulky gold mining group, which pulled back following a sharp rise since the Brexit vote sideswiped financial markets in late June.

The most influential weights included two of the world's largest gold producers, with Barrick Gold down 3.16 percent to 29.08 Canadian dollars (22.37 U.S. dollars) and Goldcorp Inc. off 2.22 percent at 25.50 Canadian dollars.

Among energy plays, Baytex Energy suffered 21 cents, or 2.83 percent, to 7.22 Canadian dollars, while Canadian Natural Resources slid 2.94 percent to 39.55 Canadian dollars.

Health-care stocks led gainers, as Valeant Pharmaceuticals took on 80 cents, or 2.68 percent to 30.62 Canadian dollars, while Concordia International prospered 5.43 percent to 27.36 Canadian dollars.

In the information technology field, Canadian smartphone maker BlackBerry was unchanged at 8.45 Canadian dollars.

On the economic agenda, Statistics Canada reports that building permits registered 6.8 billion in May, down 1.9 percent from the previous month. Lower construction intentions for commercial buildings in Quebec and Ontario and single-family homes in Ontario contributed most to the decrease.

Also, Western University reported its IVEY Purchasing Managers Index came in at 51.7 for June, compared to 49.4 in May, and 55.9 for June 2015.

The survey of purchasing managers monitors whether purchases increased, dwindled, or stayed the same during the month. Any reading over 50 suggests expansion.

Meanwhile, official data showed that foreign buyers are a far less significant factor in the hot Vancouver housing market than anecdotal evidence has led many to believe.

British Columbia Finance Minister Mike de Jong released the first round of data on foreign ownership in the province's real estate market. He found just 3 percent of homes sold in B.C. from June 10 through June 29 were to buyers that were not Canadian citizens or permanent residents.

The Canadian dollar traded lower at 0.7691 U.S. dollar, compared with Wednesday's closing rate of 0.7717 U.S. dollar. Endit