Canadian stocks close down on falling crude

Canada's main stock market in Toronto retreated from its 13-month high on Wednesday as resources shares and health care sector slipped off.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index lost 26.19 point, or 0.18 percent, to close at 14,775.04 points. Six of the TSX index's eight main sub-sectors were lower.

Oil prices extended losses Wednesday as official data showed that U.S. crude inventories increased for a third straight week.

Texas light sweet crude for September delivery dropped 1.06 U.S. dollars to settle at 41.71 dollars a barrel in New York, while Brent crude for October delivery lost 0.93 dollar to close at 44.05 dollars a barrel in London.

TSX energy went down 0.53 percent as Baytex Energy Corp. fell 4.43 percent to 6.26 Canadian dollars (4.79 U.S. dollars) while Encana Corporation dropped 2.26 percent to 11.25 Canadian dollars.

Metal & mining sector gained 0.55 percent as gold issues moved up, with Goldcorp up 4.34 percent to 24.78 Canadian dollars and Barrick Gold adding 0.82 percent to 28.42 Canadian dollars.

Tahoe Resources advanced 5.87 percent to 21.66 Canadian dollars after its adjusted earnings beat expectations and it said it expects to hit the top end of its silver production target.

Health care shed 1.18 percent as Valeant Pharmaceuticals International slipped back 3.06 percent to 35.75 Canadian dollars after Tuesday's surge of 25 percent as the drug maker unveiled a plan to sell assets to pay down debt.

Bombardier Inc. advanced 1.02 percent to 1.98 Canadian dollars as its rail division has clinched a 1.7 billion Canadian dollar order to build 660 rail cars in Britain.

The Canadian dollar traded higher at 0.7655 U.S. dollar, compared with Tuesday's closing rate of 0.7620 U.S. dollar. Endit