The Canadian stock market closed little changed Wednesday amid strong earnings reports from Canada' s two big railways companies and increasing losses from resource stocks.
The Toronto Stock Exchange's benchmark S&P/TSX Composite Index gave up solid early gains to end down 4.74 points, or 0.04 percent, to finish a six-day rally at 13,243.32.
The industrials sector led Canadian stock market's advancers after two of the country's two large railways companies reported strong earnings results that beat analysts' estimates. Canadian National Railway shares surged 3.42 percent to 113.50 Canadian dollars (about 109 U.S. dollars) apiece after hitting a new 52- week high of 116.20 Canadian dollars. Canadian Pacific Railway surged 10.23 percent to 148.53 Canadian dollars as it posted record earnings and the lowest operating ratio in its history in the third quarter.
However, the market was dragged down by a 2.7-percent drop in metals and mining sector as commodity prices slipped amid worries that the People's Bank of China, the Chinese central bank, may tighten its monetary policy to cool the hot housing market.
In metals, Teck Resources fell 1 percent to 29.41 Canadian dollars per share while Lundin Mining Corporation shares fell 4.55 percent to 4.62 Canadian dollars.
The energy sector was down about 1 percent as the December crude oil contract on the New York Mercantile Exchange dropped to its lowest level since late June. Suncor Energy fell 2.32 percent to 36.64 Canadian dollars.
The telecom stocks were supportive, up 0.72 percent.
At closing, the Canadian dollar closed down at 0.9631 U.S. dollars at 5 p.m. local time (2100 GMT) Wednesday, compared with 0. 9720 U.S. dollars Tuesday.