Canada's main stock index fell on Thursday in a broad retreat led by energy stocks as crude prices dropped, although a strong earnings report from Canadian Natural Resources (CNQ.TO) helped that stock buck the trend.
The major oil sands operator's shares jumped 3.4 per cent to $39.90 after it reported quarterly profit that topped estimates and said it will cut capital spending.
"Even in a tough oil price environment they are still showing really good numbers," said Bryden Teich, a portfolio manager at Avenue Investment Management.
Despite the gain of one of its biggest members, the energy group fell 1.2 per cent overall as oil prices slipped on the re-emergence of concern about high crude supplies from producer club OPEC.
Natural gas developer Seven Generations Energy Ltd (VII.TO) slumped 17.6 per cent to $16.90 after lowering its 2017 production guidance while keeping its capital budget unchanged.
The Toronto Stock Exchange's S&P/TSX composite index ended down 73.67 points, or 0.48 per cent, at 15,191.96.
All 10 of its main sectors ended in the red, and decliners outnumbered advancers by 2.5 to 1.
A 20.5-per-cent plunge in Sierra Wireless Inc (SW.TO) stock also weighed on the market after the technology company missed earnings expectations, provided lower-than-expected guidance, and announced a plan to buy another company.
BCE Inc (BCE.TO) lost 1.1 per cent to $58.76 after reporting strong wireless business growth that was offset by weakness in its fixed-line operations and higher expenses.
Still, a better earnings environment overall should help the index push higher, Avenue's Teich said.
"Earnings in aggregate are on pace to do well for the quarter; I think that bodes well for the index over the next six months," Teich said.
Other Canadian companies getting earnings-related boosts included gold miners Kinross Gold Corp (K.TO) and smaller rival Alamos Gold Inc (AGI.TO) as well as financial services company Altus Group Ltd (AIF.TO).
Kinross added 4.8 per cent to $5.45, Alamos jumped 9.9 per cent to $9.66, and Altus surged 17.8 per cent to $31.06.
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