An employee looks at the Oyu Tolgoi mine in Mongolia's South Gobi region on June 23, 2012.David Stanway/Reuters
The Toronto stock market was little changed Wednesday with mining stocks weighing on the TSX amid worries about a slowing global economy.
The S&P/TSX composite index dipped 13.04 points to 11,499.18 and the TSX Venture Exchange added 1.65 points to 1,201.01.
Rising oil prices helped push the commodity-sensitive Canadian dollar up 0.28 of a cent to 98.07 cents U.S. amid data showing a widening of the trade deficit in May.
Statistics Canada said the trade deficit with the world was $793-million, up from $623 million in April. Merchandise imports increased 0.4 per cent on the strength of energy products while exports were relatively unchanged in May.
And south of the border, the U.S. trade deficit moderated during May from the month before. The deficit came in at $48.7-billion (U.S.), down from $50.6 billion in April.
U.S. markets were in the red as traders looked to the release of the minutes from the most recent U.S. Federal Reserve meeting for indications whether the central bank is considering another round of economic stimulus.
The Dow Jones industrials declined 36.82 points to 12,616.3.
The Nasdaq composite index lost 8.42 points to 2,893.91 and the S&P 500 index was down 1.07 points to 1,340.4.
Companies started reporting second-quarter results this week, with aluminum giant Alcoa reporting it beat reduced expectations.
Investors were dismayed when chip maker Advanced Micro Devices said Tuesday that weaker sales in China and Europe led to an 11 per cent drop in revenue in the April-to-June period. The company had previously forecast a gain of three per cent. J.P. Morgan and Google report results later this week.
Oil prices gained ground after weak Chinese trade data sent prices lower on Tuesday.
The August crude contract on the New York Mercantile Exchange gained $1.27 to $85.18 (U.S.) a barrel, pushing the energy sector up 0.52 per cent. Cenovus Energy gained 28 cents to $32.53.
The consumer staples sector also made headway. Quebec-based convenience store and fuel station chain operator Alimentation Couche-Tard Inc. gained $1.45 to $47.35 on top of a gain of $1.66 Tuesday in the wake of a strong earnings report.
Financials were also supportive with Manulife Financial ahead eight cents to $11.04.
The base metals sector lost about one per cent with copper off early highs, unchanged at $3.40 (U.S.) a pound. Ivanhoe Mines shed 11 cents to $8.89.
In corporate news, Vancouver-based miner South American Silver Corp. is protesting Bolivia's decision to revoke its licence to mine a rich silver deposit in the country and nationalize the project. The licence was cancelled Tuesday following opposition from Quechua Indians who had seized workers employed by the company to press their case.
The stock has lost about half its value in the last two sessions, closing Tuesday at 49 cents on the TSX. It fell another eight cents Wednesday morning to 41 cents.