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TORONTO, June 9 (Xinhua) -- Canada's main stock market in Toronto registered a broad decline Thursday as oil prices snapped a three-day advance after notching another 2016 high after a strong U.S. dollar sparked profit-taking in crude futures by investors.
The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index lost 73.08 point, or 0.51 percent, to close at 14,240.02 points. Seven of the TSX index's eight main sub-sectors were lower.
The West Texas Intermediate for July delivery fell 67 cents to settle at 50.56 U.S. dollars a barrel, while Brent crude for August delivery lost 56 cents to close at 51.95 dollars a barrel.
A pullback in crude prices weighed on TSX energy stocks with a 1.42 percent retreat, as Encana Corporation went down 1.52 percent to 11.04 Canadian dollars (8.68 U.S. dollars) and Suncor Energy Inc. fell 0.82 percent to 35.18 Canadian dollars.
Baytex Energy Corp. rebounded 1.19 percent to 8.53 Canadian dollars following a sharp jump in recent days. The company has restarted nearly all the heavy crude output it shut last year, encouraged by the months-long rally in oil prices.
Metals & mining sector was down 3.88 percent, as First Quantum Minerals Ltd. lost 7.74 percent to 9.18 Canadian dollars and Teck Resources Limited shed 3.38 percent to 15.16 Canadian dollars.
Financial stocks, down 0.75 percent, also pulled the index lower, hurt by a fall in global bond yields as investors moved on waning expectations of higher U.S. interest rates.
The most influential movers on the index included Manulife Financial, which declined 2.47 percent to 18.55 Canadian dollars.
Hudson's Bay Company shares slipped 2.91 percent to 15.36 Canadian dollars although the Canadian retailer reported a 59 percent rise in quarterly sales as it benefited from expansion in Europe and the acquisition of online retailer Gilt.
On the economic beat, Statistics Canada reported that its new housing price index moved up 0.3 percent in April, following a 0.2 percent increase in March, the largest monthly advance since October and mainly driven by new housing prices in Ontario.
Canadian Prime Minister Justin Trudeau told BNN that skyrocketing home prices in Toronto and Vancouver are creating headwinds for Canada's economy.
"Rising home prices, uncertainty around being able to buy your first home or upgrade as you want to grow a family is a real drag on our economy and a real drag on Canadians' opportunities," said Trudeau.
Trudeau's comments echo statements from Finance Minister Bill Morneau on Wednesday. "We're making sure that we have a deep dive into the information to ensure that any considerations we have for change are evidence-based," Morneau told reporters in Toronto.
The benchmark price of a home in Toronto hit 635,700 Canadian dollars in May, marking a 15 percent gain from a year earlier. A similar home in Vancouver sells for 889,100 Canadian dollars, up nearly 30 percent from last year, according to the Real Estate Board of Greater Vancouver.
Some observers blame the increase in home prices on the influx of foreign money into Toronto and Vancouver, and are calling on Ottawa to take action to limit those inflows. But the prime minister said Canada must be cautious about moving to stop foreign investment while ensuring the investment is good for the country's economy.
The Canadian dollar traded lower at 0.7866 U.S. dollar, compared with Wednesday's closing rate of 0.7876 U.S. dollar.
