TSX Flat As Energy, Gold Pulls Back -- Canadian Commentary

(RTTNews) - Canadian stocks were flat Thursday, as weaker energy and gold shares offset gains in the banking sector.

The S&P/TSX Composite Index dropped 3 points to 13,668.29, easing from a monthly high.

Gold stocks tumbled 2.7 percent after a significant drop in bullion prices.

A stronger dollar also capped the rally in crude oil prices, and energy stocks fell 1 percent.

US WTI crude oil for May settled at $41.50/bbl, down 26 cents, or 0.6%, having touched a yearly high above $42 earlier in the week.

Standard & Poor's lowered Valeant Pharmaceuticals International Inc.'s (VRX, VRX.TO) corporate credit rating after a large holder called a default as a result of the Canadian drugmaker's failure to file its annual report earlier this year. Shares fell 1.4 percent.

Pacific Exploration (PRE.TO) said Thursday agreed to work with Catalyst Capital Group Inc. on a restructuring deal that would free up some cash. Shares fell 5.2 percent.