Despite a strong showing in the energy sector, the Toronto market drifted lower Wednesday, weighed down by a negative day in financials.

The S&P/TSX composite index closed down 24.91, or 0.23%, to 11,042.26.

Volume on the senior exchange was 340 million shares.

Six of the 10 TSX main sub-groups closed lower on the day, with the financials group losing 1.31%.

Bank of Nova Scotia lost 38¢, or 0.87%, to $43.50, while Sun Life Financial shed 80¢, or 1.82%, to $43.25.

Fairfax Financial Holdings Ltd. announced it intended to raise US$300 million by issuing over 1.8 million shares to institutional investors. Shares in the insurer rose $5.05, or 3.10%, to $167.80.

Light, sweet crude settled at US$66.35, up $1.28, on the New York Mercantile Exchange after the U.S. Department of Energy reported crude oil inventories fell 2.4 million barrels to 305.7 million last week. However, the department reported gasoline inventories were up.

The TSX energy sector gained 1.38%

Ultra Petroleum Corp. gained $2.75, or 5.31%, to $54.54, while First Calgary Petroleum rose 30¢, or 3.37%, to $9.20.

EnCana Corp. announced late Tuesday that it would purchase part of the Maverick Basin natural gas reserves in Southwest Texas from U.S.-based Exploration Co. for US$80-million. EnCana gained $1.70, or 2.60%, to $67.20.

Wine maker Vincor International Inc. shot up $12.88, or 54.88%, to $36.35, on heavy trading after the company turned down a $1.4-billion takeover bid from U.S.-based Constellation Brands Inc.

The Canadian Auto Workers and General Motors of Canada reached a tentative agreement to avert a midnight strike deadline. GM shares rose 7¢ to $30.84 on the New York Stock Exchange.

The Canadian dollar closed up 0.33 of a cent to US85.33¢.

The junior S&P/TSX venture exchange finished up 29.97, or 1.44%, to 2,108.30.

In New York, markets dipped slightly, as the negative effect of higher energy prices offset encouraging economic news.

The Dow Jones industrial average rose 16.88, or 0.16%, to 10,473.09, The S&P500 index added 1.24, or 0.10%, to 1,216.90, and the Nasdaq composite index lost 1.02, or 0.05%, to 2,115.40.

In U.S. economic news, orders for durable goods rose 3.3% in August, significantly surpassing analysts’ expectations.