The benchmark index of the Toronto Stock Exchange suffered a triple-digit point loss on Wednesday as materials stocks tumbled.

The S&P/TSX composite index dropped 105.13 points, or 1%, to close at 11,000.17.

The materials group tumbled 2.3% and the sub-gold index fell 3% as gold futures dipped lower. December gold futures, the most active contract, slipped US$2.70, or 0.3%, to close at US$997.10 an ounce on the Comex division of the New York Mercantile Exchange.

Shares of Barrick Gold Corp. tumbled 6.5% on Wednesday after the company announced plans to increase an equity offering to raise as much as $4 billion. The company’s shares dropped $2.74 to close at $39.71.

Shares of Goldcorp Inc. tumbled $1.68, or 3.8%, to $42.61 and Iamgold Corp. fell 3.3% to $14.05.

Higher for the day was Teck Resources Ltd., up 1.7% to $28.02.

The financials group fell 1.7% on Wednesday.

Shares of Sun Life Financial Inc. fell 3% to $30.59 and Manulife Financial Corp. dropped 2.4% to $21.46.

Also lower was Bank of Nova Scotia, down 2.1% to $43.87, and Royal Bank of Canada, off 1.6% to $55.91.

Energy stocks were a bright spot on the TSX, gaining 0.7% as oil futures climbed higher. Crude for October delivery edged up 21 cents, or 0.3%, to close at US$71.31 a barrel on the New York Mercantile Exchange.

Shares of Talisman Energy Inc. gained 2.3% to $18.41.

Units of Canadian Oil Sands Trust jumped 2.6% to $27.70 and EnCana Corp. rose 1.5% to $57.84.

The Venture index fell 5.41 points, or 0.4%, to close at 1,235.65.

The loonie retreated by US0.13¢ to close at US92.51¢.

Meanwhile, the main U.S. stock market indices enjoyed a fourth consecutive session of gains as the Federal Reserve’s latest Beige Book offered a mixed view of the economy. The business survey said that economic activity continued to stabilize in August, while labour market conditions remained weak.

The Dow Jones industrial average added 49.88 points, or 0.5%, to 9,547.22.

The S&P 500 index advanced 7.98 points, or 0.8%, to 1,033.37.

The Nasdaq composite index added 22.62 points, or 1.1%, to end at 2,060.39.