Canada's main stock index was flat on Wednesday as underwhelming forecast from e-commerce giant Shopify Inc overshadowed strong earnings from other companies and a lower reading on inflation in June.

Shares in Shopify fell 1.8% as the company reiterated the same outlook since the last two quarters, despite beating second-quarter revenue expectations.

Loblaw rose 0.2% as it beat market estimates for quarterly revenue on increased demand for groceries and other essentials.

Statistics Canada said the country's annual inflation rate in June dipped to 3.1% from a year-over-year increase of 3.6% in May, in part due to downward pressure from the prices of clothing and vegetables.

At 9:58 a.m. ET (1358 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 1.96 points, or 0.01%, at 20,171.39.

TSX drops as commodity-linked stocks weigh

Four of the index's 11 major sectors were higher, led by the healthcare sector.

The energy sector dropped 0.1%, while financials gained 0.1%.

On the TSX, 125 issues were higher, while 101 issues declined for a 1.24-to-1 ratio favouring gainers, with 20.99 million shares traded.

The largest percentage gainers on the TSX were Tilray Inc , which jumped 24.3% after quarterly earnings.

Real Matters Inc fell 10.4%, the most on the TSX.

The most heavily traded shares by volume were Bombardier B , Tilray and The Green Organic Dutchman.

Canada's annual inflation rate slows but remains above Bank of Canada target

The TSX posted no new 52-week high and no new low.

Across all Canadian issues there were 39 new 52-week highs and six new lows, with total volume of 37.94 million shares.