Toronto stocks have declined on Monday, surrendering some of last week's gains. Lower oil and copper prices have led to weakness in the energy and mining sectors, respectively.

The S&P/Composite Index has dropped 122.93 points or 1.2% to move at 10.115.06. Bay Street's main index had posted its highest close for the index since October 3 on Friday.

Mining stocks have lost 2.7%, surrendering some of the recent gains. First Quantum (FM.TO) is down 4.3% and Teck Cominco (TCK.B.TO) has slipped 3.5%.

HudBay Minerals (HBM.TO) announced it will sell the 16.7% stake it owns in Lundon Mining (LUN.TO) to GMP Securities. For the day, Lundin shares are down 9.9% while HudBay is up 0.6%.

Energy stocks are down 2.6% as crude oil has dropped on the NYMEX. Canadian Oil Sands (COS.UN.TO) has lost 4.3%, Encana (ECA.TO) has lost 3%, Canadian Natural Resources (CNQ.TO) has dropped 2.2% and Suncor (SU.TO) is down 1.9%

On the earnings front, Ivanhoe Energy (IE.TO) has gained 2% after it reported a first-quarter net loss of US$12.3 million or US$0.04 per share, compared to a loss of US$8.5 million or US$0.03 per share in the same quarter last year.

Ensign Energy Services (ESI.TO) climbed 3% after the company reported that its first quarter net income was C$72.7 million or C$0.47 per share, compared to C$81.80 million or C$0.53 per share in the year ago quarter.

Financials are down 1.3% with CIBC (CM.TO) leading the decliners with a 2% drop. Royal Bank (RY.TO) has slipped 1.3%.

In other corporate news, Agrium (AGU.TO) is down 0.4%. The company announced it is increasing its exchange offer to acquire all of the outstanding shares of CF Industries Holdings to $85.20 per CF share.

Meanwhile, CanWest (CGS.TO) has surged 26%. The company is reviewing options to avoid bankruptcy, according to a report in the Globe and Mail, and is reviewing proposals from up to four investors.

Celtic Exploration (CLT.TO) has dropped 5.6% after the company announced that its first quarter net loss was C$5.04 million or C$0.12 per share, compared to a loss of C$7.38 million or C$0.20 per share in the year ago quarter.

Nortel Networks (NT.TO) has plunged 18.6% after the company reported a net loss of US$507 million or US$1.02 per share for the first quarter, wider than US$138 million or US$0.28 per share in the prior-year quarter.

On Friday, the S&P/TSX Composite Index added 270.94 points or 2.71% to close at 10,237.99.

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