RTTNews - Toronto stocks remained notably lower on Monday and reached their lowest level in nearly two weeks. Resource stocks saw significant weakness as commodities fell on the NYMEX.

The S&P/TSX Composite Index plunged 278.53 points or 2.7% to 9,937.36. The index is on pace for its lowest finish since June 23.

Mining stocks have lost 4.5% with copper dropping by more than 2% in Comex trading. First Quantum (FM.TO) has plunged 7%, Inmet (IMN.TO) has dropped 5.8% and HudBay (HBM.TO) has declined 4.6%.

Teck Resources (TCK.B.TO) is down 1.75%. The company said it expects average transportation costs to be in the range of $33 to $35 per tonne for 2009, compared to previous guidance of $35 to $37 per tonne.

Materials and gold stocks are down 4.5% as the precious metal lost $6.70 to close at $924.30 per ounce. Kinross (K.TO) has dropped 3.9% after the stock was downgraded to Sector Perform from Sector Outperform at Scotia Capital.

Energy stocks are down 5.1% as crude oil plunged toward $64 per barrel. Suncor (SU.TO) has dropped 6.1%, Canadian Natural Resources (CNQ.TO) has slipped 5.1% and Encana (ECA.TO) is down 4.3%.

CIC Energy (ELC.TO) has surged 24.2% after the company reported a second quarter net loss of C$2.12 million or C$0.04 per share, compared to a loss of C$2.61 million or C$0.05 per share for the same period last year.

In corporate news, WestJet (WJA.TO) is down 3.4% after the company said its June load factor was 72.9%, 3.6 points decline from 76.5% in the year-ago period.

Pet Valu (PVC.TO) is up 3.4% after the company agreed to be acquired by certain affiliates of Roark Capital Group for $13.68 in cash or approximately $143.7 million.

The Institute for Supply Management said its index of activity in the US service sector rose to 47.0 in June from 44.0 in May, although a reading below 50 indicates a contraction. Economists had been expecting the index to come in at 46.0.

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