RTTNews - Toronto stocks have moved lower on Monday, led by weakness in the mining and energy sectors. Bay Street's markets have followed the lead of U.S. and European stocks.
The S&P/TSX Composite Index is down 87.41 points or 0.82% to 10,481.88. The index added nearly 200 points last week.
Mining stocks are down 2.1% as copper dropped 3.1 cents to $2.253 per pound on the Comex. First Quantum (FM.TO) has lost 2.1%, Teck Cominco (TCK.B.TO) is down 1.9% and Inmet (IMN.TO) is down 1.6%.
Fronteer Development Group (FRG.TO) is down 2.8% after the stock was downgraded to Hold from Speculative Buy by Canaccord Adams.
Energy stocks are down 1.7% as crude oil has moved slightly lower amid choppy trading. Canadian Oil Sands (COS.UN.TO) has lost 3%, Suncor (SU.TO) is down 2.3%, Canadian Natural and Encana (ECA.TO) has dropped 1.8%.
Addax Petroleum (AXC.TO) has surged 8.4% after acknowledging it has had preliminary talks with third parties regarding a possible acquisition or merger.
In other corporate news, Silvercorp Metals (SVM.TO) said it intends to make an offer to acquire Klondex Mines (KDX.TO) for approximately C$2.18 per Klondex common share. On the news, Klondex has soared more than 40%, while Silvercorp is down about 12%.
In economic news, housing starts increased to 128,400 units in May from 117,600 units in April, Canada Mortgage and Housing Corporation (CMHC) said in its monthly report released Monday morning. Economists anticipated 126,000 starts.
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