RTTNews - Toronto's main index finished notably higher, but was able to close above the 10,000 mark on Monday. Weakness in the resource sectors dragged Bay Street stocks to 13-day closing low.
The S&P/TSX Composite Index lost 255.67 points or 2.48% to 10,027.43. The index traded below 10,000 for much of the session before a modest recovery in the day's final 20 minutes.
Mining stocks fell 4.3% with copper dropping below $2.30 per pound on the Comex. Teck Resources (TCK.B.TO) fell 1.75%. The company announced transportation deals with Canadian Pacific Railway and Canadian National Railway that are expected to save C$70 million.
Gold and materials stocks fell a little more than 4% as the precious metal dropped $6.70 to settle at $924.30 per ounce. Kinross (K.TO) declined 3.3% after the stock was downgraded to Sector Perform from Sector Outperform at Scotia Capital.
Energy stocks lost 3.8% as crude settled at $64.05 per barrel, down $2.68 on the session. Suncor (SU.TO) dropped 6.1%, Encana (ECA.TO) fell 4.15% and Canadian Natural Resources (CNQ.TO) lost 4.1%.
CIC Energy (CIC.TO) 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 other corporate news, WestJet (WJA.TO) dropped 4.25% 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) gained 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.
On Tuesday, building permits data is due at 8:30 a.m. ET. A gain of 0.5% is projected for the month of May, compared to a drop of 5.4% in April.
At 10 a.m. ET, the Ivey Purchasing Managers Index is expected. Economists forecast a reading of 50.3 in June, compared to a 48.4 in the previous month.
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