RTTNews - Canadian stocks moved modestly lower on Monday, extending recently-seen weakness. Resource stocks led the decline as commodities gave back early gains.
The S&P/TSX Composite Index has dropped 58.95 points or 0.6% to move at 9,688.18.
Mining stocks are down 2.9% as copper prices have been volatile in early trading. First Quantum (FM.TO) is down 4.2% and Inmet (IMN.TO) has dropped 3%.
Materials stocks are down 2.6% as Potash (POT.TO) is down nearly 4% and rival Agrium (AGU.TO) has lost 1%. UBS lowered its potash forecast for 2010 to $450 per metric tons, down from $600.
Gold stocks have lost $2.4% as the precious metal has moved slightly lower in early trading. Goldcorp (G.TO) is down 2.9%, Eldorado (ELD.TO) has dropped 2.6% and Barrick Gold (ABX.TO) is down 2.5%.
ADF Group (DRX.TO) has added nearly 10% after the company announced that it has been granted a major contract of C$77 million in the North America's public infrastructure sector.
Air Canada (AC.B.TO) will announce it has narrowly approved a collective agreement for pension funding, according to the Globe and Mail. Shares are up 3.1%.
On Friday, the S&P/TSX Composite Index slipped 26.79 points or 0.27% to end at 9,747.13. The main index closed down 535.97 points for the week.
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