Stocks in Toronto gave up more ground on Monday as a decline in oil prices and concerns about the Chinese economy weighed on energy shares, which resumed their downward trend.
The S&P/TSX composite index went negative 84.04 points by noon to 14,225.37
The Canadian dollar crept up 0.09 cents to 83.56 cents U.S.
The benchmark TSX is down about 2.5% this year. The plunge in oil prices over the past six months, triggered by worries about excess supply, has been the biggest drag on both energy shares and Canada's benchmark equities index.
Oil prices were below the $50 U.S. mark on Monday, and they have lost about 55% of their value since June.
Shares of energy producers dropped as Canadian Natural Resources shed 2.7% to $34.54, and Suncor Energy lost 1.8% to $35.34.
Financials dipped as Toronto-Dominion Bank advanced two cents to $50.23, and Royal Bank of Canada lost 0.1% to $75.41.
Copper prices were down sharply amid moves by Chinese authorities to stop the stock market's boom over the past year from turning into a bubble that could damage the broader economy.
March copper in New York was down five cents in electronic trading to $2.57 U.S. a pound. Teck Resources picked up six cents, or 0.4%, to $14.26.
On today’s economic calendar, Statistics Canada reported that foreigners bought only $4.3 billion of our securities in November, while Canadian investments in foreign securities were boosted to $1.8 billion, all of it in bonds.
Acquisitions from abroad were mainly in Canadian corporate bonds as non-residents reduced their exposure to Canadian stocks for the first time in 15 months.
ON BAYSTREET
The TSX Venture Exchange gained 5.83 points to 673.14.
All but two of the 14 Toronto subgroups were lower by noon, as energy backtracked 1.9%, real-estate shed 0.6%, and materials sank 0.5%.
The two gainers were metals and mining, up 0.4%, while global base metals inched up 0.1%.
ON WALLSTREET
Markets are closed for Martin Luther King Day.
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