Energy stocks were a major weight on the Toronto stock market Monday ahead of a key meeting of the OPEC oil cartel later this week.
The S&P/TSX composite index was down 95.72 points to end the day at 15,015.41
The Canadian dollar fell back 0.02 cents to 88.62 cents U.S.
The TSX energy sector fell ahead of Thursday's meeting of the Organization of Petroleum Exporting Countries. The major question on markets is whether OPEC will respond to sharply lower prices by cutting production.
Imperial Oil settled 33 cents to $55.09, while Suncor slipped 20 cents to $40.32.
Oil prices have tumbled about 30% from mid-summer amid rising supplies, lower demand and a strengthening U.S. dollar that has pressured all commodities priced in that currency.
Elsewhere on the TSX, the base metals sector shed ground while the December copper contract was three cents lower at $3.00 a pound.
Teck Resources fell 90 cents, or 4.5%, to $19.04.
The gold sector fell as Barrick Gold dipped 22 cents, or 1.5%, to $14.22, and Goldcorp eased three cents to $23.03.
On the corporate front, Toronto-based private equity firm Onex Corp. is buying Swiss food packaging company SIG Combibloc Group AG for as much as $4.66 billion. Onex will pay $4.44 billion at the close of the transaction for SIG and up to an additional $217 million if the company meets financial targets in 2015 and 2016.
Onex shares gained 94 cents, or 1.5% to $65.10.
Shares in Hudson's Bay Company ran ahead $1.62, or 8%, to $21.82 after it announced it was taking out a US$1.25 billion, 20-year mortgage for the ground floor of its Saks Fifth Avenue store in New York.
ON BAYSTREET
The TSX Venture Exchange slid 1.63 points to 787.50.
Nine of the 14 Toronto subgroups were lower on the day, as energy faltered 2.1%, materials 1.9%, and metals and mining staggered 1.7%.
The five gainers were led by industrials, up 0.7%, while consumer discretionaries and information technology each climbed 0.5%.
ON WALLSTREET
U.S. stocks rose on Monday, with major indexes hitting fresh records on the back of multiple merger deals and hopes that China will take further accommodative monetary policy action.
The Dow Jones Industrials edged up 7.84 points at 17,817.90
The S&P 500 gained 5.91 points at 2,069.41. The NASDAQ index increased 41.92 points to 4,754.89.
The weakest group was telecom down 1.6%. AT&T fell 1.7%to $34.69 U.S. while Verizon lost 1.6% at $49.41 after Citigroup downgraded the stock to neutral. Both stocks limited the Dow's advance.
RenaissanceRe Holdings Ltd agreed to buy Platinum Underwriters Holdings Ltd. for $1.9 billion U.S.
BioMarin Pharmaceuticals said it would buy Dutch drug developer Prosensa Holding NV for about $840 million U.S. including milestone payments.
Prosensa soared 64% to $18.74 U.S. while Platinum was up 20% at $73.77 U.S.
Cimatron Ltd jumped 42% to $8.65 U.S. on its heaviest ever one-day volume after 3D Systems Corp agreed to buy the company for $97 million U.S. Shares of 3D jumped 6.1% to $37.31 U.S.
Monday's economic data had the U.S. services sector expanding in November at a slower rate than the prior month as growth in new business slowed.
China unexpectedly cut interests rates and European Central Bank President Mario Draghi vowed to hike inflation as quickly as feasible.
Prices for 10-year U.S. Treasuries were higher, lowering yields to Friday’s 2.32%. Treasury prices and yields move in opposite directions.
Oil prices picked up 37 cents to $76.88 U.S.
Gold prices inched up 90 cents to $1,196.80 U.S.
