The Toronto stock market continued a gradual shift lower on Monday afternoon as all key sectors lost some steam, with metals and mining stocks the heaviest weight on the market.
The S&P TSX Composite Index ended the day down 103.56 points to 11,092.50
TSX metals and mining stocks weakened as base metals prices took a hit from concern about a weaker-than-expected recovery in major economies like the U.S. and China.
Shares in Taseko Mines Ltd. plunged 85 cents or 20.4% to $3.31 after a federal review panel said Friday that the company’s proposed open-pit gold-copper mine in B.C. would pose a significant threat to the environment.
Energy shares on the TSX fell as the August crude contract on the New York Mercantile Exchange in Europe was down 62 cents to $71.52 U.S. a barrel in electronic trading. Shares in Encana Corp. fell 42 cents to $32.03.
Global gold stocks slipped, while the August gold contract moved up $1.70 cents to $1,209.40 U.S. an ounce. Barrick Gold Corp. stock fell 16 cents to $45.79.
Financial stocks lost ground with shares in CIBC slipping 17 cents to $65.88.
In Canadian corporate news, specialty food producer Premium Brands Holdings Corp. said Monday it has acquired a 76% interest in Toronto-based Maximum Seafood. Financial terms of the deal were not released. Shares in Premium Brands slipped a nickel to $12.55.
Calgary-based energy services company Divestco Inc. said it has struck a binding deal to divest its entire 2D and 3D seismic data library to Pulse Seismic Inc. in a cash and share transaction worth about $68.3 million.
Shares in Divestco jumped eight cents or 11.6% to 77 cents, while shares in Pulse fell 12 cents or 9.4% to $1.16.
Bronco Energy Ltd., a junior oil and gas explorer and developer, confirmed Monday it is in talks with potential bidders for the company while it undertakes a strategic review of its operations. Shares lifted three cents, or 17.7%, to 20 cents.
Cliffs Natural Resources Inc. says it has reached an agreement to acquire Toronto-based Spider Resources Inc. for $125 million, ending a fierce takeover fight with junior Canadian miner KWG Resources Inc.
Spider shares were unchanged at 18.5 cents, while KWG issues slid two cents, or 17.4% to 9.5 cents.
The Canadian dollar slid 0.20 cents at 93.88 cents U.S.
ON BAYSTREET
All but one of 14 TSX subgroups were lower on the day. Metals and mining stocks weighed heaviest with a loss of 2.8%, followed by energy, off 1.5% and consumer discretionaries, down 1.3%.
Only a slight gain of 0.1% by information technology kept things from being unanimous.
The TSX Venture Exchange stumbled 28.73 points to 1,356.22 while the Nasdaq Canada index was down 5.62 points to 580.04
ON WALLSTREET
U.S. markets are closed for the Independence Day long weekend
