Energy Stocks Drag TSX Lower -- Canadian Commentary

(RTTNews) - Slumping energy stocks drove Toronto's main index lower Monday.

Bay Street was in a funk throughout the session, although gold stocks provided a measure of support in an otherwise jittery market.

The S&P/TSX Composite Index was down 18 points, or 0.12 percent, to 15,457.78.

Gold stocks jumped 4 percent, as April gold futures jumped to $1230 an ounce, the highest since November. The precious metal is back in style thanks to its safe haven appeal.

Energy stocks were down 2 percent. March WTI oil fell 82 cents, or 1.5%, to settle at $53.01/bbl.

Banks were flat despite talk that U.S. president Donald Trump wants to walk back Obama-era financial regulations.

Fairfax Financial (FFH.TO) plans to raise about $500-million for a new Africa fund, according to Bloomberg. FFH shares were up marginally.

Barplats Investments' shareholders have rejected the sale of Barplats Mines to China's Hebei Zhongheng Tianda Platinum (HZT), Eastern Platinum (ELR.TO) said. The stock was up 7.5 percent.

Maha Energy will acquire Gran Tierra's (GTE.TO) Brazilian operations. Gran Tierra shares slipped 3.2 percent.

Israel's Delek Group has offered to buy Ithaca Energy (IAE.TO) for $646 million. The stock rose 11.5 percent.