TSX Ends Lower As Energy Stocks Decline On Weak Oil Prices

(RTTNews) - Save for a few minutes at the start, the Canadian stock market was down in negative territory on Monday due to weak oil prices, and travel restrictions in some countries due to the spread of the delta variant of Covid-19.

Also, with some crucial economic data from Canada and the U.S. due later in the week, traders appeared a bit reluctant to create fresh long positions.

Energy, materials and consumer discretionary shares drifted lower. Financial shares were also mostly weak. Information technology stocks moved higher. A few stocks from utilities and telecom sections also moved up.

The benchmark S&P/TSX Composite Index ended down by 85.01 points or 0.42% at 20,145.25. The index, which advanced to 20,273.61 in opening trades, touched a low of 20,113.50 a little past noon.

The Capped Energy Index shed more than 3%. Enerplus Corp (ERF.TO) ended more than 6% down. MEG Energy (MEG.TO), Vermilion Energy (VET.TO), Imperial Oil (IMO.TO), Crescent Point Energy (CPG.TO), Cenovus Energy (CVE.TO) and Suncor Energy (SU.TO) lost 3 to 5.2%.

Among materials shares, MAG Silver Corp (MAG.TO), Hudbay Minerals (HBM.TO), Nutrien (NTR.TO), Kirkland Lake Gold (KL.TO) and Methanex Corp (MX.TO) were among the prominent losers.

Consumer discretionary shares Martinrea International (MRE.TO), Linamar Corp (LNR.TO), Canada Goose Holdings (GOOS.TO), Sleep Country Canada Holdings (GOOS.TO) and Magna International (MG.TO) shed 1 to 4%.

Financial shares CDN Western Bank (CWB.TO), Canadian Imperial Bank of Commerce (CM.TO), Laurentian Bank (LB.TO), Manulife Financial (MF.TO), Bank of Montreal (BMO.TO) and Fairfax Financial Holdings (FFH.TO) declined 1 to 3%.