TSX Ends Lower As Mining, Energy Stocks Weigh -- Canadian Commentary

(RTTNews) - Canadian stocks ended lower on Monday, tracking declining equity markets in the U.S., with energy and health care stocks offsetting rising gold stocks. Investors continued to monitor developments in the Greek financial crisis, after the meet in Latvia failed.

Mining and gold stocks are among the biggest gainers of the session, as price of the yellow metal surged to close at a two-week high.

Markets in Europe ended in the green, with some optimism on Greece driving the markets higher. After last week's meeting in Latvia failed to yield an agreement, the Greek government has adjusted its negotiating team. The move appears intended to reduce the influence of Greek finance minister Yanis Varoufakis on negotiations.

Markets in the United States ended mostly in the red, with corporate earnings in focus on what will be another big week of reports. Investors will be watching for hints as to when the Federal Reserve will begin raising rates when it concludes its policy meeting on Wednesday.

The benchmark S&P/TSX Composite Index closed Monday at 15,344.08, down 64.25 points or 0.42 percent. The index scaled an intraday high of 15,456.35 and a low of 15,317.58.

On Friday, the index closed up 15.98 points or 0.10 percent, at 15,408.33. The index scaled an intraday high of 15,440.36 and a low of 15,367.99.

Gold futures surged to end at a two-week high on Monday, on the continued uncertainty over Greece's financial woes and investors awaiting hints from the U.S. Federal Reserve's monetary policy meet later this week on its interest rate hike plans.

The Gold Index gained 1.14 percent, with gold for June delivery surging $28.20 or 2.4 percent to settle at $1,203.20 an ounce on the New York Mercantile Exchange Monday.

Among gold stocks, Barrick Gold Corp. (ABX.TO) gained 1.97 percent, Yamana Gold Inc. (YRI.TO) added 1.51 percent, Agnico Eagle Mines Limited (AEM.TO) moved up 0.22 percent, and IAMGOLD Corp. (IMG.TO) jumped 4.26 percent.

Goldcorp Inc. (G.TO) added 0.26 percent, while Eldorado Gold Corp. (ELD.TO) gained 1.23 percent. However, Kinross Gold Corp (K.TO) shed 0.36 percent.

Crude oil ended lower as investors looked ahead to this week's Federal Reserve meet for hints on the timing of interest rate hikes, even as growing concerns that fighting in Yemen could disrupt crude supplies persisted.

The Energy Index shed 0.84 percent, with U.S. crude oil futures for June delivery, the most actively traded contract, dropping $0.16 or 0.3 percent, to settle at $56.99 a barrel on the New York Mercantile Exchange Monday.

Among energy stocks, Suncor Energy Inc. (SU.TO) shed 0.92 percent, Canadian Oil Sands Limited (COS.TO) fell 2.17 percent, Crescent Point Energy Corp. (CPG.TO) slipped 0.31 percent, and Legacy Oil + Gas Inc. (LEG.TO) dropped 2.64 percent.

Canadian Natural Resources Limited (CNQ.TO) declined 0.90 percent, while Cenovus Energy Inc. (CVE.TO) surrendered 0.47 percent. Surge Energy Inc. (SGY.TO) surged 14.40 percent, and Bonterra Energy (BNE.TO) gained 1.95 percent.

Pacific Rubiales Energy Corp. (PRE.TO) plummeted 6.96 percent, after the company announced its first quarter total net production is expected between 150 and 154 Mboe/d, an increase of approximately 2% from a year ago.

The Capped Materials Index gained 0.80 percent, mostly on rising gold stocks, with Potash Corp. of Saskatchewan Inc. (POT.TO) dropping 1.65 percent and Agrium Inc. (AGU.TO) shedding 1.77 percent.

Franco-Nevada Corp. (FNV.TO) inched up 0.07 percent, while Silver Wheaton (SLW.TO) jumped 3.17 percent

The Diversified Metals & Mining Index surged 3.81 percent, after First Quantum Minerals Ltd. (FM.TO) jumped 6.61 percent, Teck Resources Limited (TCK.B.TO) added 1.49 percent, Lundin Mining Corp. (LUN.TO) moved up 1.31 percent, and Capstone Mining Corp. (CS.TO) gathered 2.78 percent.

Sherritt International Corp. (S.TO) surged 7.34 percent, Denison Mines Corp. (DML.TO) fell 0.87 percent, and HudBay Minerals Inc. (HBM.TO) gathered 3.12 percent.

The heavyweight Financial Index dipped 0.11 percent, as all major banks posted gains for the day. Bank of Nova Scotia (BNS.TO) inched up 0.03 percent, while Bank of Montreal (BMO.TO) moved up 0.24 percent.

National Bank of Canada (NA.TO) gained 0.14 percent, Royal Bank of Canada (RY.TO) added 0.12 percent, Toronto-Dominion Bank (TD.TO) advanced 0.07 percent, and Canadian Imperial Bank of Commerce (CM.TO) gathered 0.58 percent.

Manulife Financial Corp. (MFC.TO) shed 1.20 percent.

The Capped Health Care Index plunged 3.10 percent as Concordia Healthcare Corp. (CXR.TO) plummeted 5.18 percent and Valeant Pharmaceuticals International, Inc. (VRX.TO) dived 4.48 percent. Catamaran Corp. (CCT.TO) dipped 0.88 percent, while Extendicare Inc. (EXE.TO) added 0.77 percent.

ResVerlogix (RVX.TO) jumped 6.69 percent, after announcing a combination licensing and equity arrangement with Shenzhen Hepalink Pharmaceutical.

The Capped Industrials Index shed 0.91 percent, as Bombardier Inc. (BBD.B.TO) fell 4.72 percent, Air Canada fell 0.74 percent, and Finning International Inc. (FTT.TO) dipped 0.17 percent.

Canadian Pacific Railway Limited (CP.TO) fell 1.57 percent, and Canadian National Railway Company (CNR.TO) slipped 1.58 percent.

The Information Technology Index dropped 1.46 percent, as BlackBerry Limited (BB.TO) fell 1.90 percent, with the smartphone maker unveiling a white color version of its BlackBerry Classic.

Constellation Software Inc. (CSU.TO) fell 1.02 percent, Descartes Systems Group Inc. (DSG.TO) shed 2.80 percent, and Sierra Wireless, Inc. (SW.TO) surrendered 1.70 percent.

The Capped Telecommunication Index slipped 0.08 percent, as Rogers Communications Inc. (RCI.B.TO) gained 0.50 percent, BCE Inc. (BCE.TO) fell 0.16 percent, and Manitoba Telecom Services Inc. (MBT.TO) gained 0.08 percent.

Copper Mountain Mining Corp. (CUM.TO) surged 8.70 percent, after reporting first quarter adjusted earnings of C$0.04 per share, compared to C$0.07 per share in the previous year.

On the economic front, Germany's import prices continued to decline in March but the pace of decrease slowed for the second month, data from Destatis showed Monday.

Import prices fell by less-than-expected 1.4 percent in March from last year, following a 3 percent drop in February. Prices were expected to fall 2 percent. Nonetheless, the import price index has been falling since January 2013.

Meanwhile, Fitch Ratings downgraded sovereign ratings of Japan citing lack of structural measures to replace the deferred sales tax hike. The credit rating was lowered to 'A' from 'A+' and the outlook on the rating was stable. Moody's had downgraded Japan's rating in December after the government delayed the second sales tax hike.