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Feb. 8, 2010, 5:55 p.m. EST

Canadian stocks weighed down by gold stocks, energy

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By Liana B. Baker, MarketWatch

SAN FRANCISCO (MarketWatch) -- Canadian stocks closed lower on Monday as lingering concerns about the global economy hit the energy sector and investors took their cues from Wall Street, where early gains also dissipated.

The S&P/TSX Composite Index fell 1%, or 107 points, to 11,115.

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Shares of Tethys Petroleum /zigman2/quotes/209088915/delayed CA:TPL +6.02% jumped 35% after the company announced successful tests of an oil well in Kazakhstan.

But the index measuring Canada's energy sector fell 0.2% even as crude-oil futures regained some ground on Monday. Crude oil for March delivery finished up 70 cents, or 1%, at $71.89 a barrel at the New York Mercantile Exchange.

Shares of Bombardier /zigman2/quotes/208994866/delayed CA:BBD.B +2.11% fell 2%.

Gold futures gained more than 1% on Monday, as soothed nerves over European debt woes pressured the U.S. dollar, lifting gold's appeal as a hedge. Gold for April delivery rose $13.40, or 1.3%, to finish at $1,066.20 an ounce at the New York Mercantile Exchange. It earlier rose to an intraday high of $1,074.30 an ounce.

Canadian metals stocks were mixed Monday, with the mining index losing 0.6% after earlier gains. Some of the biggest decliners on the TSX were gold stocks, such as Yamana Gold Inc. /zigman2/quotes/206359073/delayed CA:YRI +0.65% , which fell 4.4% and Goldcorp Inc. /zigman2/quotes/225792379/delayed CA:G -1.00% , which dropped 3.4%. Barrick Gold Corp. /zigman2/quotes/209252292/delayed CA:ABX -0.43% sank 3.7%.

On Monday, Canada Mortgage and Housing Corp. reported that housing starts in Canada rose 5.8%, which surpassed analysts' expectations and is the highest rate since October 2008.

A Bank of Canada official said on Monday in Quebec that the Bank of Canada will uphold its pledge to keep interest rates at the record row 0.25% at least until June.

The loonie strengthened, with one U.S. dollar buying C$1.0722, down 0.7% since Friday.

/zigman2/quotes/209088915/delayed
CA : Canada: TSX Venture
$ 0.88
+0.05 +6.02%
Volume: 1,560
Dec. 2, 2022 10:16a
P/E Ratio
4.71
Dividend Yield
N/A
Market Cap
$89.26 million
Rev. per Employee
N/A
loading...
/zigman2/quotes/208994866/delayed
CA : Canada: Toronto
$ 52.36
+1.08 +2.11%
Volume: 562,545
Dec. 2, 2022 3:01p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$4.82 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206359073/delayed
CA : Canada: Toronto
$ 7.69
+0.05 +0.65%
Volume: 1.13M
Dec. 2, 2022 3:02p
P/E Ratio
22.46
Dividend Yield
2.08%
Market Cap
$7.34 billion
Rev. per Employee
$204,475
loading...
/zigman2/quotes/225792379/delayed
CA : Canada: Toronto
$ 1.99
-0.02 -1.00%
Volume: 14,116
Dec. 2, 2022 1:53p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$159.20 million
Rev. per Employee
N/A
loading...
/zigman2/quotes/209252292/delayed
CA : Canada: Toronto
$ 22.91
-0.10 -0.43%
Volume: 3.03M
Dec. 2, 2022 3:02p
P/E Ratio
16.91
Dividend Yield
2.22%
Market Cap
$40.75 billion
Rev. per Employee
$693,409
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Liana B. Baker is a MarketWatch reporter based in San Francisco.

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