Canadian stocks weighed down by gold stocks, energy

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 -13.75% 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 +2.50% 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. , which fell 4.4% and Goldcorp Inc. /zigman2/quotes/225792379/delayed CA:G -6.06% , which dropped 3.4%. Barrick Gold Corp. /zigman2/quotes/209252292/delayed CA:ABX -1.43% 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

Add to watchlist CA:TPL

Tethys Petroleum Ltd.

CA : Canada: TSX Venture

$ 0.69

-0.11 -13.75%

Volume: 500.00

Sept. 21, 2023 11:02a

P/E Ratio

14.59

Dividend Yield

17.39%

Market Cap

$79.40 million

Rev. per Employee

N/A

/zigman2/quotes/208994866/delayed

Add to watchlist CA:BBD.B

Bombardier Inc. Cl B

CA : Canada: Toronto

$ 47.92

+1.17 +2.50%

Volume: 295,268

Sept. 22, 2023 4:16p

P/E Ratio

6.33

Dividend Yield

N/A

Market Cap

$4.76 billion

Rev. per Employee

$611,306

/zigman2/quotes/225792379/delayed

Add to watchlist CA:G

Augusta Gold Corp.

CA : Canada: Toronto

$ 0.62

-0.04 -6.06%

Volume: 68,969

Sept. 22, 2023 3:59p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$53.30 million

Rev. per Employee

N/A

/zigman2/quotes/209252292/delayed

Add to watchlist CA:ABX

Barrick Gold Corp.

CA : Canada: Toronto

$ 21.30

-0.31 -1.43%

Volume: 2.73M

Sept. 22, 2023 4:19p

P/E Ratio

N/A

Dividend Yield

4.02%

Market Cap

$37.39 billion

Rev. per Employee

$627,987