By Wallace Witkowski, MarketWatch
SAN FRANCISCO (MarketWatch) — Canadian stocks fell Monday, with materials and mining stocks leading the decline, in tandem with U.S. and European markets on political uncertainty out of Europe.
Shares of Barrick Gold Corp. /zigman2/quotes/209252292/delayed CA:ABX -2.30% closed down 1.7% and Goldcorp Inc. declined 3.4%. Potash Corp. of Saskatchewan /zigman2/quotes/203481721/delayed CA:POT 0.00% shares declined 2.7%, and Teck Resources Ltd. shares fell 3.7%.
Sarkozy fights for survival in France
A look at French President Nicolas Sarkozy's struggle for political survival, and a preview of Tuesday’s Federal Reserve meeting. Pictured above: Sarkozy’s challenger François Hollande. (Photo: AP)
The S&P/TSX Composite Index fell 1.3% to close at 1,988.95, with the S&P/TSX Capped Diversified Metals and Mining Index down 4.2% and the S&P/TSX Capped Materials Index /zigman2/quotes/210598474/delayed XX:TORGC195 -0.35% falling 2.9%.
Canadian markets joined their U.S. and European counterparts in trading lower Monday after French presidential challenger François Hollande pulled ahead of incumbent Nicolas Sarkozy in the first round of elections. Also, the Dutch Prime Minister Mark Rutte and his cabinet resigned after budget talks failed over the weekend.
Shares of Royal Bank of Canada /zigman2/quotes/200638870/delayed CA:RY -0.23% , the heaviest weighted stock on the Toronto exchange, declined 0.1% after Bank of America Merrill Lynch upgraded the bank to a buy from neutral on the belief it is well positioned to benefit from strong trading in the second quarter with possible upside earnings surprises from its capital markets unit.
In comparison, shares of Toronto-Dominion Bank /zigman2/quotes/209283160/delayed CA:TD -0.11% and Bank of Nova Scotia /zigman2/quotes/206642548/delayed CA:BNS +0.13% declined 1.4% and 0.9%, respectively.
Shares of Thomson Reuters Corp. /zigman2/quotes/210281442/delayed CA:TRI +0.13% fell 1.6% after the media firm said it was selling its health-care data business to Veritas Capital for $1.25 billion. Read more on Thomson Reuters.
Other notable decliners Monday included First Quantum Minerals Ltd. /zigman2/quotes/209694942/delayed CA:FM +0.06% , Lundin Mining Corp. /zigman2/quotes/201246870/delayed CA:LUN +2.83% , Ivanhoe Mines Ltd. /zigman2/quotes/207656050/delayed CA:IVN 0.00% , and Eldorado Gold Corp. /zigman2/quotes/207321207/delayed CA:ELD -1.02%
Gold for June delivery /zigman2/quotes/210036777/delayed GCM22 -0.24% fell $10.20, or 0.6%, to settle at $1,632.60 an ounce on the New York Mercantile Exchange. Oil also traded lower with contracts for June /zigman2/quotes/209724914/delayed CLM22 -0.24% falling 77 cents, or 0.7%, to $103.11 a barrel.