By Wallace Witkowski, MarketWatch
SAN FRANCISCO (MarketWatch) — Canadian stocks dropped Monday, led by big losses in the mining, materials and energy sectors.
Stocks on the Toronto Stock Exchange dropped steadily during the day as the resource-heavy exchange faced steep declines in the price of oil and gold, and as renewed anxiety over Greece roiled world markets.
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Matthew Karnitschnig previews the main points of French President Francois Hollande's meeting with German Chancellor Angela Merkel soon after he is sworn in. (Photo: Getty Images)
Among large-cap companies, shares of Suncor Energy Inc. /zigman2/quotes/204570600/delayed CA:SU -0.80% closed down 2.6%, Imperial Oil Ltd. /zigman2/quotes/203145852/delayed CA:IMO -0.92% dropped 2.5%, Canadian Natural Resources Ltd. /zigman2/quotes/203742161/delayed CA:CNQ +1.03% declined 2.4% and Talisman Energy Inc. shed 5.1%.
The S&P/TSX Composite Index fell 1.8% to close at 11,488.53, with the S&P/TSX Capped Diversified Metals and Mining Index off 4.4%, the S&P/TSX Capped Materials Index /zigman2/quotes/210598474/delayed XX:TORGC195 -0.29% down 3.5% and the S&P/TSX Capped Energy Index XX:TORGC187 -0.39% slipping 3%.
Markets in the United States and Europe were also under pressure on concerns that Greece could get kicked out of the euro zone as Greek Party leaders failed to form a unity government. Read more on Greece.
Oil for June delivery /zigman2/quotes/209724914/delayed CLM22 -0.24% fell 1.4% to settle at $94.78 a barrel, and gold for June delivery /zigman2/quotes/210036777/delayed GCM22 -0.24% declined 1.5% to settle at $1,561 an ounce on the New York Mercantile Exchange.
Shares of Teck Resources Ltd. fell 3.9%, Ivanhoe Mines Ltd. /zigman2/quotes/207656050/delayed CA:IVN +0.34% 3.1%, Eldorado Gold Corp. /zigman2/quotes/207321207/delayed CA:ELD -0.95% 4.9% and Goldcorp Inc. 3.7%.
Also, shares of Silver Wheaton Corp. dropped 7.4%, HudBay Minerals Inc. /zigman2/quotes/208987353/delayed CA:HBM +0.83% crumbled by 8% and Iamgold Corp. /zigman2/quotes/206182143/delayed CA:IMG -1.13% 7.2%.
The Canadian dollar fell against its U.S. counterpart /zigman2/quotes/210561978/realtime/sampled USDCAD -0.2305% with the greenback buying C$1.0038, compared with C$1.0005 late Friday. The loonie, however, traded higher against the euro /zigman2/quotes/210560976/realtime/sampled CADEUR -0.1750% , with the Canadian dollar buying 77.69 eurocents, compared with 77.26 late Friday.