TSX pulls back
The Toronto stock market was lower for a fourth session in a row Monday after suffering its biggest loss in five months last week.
The S&P/TSX composite index declined by 69.96 points at 15,463.51 as the commodityheavy market was dragged down by declining gold and materials stocks.
Gold was the biggest weight on the market, as the sector fell by five per cent with big miners like Barrick Gold (TSX:ABX) down three per cent and Agnico Eagle Mines losing nearly seven per cent. Despite the downward pressure, bullion finished in the positive, as the April gold contract added 50 cents at US$1,258.80 an ounce.
In corporate news, Manulife Financial (TSX:MFC) confirmed its banking unit was penalized by Canada’s moneylaundering watchdog, Fintrac, for what it describes were “administrative lapses.”