Canada's main stock market, the Toronto Stock Exchange, opened
14 points higher, but from there it was down hill nearly all the
way with the index eventually closing down 70 points, albeit 18
points above day lows struck inside the final hour.
Canadian stocks fell as a contraction in U.S. manufacturing in
November and concerns about a perceived lack of progress in U.S.
fiscal crisis talks spooked investors and traders, overshadowing
positive manufacturing data from China.
Bombardier (BBD-B.TO) weighed as it was easily the most active
stock and fell more than 3% although there was no apparent fresh
stock specific news. Research In Motion (RIM.TO) didn't help
matters either although it ended the day down just 4 cents at
$11.55, having earlier touched a day low $11.18 after being
downgraded to a Sell at Canaccord. Kinross Gold (K.TO) lost
Oil futures finished higher Monday to score gains for a third
session in a row, with some economic data pointing to better
prospects for demand, MarketWatch reported. But prices only saw a
slight gain as U.S. political wrangling on the fiscal cliff of
spending cuts and tax hikes wore on. January crude oil rose 18
cents to settle at US$89.09 a barrel on the New York Mercantile
Exchange after gaining 2.8% in the past two sessions.
Gold futures rose Monday, with weakness in the U.S. dollar
offering support for the metal's prices after a decline last week,
MarketWatch reported. Traders also parsed mixed data from the U.S.
and upbeat manufacturing figures from China and kept watch for any
progress linked to U.S. debt negotiations. February gold added
$8.40 to settle at $1,721.10 an ounce on the Comex division of the
New York Mercantile Exchange. February gold traded as high as
March silver also climbed by 48 cents, or 1.4%, to $33.76 an