Markets

TSX Recoups 10 Pts Over Closing Moments, Still Ends Day Down 25 Pts; Lower Oil Weighs on Energy Heavyweights

Toronto stocks recouped around 10 points in the closing moments of Monday's trading session but still closed down around 25 points with some heavyweight energy stocks in particular getting weighed down by lower oil prices. Suncor Energy (SU.TO) lost more than 2%.

Petrominerales Ltd. (PMG.TO), an international oil and gas company operating in Latin America since 2002, lost nearly 20% as it announced the results of its independent year end reserves evaluation and provided an update on its operations in Colombia and Peru.

Bloomberg reported oil for April delivery fell US$1.21 to settle at US$108.56 a barrel on the New York Mercantile Exchange. The contract rose to a nine-month high on Feb. 24. Prices have increased 9.8% this year.

Brent oil for April settlement declined US$1.30, or 1%, to US$124.17 on the London-based ICE Futures Europe exchange. Both grades fell further in electronic trading after the settlements, with WTI down 2% and Brent down 1.7%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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