By Rebecca L. McClay, MarketWatch
SAN FRANCISCO (MarketWatch) -- Canadian stocks pushed declines deeper Monday as both crude oil and gold prices softened.
In contrast to U.S. stocks, which held gains most of the day before closing with modest losses, Canadian markets, which are more sensitive to gold and oil price fluctuations, took a harder hit, noting steady losses throughout the day.
The S&P/TSX Composite Index (CA:$ISPTX 11,607, -100.85, -0.86%) closed down 0.7 %, with the S&P/TSX Capped Metals and Mining Index (CA:TTMN 865.53, -23.40, -2.63%) down 2.6%.
As crude oil for August delivery fell 0.8%, or 61 cents to $78.25 a barrel, the S&P/TSX Capped Energy Index (CA:TTEN 281.58, -4.42, -1.55%) also declined 1.6%. Canadian Natural Resources (CA:CNQ 36.25, -0.46, -1.25%) dropped 1.3%. For more on oil prices, see Futures Movers.
The S&P/TSX Capped Financials Index lost 0.6%, with Fairfax Financials Holdings (CA:FFH 387.00, -8.94, -2.26%) remaining Monday's main decliner.
Gold prices settled 1.4% lower Monday and Canadian gold stocks buckled under the weight. Gold for August delivery lost $17.60 an ounce to $1238.60 an ounce on the Comex division of the New York Mercantile Exchange. Shares for Barrick Gold (CA:ABX 47.86, -0.22, -0.46%) , Canada's largest gold producer, lost 0.5%. Semafo Inc. (CA:SMF 8.43, -0.30, -3.44%) shares lost 3.4%. Read more on gold trends.
"With summer starting in the Northern Hemisphere and holidays coming up in the U.S. and Canada, this week looks to be starting out fairly quietly," CMC Markets analyst Colin Cieszynski said in a note.
Trading activity may pick up later this week, as the U.S. employment report will be released Friday.
