Erasing early trading gains, Canadian stocks were lingering in the red Monday morning as traders focus turned to next Sunday Greek elections that will likely determine if the nation would stick with the euro currency. In early trading, traders' sentiment improved after Europe offered Spain a rescue loan for its troubled banks. European and Asian markets are on the rise on Monday after euro zone finance ministers' agreed that to lend Spain up to $125 billion to shore up its banking sector.
The S&P/TSX Composite Index lost 39.74 points or 0.35 percent to 11,460.89, after losing just over 130 points or 1 percent in the past two trading sessions.
The price of crude oil was moving lower Monday morning even after data revealed China's oil imports surged in the month of May. Customs office China said the nation imported a net 25.3 million metric tons of crude in May, or 5.98 million barrels a day, up 10 percent from April. Crude for July lost $0.69 to $83.41 a barrel.
In the oil patch, Niko Resources (NKO.TO) lost nearly 6 percent. while Coastal Energy (CEN.TO) and Bonterra Energy (BNE.TO) were slipping about 3 percent each.
Base-metals miner Ivanhoe Mines (IVN.TO) shed 4 percent after announcing that Singapore state investor Temasek Holdings has taken a 5.5 percent stake in it at about $426 million.
The price of gold was little changed Monday morning as traders await cues from this week's economic data. Gold for August edged down $5.20 to $1,586.20 an ounce.
Among gold plays, Seabridge Gold (SEA.TO) and Goldcorp. (G.TO) were down around 2 percent each.
Gold miner Kinross Gold (K.TO) eased 0.50 percent after announcing that it had resumed production at its Tasiast mine in Mauritania, which remained closed following a labor dispute.
Meanwhile, financial stocks were trading firm. Laurentian Bank (LB.TO) and Canadian Western Bank (CWB.TO) gathered around 2 percent each.
Fortress Paper Ltd. (FTP.TO) soared 15 percent after announcing that it has ramped up production of dissolving pulp at its Fortress Specialty Cellulose Mill.
by RTT Staff Writer
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