Canadian stocks were lingering in the red Monday morning as traders were cautious ahead of meeting of central bankers later during this week. Also, a downbeat assessment of the business climate in Germany weighed on trader sentiment.
The S&P/TSX Composite Index shed 23.23 points or 0.19 percent to 12,059.00.
The price of crude oil was moving lower Monday morning as worries over supply disruptions eased amid speculation that Tropical Storm Isaac will have little impact on production in the oil-rich Gulf of Mexico. However, an explosion at a refinery in Venezuela was supporting prices. Crude for October lost $1.07 to $95.08 a barrel.
In the oil patch, MEG Energy (MEG.TO) and Vermilion Energy (VET.TO) were down around 1 percent each. Meanwhile, Talisman Energy (TLM.TO) and Petrominerales (PMG.TO) were up around 3 percent each.
Base-metals miner Inmet Mining (IMN.TO) added over 1 percent, while First Quantum Minerals (FM.TO) and Teck Resources (TCK_B.TO) were slipping around 1 percent each.
Uranium miner Cameco Corp (CCO.TO) eased 0.30 percent after announcing that it would acquire Yeelirrie uranium deposit in Western Australia, owned by mining giant BHP Billiton Ltd for $430 million.
The price of gold was steady near its four-month high Monday morning as the U.S. dollar was trading mixed ahead of this week's economic data. Gold for December eased $0.50 to $1,672.10 an ounce.
Among gold plays, Goldcorp. (G.TO), Barrick Gold (ABX.TO) and Agnico-Eagle Mines (AEM.TO) were down around 0.50 percent each.
On the other hand, precious metals miner Inter-Citic Minerals Inc. (ICI.TO) soared over 35 percent to C$1.98 after it said it would be acquired by Western Mining Group Co., by way of a plan of arrangement for C$2.05 per share in cash, valuing the corporation at about C$250 million.
BlackBerry Research In Motion (RIM.TO) gained about 4 percent.
Asset management company Dundee Corp. (DC_A.TO) edged up 0.25 percent after announcing that it has acquired, in a private placement, 5 million units of Canadian Orebodies Inc. (CO.V) at a price of $0.20 per unit.
In economic news from the euro zone, Germany's business sentiment deteriorated for the fourth consecutive month in August, reports said citing survey results from Ifo Institute. The business confidence index dropped more than expected to 102.3 in August from 103.3 in the prior month. The reading was forecast to ease 102.8. Assessment of current conditions fell in August to 111.2 from 111.5. But the reading stayed above 110.9.
by RTT Staff Writer
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