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Roundup: Canadian stock market drops as energy, financials slump offsets miners rally

Xinhua, April 28, 2015 Adjust font size:

Canada's main stock market in Toronto on Monday ended lower as the gains in miners boosted by a rally in gold prices were overpowered by the losses driven by energy and financial shares.

Toronto Stock Exchange's benchmark S&P/TSX Composite Index was lower 64.25 points, or 0.42 percent, to 15,344.08 points.

Metals and Mining, the only gainer in the eight most weighed TSX sectors, soared 3.81 percent as gold prices surged on Monday. The most active gold contract for June delivery jumped 28.2 U.S. dollars, or 2.40 percent, to settle at 1,203.20 dollars per ounce on the COMEX division of the New York Mercantile Exchange.

Most of the gold miners listed in Toronto Stock Exchange advanced with S&P/TSX Global Gold Index, a leading benchmark of global gold portfolios, up 1.14 percent to 163.61 points. The world's biggest gold producer Barrick Gold rose 1.84 percent to 15. 52 Canadian dollars (about 12.84 U.S. dollars), while another giant Newmont Mining Corp. also rallied 2.44 percent to 25.59 Canadian dollars per share.

However, other heavily sectors were in the negative territory, offsetting the gains from the miners.

Energy was down 0.84 percent when the oil prices lost ground on Monday. Canadian Oil Sands Ltd. plunged 2.17 percent to 12.60 Canadian dollars, and Canada's biggest oil and gas company Suncor Energy lost 0.92 percent to 39.85 Canadian dollars.

And TSX was also weighed when the most weighed sector Financials edged down 0.11 percent with Manulife Financial Corp. shrinking 1.2 percent to 22.17 Canadian dollars.

Meanwhile, Health Care was the biggest loser by 3.1 percent when its heavyweight Valeant Pharmaceuticals International, Inc. tumbled 4.48 percent to 244.51 Canadian dollars per share.

In other losers, Info Tech lowered 1.46 percent and Industrials declined 0.91 percent.

On the currency front, the Canadian dollar traded higher Monday at 0.8264 U.S. dollar, compared with 0.8217 U.S. dollar on last Friday. Endite