Roundup: Canadian stock market hits near 3-month low as oil glut concern rises

Canada's main stock market in Toronto took a triple-digit drop on Monday, hitting a near three- month low as investors' worries about oil oversupply heated up.

Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index dived 213.83 points or 1.43 percent to 14,743.33 points, the lowest settlement after the index closed at 14,731.50 points on March 13. And decliners were seen across the board with the energy sector leading the slump by 2.39 percent.

The market was weighed when investors took cues from overseas concerns, especially the worries on oil supply glut after the Organization of Petroleum Exporting Countries (OPEC) agreed last Friday to leave its output ceiling unchanged for another six months.

In addition, most of Canada's big companies from the oil patch tumbled after China's latest official trade data showed that China imported 23.24 million tonnes of crude oil in May, down a drastic 23.27 percent from that in April, although the import increased 4 percent year on year to 134 million tonnes, according to data issued by the General Administration of Customs on Monday.

Canada's biggest oil and gas producers Suncor Energy Inc. dived 2.64 percent to 35.06 Canadian dollars (about 28.28 U.S. dollars), and Canadian Natural Resources Ltd. shed 2.53 percent to 36.56 Canadian dollars per share.

Meanwhile, the oil sands companies suffered the biggest decrease when Canadian Oil Sands Ltd. shed 4.3 percent to 10.25 Canadian dollars.

Another resources sector, metals and mining, plunged 1.64 percent when the trade data Monday also showed that China's imports of iron ore, coal and refined oil products dropped sharply, with prices of major goods down.

The leading companies focused coppers and other base metals products lost ground when First Quantum Minerals Ltd. tumbled 2.08 percent to 16.93 Canadian dollars, and Teck Resources Ltd. lost 2. 63 percent to 14.08 Canadian dollars.

Investors were also concerned about a possible interest rate lift by the U.S. central bank, following much better-than-expected jobs data last Friday.

Financials, the most heavily weighed sector in TSX, plunged 1. 24 percent over the selloff in bank shares, when Royal Bank of Canada lost 1.19 percent to 78.63 Canadian dollars, and Toronto- Dominion Bank plummeted 1.55 percent to 53.51 Canadian dollars apiece.

Other losers included industrials, down 1.65 percent; info tech, down 1.46 percent; and healthcare, down 1.3 percent.

Monday also witnessed mixed performances of real estate shares, as a new report from Canada Mortgage and Housing Corporation, Canada's housing authority, said Canadian housing starts jumped to the highest level in nearly a year in May, up 201,705 units, which is much more than expected by the market.

Brookfield Asset Management Inc. was lower 0.7 percent to 42.4 Canadian dollars. However, Canadian Real Estate Investment Trust was modestly higher 0.28 percent to 42.39 Canadian dollars.

According to a report released by TD Bank on Monday, the housing sector continues to show surprising strength in the second quarter, and it will contribute positively to real GDP growth.

On the currency front, the Canadian dollar climbed higher to 0. 8066 U.S. dollar from 0.8039 U.S. dollar last Friday. Endite