Canadian stocks open week on down note despite surge in oil

Canada's main stock market in Toronto opened the week lower despite a jump in crude oil prices, as a decline in health care weighed on the market.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index fell 78.47 points, or 0.53 percent, to close at 14,619.46 points. Nine of the index's ten sub-sectors retreated on the day.

Crude oil prices surged on Monday as members of the Organization of the Petroleum Exporting Countries (OPEC) and non-members met in Algeria to discuss strategies to bolster prices.

Prices for U.S. light sweet crude for November delivery were up 1.21 U.S. dollars to 45.93 U.S. dollars a barrel in New York. Meanwhile, prices for Brent crude in London for the same month rose 0.94 U.S. dollars to 47.06 U.S. dollars a barrel.

The market was also eagerly awaiting the results of Monday night's U.S. presidential debate between Hillary Clinton and Donald Trump. The debate is the first of three between the two candidates prior to the Nov. 8 election.

The TSX Health Care Group was hit the hardest on the day, losing 1.74 percent. Stocks of Laval-based drug market Valeant Pharmaceuticals fell 6.27 percent to 34.25 Canadian dollars (25.88 U.S. dollars) a share. The sector continues a rough year in which it has lost 44.97 percent over the past twelve months.

The telecommunications sector was the lone bright spot, advancing a modest 0.18 percent on Monday. Shares of BCE Inc., the owner of Bell Canada, inched up 0.10 percent to close at 60.69 Canadian dollars (45.86 U.S. dollars a share).

Meanwhile, Class B Non-voting shares of Bell's main competitor, Rogers Communications, rose 0.22 percent to 55.79 Canadian dollars (42.15 U.S. dollars).

The Canadian dollar fell 0.0036 on the day to close at 0.7556, compared to Friday's closing rate of 0.7592 U.S. dollars. Endi