Canada's main stock market in Toronto closed lower Tuesday amid weakness in mining and energy stocks as the market reopened after an extended Christmas break. The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index lost 64.05 points, or 0.48 percent, to 13,245.75 points, closing in negative territory for the first time in a week.
The market was closed Friday for Christmas and Monday in lieu of Boxing Day on Saturday. It rose 2.2 percent during an abbreviated week last week.
Five of the TSX index's eight main sectors edged down, led by a 3.52 percent drop in metals and mining. Goldcorp Inc fell 3.91 percent to 16.23 Canadian dollars and Barrick Gold Corp declined 3. 05 percent to 10.49 dollars. Energy stocks fell, including a 0.72 percent drop in Encana Corporation to 6.93 Canadian dollars. Crude oil prices rallied in thin trading on the prospect of colder weather, but only after falling more than 3 percent on Monday. Financial sector stocks clung to a modest gain, helped by a 1. 02 percent gain for Bank of Montreal to 79.51 Canadian dollars.
In corporate news, shares of Valeant Pharmaceuticals International Inc slumped over 11 percent to 140.19 Canadian dollars. On Monday, the company said a group of executives would take over for its chief executive officer until he returns from medical leave. CEO Michael Pearson, 56, is being treated for severe pneumonia.
Canadian oil and gas stocks struggled to stem dramatic declines this year, but a new BNN poll reveals the sector is expected to stage a comeback in 2016. More than one third of Bay Street investors expect energy to be top TSX performer in the coming year.
On the currency front, the Canadian dollar was traded marginally higher at 0.7234 U.S. dollar, compared to Thursday's closing at 0.7223 U.S. dollar.
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