Toronto stocks ended lower on Monday as energy issues retreated with easing oil prices and gold-mining stocks backtracked as a round of profit-taking hit the bullion market.
The Toronto Stock Exchange's S&P/TSX composite index closed down 32.42 points, or 0.30 percent, at 10,650.68. Volume was 207.9 million shares worth C$3.5 billion.
"What we saw was a day of consolidation as oil prices fell a bit and we saw recent gainers and losers trade places," said Kate Warne, market strategist at Edward Jones in St. Louis, Mo. "But neither side made a dramatic move. Right now the market is looking for direction."
The energy sector, which has risen more than 50 percent this year, led the decline as crude prices slipped from their $67.10 a barrel peak of last Friday. US light crude settled at $66.27 a barrel on Monday.
Worries about the long-term effects of high oil prices on corporate profits and the economy also held back the market.
Those concerns came as the International Energy Agency's top economist said red-hot oil prices would crimp economic growth this year. Five of the TSX's 10 main subgroups ended lower, led by energy, which was down 1.75 percent. Shell Canada, Paramount Resources, Talisman Energy and Canadian Natural Resources all fell more than 3 percent.
PetroKazakhstan Inc confirmed after markets closed that it has formally received take-over bids. It shares jumped 4 percent during the session, closing up C$2.21 at C$54.21.
The materials group lost 0.62 percent as its component gold-mining issues fell 1.29 percent. Bullion prices fell in New York on a bout of profit-taking following last week's move above $450 an ounce.
Among gold stocks, Bema Gold, Meridian Gold, Glamis Gold and Agnico Eagle all shed more than 2 percent.