TSX falls as gold miners, defensive sectors decline
TORONTO (Reuters) - Canada's main stock index fell on Monday as lower gold prices weighed on mining shares, while defensive sectors also declined, offsetting gains for financials as bond yields surged.
The most influential movers on the index included gold companies. Barrick Gold Corp fell 3.4 percent to C$19.38 and Agnico Eagle Mines Ltd declined 3.5 percent to C$55.20.
Spot gold fell nearly 1 percent to a five-month low as the dollar and U.S. Treasury yields strengthened on expectations that U.S. President-elect Donald Trump will boost spending. [GOL/]
The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.9 percent.
Defensive sectors, such as utilities, telecom and consumer staples, which have benefited from a low interest rate environment, also lost ground.
The consumer staples group fell 1.2 percent, with Alimentation Couche Tard Inc down 2.7 percent at C$61.70.
At 10:59 a.m. EDT, the Toronto Stock Exchange's S&P/TSX composite index fell 27.03 points, or 0.19 percent, to 14,528.38.
Six of the index's 10 main groups were lower.
Toronto-Dominion Bank rose 1.4 percent to C$62.51, while Manulife Financial Corp gained 3.0 percent to C$23.10 and the overall financials group was up 0.7 percent. Continued...