TORONTO, March 10 (Reuters) - The Toronto Stock Exchange’s main index shed more than 100 points on Monday as sliding commodity prices undercut gold and energy companies.
The energy sector, the TSX’s biggest by weight, was also hobbled by news that energy producers in Canada would be forced to capture much of their carbon emissions.
The overall decline would have been more severe if not for a big jump in the shares of BCE Inc (BCE.TO), which received a boost after a Quebec court approved a C$34.8-billion takeover offer from a group of private-equity investors.
The S&P/TSX composite index .GSPTSE was down 108.47 points, or 0.8 percent, at 13,173.25. The materials group plunged 3 percent and the energy group fell 0.9 percent.
Spot bullion, which logged a string of record highs last week, was off more than $10 an ounce on Monday, keying off a rising U.S. dollar.
Crude oil and natural gas, meanwhile, dipped as investors locked in profits in futures markets.
The sector, heavily focused in Alberta’s lucrative oil sands, was also hampered by a newspaper report that said new oil sands projects would have to capture and store the bulk of their greenhouse gas emissions under new government regulations. For details, see: [nN10644998]
BCE, Canada’s biggest telecommunications firm, surged C$1.90 to C$37.70 as it took a step closer to being bought out. See: [nN07364885]
Bombardier (BBDb.TO) also rose after the world’s No. 3 civil aircraft maker struck a deal with SAS (SAS.ST) for compensation related to problems the Scandinavian airline had with its fleet of Dash 8 Q400 aircraft. For details, see: [nL10712711]
The airline also said it had agreed to order new planes from Bombardier, which was up 7 Canadian cents at C$5.37.
$1=$0.99 Canadian Reporting by Jonathan Spicer, editing by Mario Di Simine