TORONTO (Reuters) - Canada’s main stock index hit its lowest level in five weeks on Monday, as energy shares fell with weaker Brent oil prices LCOc1 and smartphone maker BlackBerry Ltd (BB.TO) dropped after a downgrade by Goldman Sachs.
BlackBerry shed 7.4 percent to end at C$12.44, and the energy sector dropped 2.4 percent on continued weakness in crude prices on concerns about oversupply. [O/R]
The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE settled down 98.01 points, or 0.66 percent, at 14,854.49, its weakest level since Feb. 2. Six of the 10 main sectors on the index were in the red.
Monday’s decline in Canadian stocks followed a selloff on Friday, when a robust U.S. jobs report stoked concerns that the U.S. Federal Reserve might raise interest rates sooner than expected.
“The market is going through a pause. It’s likely that oil could go lower one level from here,” said Douglas Davis, vice chairman at Davis-Rea.
He added, however, that he was positive on the energy sector over the long term.
Materials stocks, which include the mining sector, fell 1.5 percent.
Barrick Gold Corp (ABX.TO) shed 4.7 percent to end at C$13.59. The price of gold traded near the three-month low it hit on Friday after the U.S. jobs data. [GOL/]
Additional reporting by Jeffrey Hodgson, editing by G Crosse