Canadian shares fell on Monday as commodities producers while Valeant wavered between gains and losses.
The Standard & Poor’s/TSX Composite Index (TSE:OSPTX) fell 1.2% to 13,793.60 at 3:40 p.m. in Toronto.
More than three shares declined for every issue that advanced as almost all of the ten share groups were in negative territory.
Valeant Pharmaceuticals (TSE:VRX) fluctuated and was last down 3.4% at C$147.87. Canada’s largest pharmaceutical company said it has formed a committee to review allegations against it.
The energy sector, the main index's second most heavily weighted group, declined 2.6% as oil, Canada’s largest export, edged lower on Monday.
Suncor Energy (TSE:SU), Canada's biggest energy company, slipped 1.4% to C$37.00. Canadian Natural Resources (TSE:CNQ), the country's largest heavy-oil producer, skidded 2.6% to C$30.29.
U.S. crude futures traded down $0.54 at $44.06 a barrel and briefly fell below $44 a barrel for the first time since Oct. 2.
The materials sub-index, which includes mining shares, decreased 1.8% as bullion snapped a three-day losing streak. Goldcorp (TSE:G), Canada’s largest gold miner by market value, sank 3.6% to C$19:75. Barrick Gold (TSE:ABX), Canada’s second-largest gold miner, retreated 2.7% to C$9.93.
Spot gold was up 0.2 percent at $1,165.85 an ounce.
The financials group, which accounts for approximately 36% of the main measure, more than any other group, slid 0.4%. Royal Bank of Canada (TSE:RY), which has the heaviest weighting in the index, ticked up 0.1% to C$74.93. Toronto-Dominion Bank (TSE:TD), the second-largest bank by market value, surrendered 0.4% to C$54.16.
In economic news, the federal housing agency said Canadian housing starts will decline in the next two years on a weaker economy and with builders seeking to avoid oversupply. The pace of work on new homes will fall to 178,150 units in 2016 from 186,900 this year.