Early gains for Toronto stocks were replaced with losses later in the day on Monday as growth among materials stocks failed to offset declines in the energy and financial groups.

The S&P/TSX composite index fell 53.62 points, or 0.63%, to end at 8,461.83.

Financial companies led the fall, slipping 2.3%.

Sun Life Financial Inc. was down 4.9% to $23.40 and Power Corp. fell 4.9% to end at $20.00.

National Bank of Canada shares tumbled 7.1% on concerns about further delays in the restructuring plan for the ABCP market. The bank held roughly $2.2 billion worth of ABCP as of Oct. 31. National Bank shares shed $2.17 to close at $28.32 on Monday.

Bank of Montreal shares dipped 3% to $32.57.

The energy group slipped 0.25%, pulled down by such players as Petro-Canada, down 3.2% to $27.63 and Imperial Oil Ltd., down 3.1% to $40.43.

Others moved higher, including Canadian Natural Resources Ltd., which gained 1.4% to $46.60 and Suncor Energy Inc., up 0.6% to $25.21.

Oil for January delivery fell US$1.77, or 3.8%, to close at US$44.51 a barrel on the New York Mercantile Exchange.

The materials group, meanwhile, responded positively to expectations that the federal government will reach out to forestry and mining sectors in January’s federal budget. The group advanced 3.6% on Monday.

Also helping the group were more gains for gold futures, which closed at their highest level in two months following last week’s advance of 9%. Gold for February delivery rose US$16, or 2%, to end at US$836.50 an ounce on the Comex division of the New York Mercantile Exchange.

The sub-gold index rose 3.7%, boosted by such companies as Barrick Gold Corp., up 4.5% to $40.64, and Yamana Gold Inc., up 6.5% to $8.08.

Goldcorp Inc. shares rose 4.6% to finish at $36.38 and Agnico-Eagle Mines Ltd. advanced 7.6% to end at $52.20.

Teck Cominco Ltd. shares rose 3.7% after it announced that it would temporarily shut down the Pend Oreille zinc mine in Washington State in February due to low demand, resulting in 165 lay-offs. The company’s class-B shares closed at $5.65.

The S&P/TSX Venture index slipped into the red late in the day, ending down 1.73 points, or 0.24%, at 716.81.

The Canadian dollar moved up by US1.27¢ to close at US81.19¢.

Declines for American equities pulled all three main indexes lower on Monday.

The Dow Jones industrial average fell 65.15 points, or 0.75%, to finish at 8,564.53.

The Nasdaq composite index fell 32.38 points, or 2.1%, to end at 1,508.34.

The S&P 500 index dipped 19.91 points, or 2.24%, to close at 868.57.

IE