After a volatile day on the Toronto Stock Exchange, the benchmark index managed to finish the day in positive territory on Monday, thanks to strength in the heavyweight energy sector.

The S&P/TSX composite index finished at 9,047.28, up 39.26 points, or 0.44%.

Energy stocks advanced 2.5% despite oil futures slipping to close below US$40 a barrel for the first time in three weeks. Crude for March delivery lost US$0.61, or 1.5%, to end at US$39.56 a barrel on the New York Mercantile Exchange.

Shares of Canadian Natural Resources Ltd. surged $1.93, or 4.3%, to end at $47.36.

Husky Energy Inc. rose 4.5% to $31.60 and Talisman Energy Inc. advanced 4.1% to $13.34.

NuVista Energy Ltd. saw its stock jump $0.69, or 9.9%, to close at $7.66.

Lower for the day was Niko Resources, down 2.3% to $55.30.

The financials group advanced 1.2% on Monday.

Shares of Bank of Nova Scotia rose 1.9% to $31.17 and Toronto-Dominion Bank was up 2.2% to $40.69.

IGM Financial Inc. saw its stock advance $1.50, or 4.6%, to $34.50.

Shares of Kingsway Financial Services Inc. tumbled $1.36, or 21.8%, to $4.89 after the company warned that it expects to report a large fourth-quarter loss.

Materials stocks weighed down gains on the TSX, sliding 3% during Monday’s trading. The dip came as gold futures declined, sending the sub-gold index down a sharp 4.4%.

Gold for February delivery dropped US$21.50, or 2.4%, to close at US$892.40 an ounce on the Comex division of the New York Mercantile Exchange.

Shares of Agnico-Eagle Mines Ltd. plunged $3.60, or 5.3%, to $64.50.

Barrick Gold Corp. shares tumbled $2.18, or 4.5%, to $45.82 and Goldcorp Inc.’s stock shed 3.5% to $36.09.

Shares of Yamana Gold Inc. fell 3% to $10.29 and Iamgold Corp.’s stock declined 3.4% to $8.89.

Junior companies’ shares dipped lower on Monday, sending the S&P/TSX Venture composite index down 8.24 points, or 0.9%, to 901.10.

The Canadian dollar moved higher by US0.61¢, to end the day at US82.21¢.

In New York, U.S. stocks remained largely unchanged on Monday, as investors awaited details of the stimulus package and financial rescue plan soon to be released by the Obama administration.

The Dow Jones industrial average closed at 8,270.87, down 9.72 points, or 0.1%.

The S&P 500 index rose 1.29 points, or 0.2%, to 869.89.

The Nasdaq composite slipped 0.15 points, or 0.01%, to 1,591.56.

IE