Financial stocks led the Toronto Stock Exchange higher for a fifth consecutive session on Monday, but the benchmark index failed to maintain larger gains it experienced earlier in the day.

The S&P/TSX composite index added 83.32 points, or 1%, to 8,386.71. Earlier, the benchmark index had surpassed 8,550.

Financial industry stocks gained 2.3% on Monday.

Shares of Manulife Financial Corp. surged 5.3% to $13.49 and Toronto-Dominion Bank’s stock advanced $1.13, or 2.7%, to $42.31.

Bank of Montreal gained 2.2% to $32.32 and CIBC shares rose $1.23, or 2.7%, to $46.09.

Also higher was IGM Financial Inc., up $1.47, or 5%, to $31.00 and Sun Life Financial Inc., higher by 4.4% to $21.35.

In futures trading, crude for April delivery closed up US$1.10, or 2.4%, at US$47.35 a barrel on the New York Mercantile Exchange.

The gains helped the energy group advance 1% during Monday’s trading.

Shares of Niko Resources advanced $1.55, or 3.1%, to $51.88 and EnCana Corp. increased 0.9% to $50.05.

Addax Petroleum Corp. shares rose $1.09, or 4.5%, to $25.20.

Shares of Verenex Energy Inc. dropped 4.2% after reports that Libya’s National Oil Company may block plans by China National Petroleum Corp. to acquire Verenex. The company’s stock fell $0.41 to $9.29.

The materials group pulled the TSX lower through the day, ending down 0.9% as gold futures declined. Gold for April delivery fell US$8.10, or 0.9%, to end at US$922 an ounce on the Comex division of the New York Mercantile Exchange.

The sub-gold index fell 1.7%.

Agnico Eagle Mines Ltd. saw its shares fall $2.36, or 3.7%, to $61.88.

Shares of Goldcorp Inc. fell 1.9% to $37.11 and Yamana Gold Inc. shares slipped 2.1% to $10.27.

Higher for the day was First Quantum Minerals Ltd., up 4.2% to $37.60, and Agrium Inc., up 2.2% to $47.02.

Declines among junior companies pushed the S&P/TSX Venture index lower by 1.65 points, or 0.2%, to 847.32.

The Canadian dollar remained nearly flat, slipping just US0.07¢ to close at US78.52¢.

Meanwhile, stock markets south of the border failed to extend their winning streak, with stocks in the technology sector displaying particular weakness.

The Dow Jones industrial average lost its gains in the final hour to finish down 7.01 points, or 0.1%, at 7,216.97. It was the Dow’s first drop in five days.


The S&P 500 index ended down 2.66 points, or 0.3%, at 753.89.

The technology-heavy Nasdaq composite fell 27.48 points, or 1.9%, to finish at 1,404.02.

IE