Toronto stocks ended sharply lower on Monday, as energy, financial and information technology sectors retreated, while financial shares dropped ahead of Tuesday’s expected interest rate hike by the Bank of Canada.

The S&P/TSX composite index closed down 94.99 points, or 0.76%, at 12,342.23.

The heavily-weighted energy sector lost 1.51%, as U.S. crude oil futures dropped almost $2 on profit-taking after hitting a record high above US$75 a barrel on Friday.

Suncor Energy Inc. shed $2.75, or 2.7%, to $98.30.

Focus Energy Trust units were up 75¢ to $25.89 after the company said it has struck a $1.2 billion deal to merge with Profico Energy Management, a privately held natural gas company.

Overall, six of the 10 TSX main sub-groups were down.

The base-metals sector fell 2% as the May price of copper in New York dipped 2.95¢ to settle at US$3.111 a pound. Shares in Teck Cominco lost $1.39 to $82.

The financial services sector skidded 0.7% as investors moved to the sidelines ahead of the Bank of Canada’s policy decision on Tuesday.

Royal Bank fell 49¢ to $47.12.

The market expects the bank to raise its benchmark overnight rate by a quarter percentage point to 4%.

The Canadian dollar advanced 0.13 of a cent to US88.03¢.

The S&P/TSX Venture Exchange index lost 27.56, or 0.88%, to 3,095.85.

U.S. stocks ended lower on Monday as the drop in oil prices dragged down shares of energy companies.

The Dow Jones industrial average was down 11.13 points, or 0.10%, to end at 11,336.32. The S&P 500 was down 3.17 points, or 0.24%, at 1,308.11. The Nasdaq composite index was down 9.48 points, or 0.40%, to at 2,333.38.

A reduced 2007 forecast from online brokerage TD Ameritrade Holding Corp. and a disappointing report from Xerox overshadowed positive results from Dow component Caterpillar Inc.