Slumping energy stocks led the TSX lower Monday as oil prices eased. But U.S. markets headed higher as cheaper oil is considered a net benefit to the American economy.

Shortly before midday, the S&P/TSX Composite Index was down 31.44 points, or 0.33% to 9,501.66 adding to a five-session loss.

Volume was a light 71 million shares as many investors took the Easter Monday holiday off.

Five of the 10 TSX main groups were lower.

The energy group led Monday’s losing sectors, down 1.48%. Crude oil futures were down 62¢ to US$54.22 a barrel.

Encana fell 78¢ to $81.23; Petro-Canada dropped $1.04 to $68.80.

Shares of First Calgary Petroleums plunged $1.79, or 8.46%, to $19.38 following a weekend report in that bidders were finding the price for the oil and gas company too steep. First Calgary put itself on the block last October.

The materials group was off 0.5% as Base metals mining companies also sold off. Sherritt International was down 27¢ to $9.73; Inco dropped 62¢ to $39.22; uranium producer Cameco shed $2.10 to $51.58.

Besides getting a lift from lower oil prices, U.S. markets were also boosted by news of an $11.3 billion US leveraged buyout of software company SunGard Data Systems. Its shares jumped 10% in morning trading on the NYSE.

The junior S&P/TSX Venture composite index fell 13.55 points, or 0.70%, to 1,921.43.

In New York, falling oil prices and a strengthening dollar spurred buying.

While Dow components American International Group Inc. and General Motors Corp. suffered from a new round of bad news, an US$11.8 billion leveraged buyout of SunGard Data Systems Inc. showed that the recent wave of merger and acquisition activity would continue.

Just before midday, the Dow Jones industrial average rose 50.84, or 0.49%, to 10,493.71.

Broader stock indicators also gained ground. The S&P 500 index was up 5.05 points, or 0.43%, at 1,176.47, and the Nasdaq composite index climbed 9.29, or 0.47%, to 2,000.35.