Canadian stocks erased early gains to finish lower on Monday, as gains among energy stocks failed to offset declines in most other groups.

The S&P/TSX composite index ended the day down 24.53 points, or 0.3%, at 7,566.94.

Financial stocks suffered a 2.5% drop on Monday.

Manulife Financial Corp. shed 4.7% to close at $9.20.

Royal Bank of Canada shares fell 2.1% to end at $28.79.

Fairfax Financial Holdings Ltd. dropped $13.28, or 4.6%, to close at $275.02 and Power Financial Corp. shares descended $0.99, or 6.3%, to $14.78.

Meanwhile, gold for April delivery fell US$24.70, or 2.6%, to end at US$918.00 an ounce on the Comex division of the New York Mercantile Exchange.

Amid lower gold futures, the sub-gold index fell 2.4% and the materials group dipped 1%.

Kinross Gold Corp. dipped $1.02, or 4.8%, to $20.33 and Yamana Gold Inc. fell 3% to $10.79.

Inmet Mining Corp. fell $1.07, or 3.8%, to $27.14 and Goldcorp Inc. finished the day at $36.56, off $1.26, or 3.3%.

Others advanced, including Potash Corp., up $5.06, or 6%, to $90.03.

Shares of Agrium Inc. surged 4.9% after news that the company’s unsolicited offer to buy U.S. fertilizer maker CF Industries had been rejected. Agrium shares rose $1.97 to $42.25.

The energy group gained 3.2% on Monday, boosted by a surge in oil futures. Crude for April delivery closed up US$1.55, or 3.4%, at US$47.07 a barrel on the New York Mercantile Exchange, the highest closing level for a front-month contract in two months.

Shares of Suncor Energy Inc. surged $2.94, or 10.8%, to close at $30.29.

Nexen Inc. advanced 4% to $16.93 and Canadian Natural Resources Ltd. rose 3.8% to $43.40.

Shares of Talisman Energy Inc. rose 4.8% to $11.99.

The Venture index fell 14.93 points, or 1.8%, to close at 814.19.

The loonie finished the day down three-quarters of a cent, at US76.98¢.

Stocks south of the border also finished lower on Monday, as investors continued to display concerns about the state of the global economy.

The Dow Jones industrial average fell 79.89 points, or 1.2%, to 6,547.05.

The S&P 500 index shed 6.85 points, or 1%, to close at 676.53.

The Nasdaq composite declined 25.21 points, or 2%, to 1,268.64.

IE