Broad-based losses across nearly all market sectors sent the benchmark index of the Toronto Stock Exchange sharply lower on Monday.

The S&P/TSX composite index fell 70.07 points, or 0.8%, to finish at 8,624.83.

The materials group led the slide, with a 2.2% drop.

Gold mining companies were hit particularly hard after gold futures declined. Gold for February delivery ended down US$20.60, or 2.2%, at US$906.70 an ounce on the Comex division of the New York Mercantile Exchange.

The sub-gold index fell 2.6%.

Yamana Gold Inc. shares dropped 4.6% to $9.48.

Goldcorp Inc. dipped 2.5% to $35.42 and Barrick Gold Corp. saw its stock fall $1.35, or 2.9%, to $44.79.

Shares of Agnico-Eagle Mines Ltd. also took a hit, down $2.85, or 4.4%, to $62.65.

Higher for the day was Inmet Mining Corp., up 3.6% to $21.50 and First Quantum Minerals Ltd. advanced 1.5% to $22.13.

The financials group slipped 0.8% on Monday.

Bank of Montreal shares fell 3.5% to $32.10 and CIBC shares retreated 2.4% to $45.52.

Power Financial Corp. shares shed 1.7% to $22.24.

Royal Bank of Canada’s stock dipped 0.6% to $30.24 after news that CEO Gordon Nixon would forego his 2008 variable compensation package — nearly $5 million in compensation — as the bank deals with the global financial crisis.

In a similar announcement, Scotiabank said it reduced CEO Rick Waugh’s compensation package for 2008. Scotiabank shares gained 0.4% to $29.80.

The energy group finished down 0.7% on Monday after oil futures descended. Crude oil for March delivery lost US$1.60, or 3.8%, to end at US$40.08 a barrel on the New York Mercantile Exchange.

Shares of Canadian Natural Resources Ltd. were off 2.5% to $42.80 and Nexen Inc. shares slipped 1.2% to $17.65.

Husky Energy Inc. fell 1.5% to $30.00.

Petro-Canada shares were up 1.2% to $26.91 after reports that the Ontario Teachers’ Pension Plan is set to launch a restructuring campaign that could lead to a fight for control of the board.

The S&P/TSX Venture exchange finished the day down 9.81 points, or 1.1%, at 872.82.

The Canadian dollar retreated more than a cent against the greenback, to finish the day at US80.41¢.

In the United States, energy, industrials and materials stocks dragged the markets lower, while technology shares helped offset losses.

The Dow Jones industrial average fell 64.11 points, or 0.8%, to 7,936.75.

The S&P 500 index dipped 0.44 points, or 0.5%, to close at 825.44.

The Nasdaq composite managed a gain of 18.01 points, or 1.2%, to end at 1,494.43.

IE