Declining commodity prices weighed down the Toronto Stock Exchange on Monday, but late-day strength in energy stocks helped the benchmark index pare its earlier losses.

The S&P/TSX composite index closed at 11,424.61, down 21.34 points, or 0.2%.

The sub-gold index finished down 0.7% as gold futures fell. Gold for December delivery fell US$5.40, or 0.5%, to close at US$1,004.90 on the Comex division of the New York Mercantile Exchange.

The materials group finished down 0.3%.

Shares of Iamgold Corp. fell 3.2% to $15.09, and Red Back Mining Inc. dropped 5.2% to $12.35.

Shares of Potash Corp. fell 1.6% after the company slashed its 2009 earnings guidance, blaming continued weakness in demand. Potash shares fell $1.66 to $100.21. Fellow industry player Agrium Inc. dropped $1.57, or 2.7%, to $55.67.

Gainers in the group included Teck Resources Ltd., up 1.8% to $29.31, and Quadra Mining Ltd., up 3.6% to $14.27.

The financials group retreated by 0.3% on Monday.

Toronto-Dominion Bank’s stock fell 1% to $67.95 and Bank of Montreal slipped 1.2% to $52.88.

Higher for the day was Power Corp., up 1.6% to $29.11, and Industrial Alliance Insurance and Financial Services Inc., up 1.7% to $28.16.

Crude for October delivery fell US$2.33, or 3.2%, to US$69.71 a barrel on the New York Mercantile Exchange.

Despite the decline in oil prices, the energy group recovered from earlier losses to finish up 0.2%.

Shares of Canadian Natural Resources Ltd. jumped $1.70, or 2.4%, to $73.92.

Imperial Oil added 2.2% to $41.34, and Pacific Rubiales Energy Corp. gained nearly 2% to $13.16.

Others declined, including Nexen Inc., down 1.1% to $25.00.

Sharply higher on Monday were information technology stocks, which gained 1.7%. Shares of Research in Motion Ltd. gained 1.6% to $90.67, while CGI Group Inc. surged 5.7% to $12.31.

The Venture index shed 16.80 points, or 1.3%, to close at 1,265.00.

The loonie dropped by two-thirds of a cent from Friday’s close, to close at US92.81¢.

U.S. stock markets experienced mixed results on Monday, with the technology-heavy Nasdaq the only major U.S. index to finish with gains.

The Dow Jones industrial average sank 41.27 points, or 0.4%, to 9,778.86.

The S&P 500 fell 3.64 points, or 0.3%, to 1,064.66.

The Nasdaq rose 5.18 points, or 0.2%, to 2,138.04.

IE