While reaction to news of Saddam Hussein’s capture drove markets to an early celebration, it was relatively short lived. At the close, the S&P/TSX Composite Index was down 47.09 points to 7,932.11.

Technology issues leading the way down with a drop of 1.75%. Tech-bellwether Nortel Networks slipped 16¢ to $5.53. Celestica fell 46¢ to $18.19 and graphics chipmaker ATI Technologies dropped 27¢ to $19.97.

The TSX energy index slipped 1% as energy stocks dropped on the expectation that energy prices would drop with Saddam out of the picture.

Shares of Talisman Energy fell $1.10 to $69.40, while Petro-Canada dropped $1.15 to $59.15.

Gold-mining issues fell 0.17%. Placer Dome shares slipped 26¢ to $22.10 after it said its 2004 gold production would be down 5%.

Cott Beverages climbed 71¢ to $34.60 after it said it expected 2004 sales to grow by approximately 10% to 12% and earnings by approximately 15%.

Sears Canada shares rose 6¢ to $16.32. The company has won permission to set up a chartered bank in Canada.


Vasogen shares gained 14¢ to $7.29 after it said its shares would begin trading on the Nasdaq market on Wednesday.

Toronto volume was 228 million shares. Momentum was negative with decliners beating advancers 660 to 593.

The junior S&P/TSX venture composite exchange fell 9.25 points to finish at 1,660.99.

In New York, U.S. blue chips lost all of their early gains. The Dow Jones industrial average ended the day down 19.34 points higher at 10,022.82. The Dow had been as high as 10,139.

The tech-heavy Nasdaq composite ondex lost its early gains, too. By the close, it was down 30.74 points to 1,918.26. The broader S&P 500 slipped 6.10 points to close at 1,068.04.

The Canadian dollar rose 0.25¢ to US76.19¢. The loonie got a small boost from news that Canada’s index of leading indicators gained 0.8% in November, the sixth straight increase.