Toronto stocks fell slightly Monday for a second straight session.

Toronto stocks fell slightly Monday for a second straight session.

The S&P/TSX composite index lost 21.4 points to 12,878.18.

Rising metals prices boosted the mining sector up 1.65%. Teck Cominco moved up $3.23 to $90.

Gold stocks also moved ahead as the February bullion contract in New York gained $3.80 to US$634.80. Bema Gold Corp. gained 6¢ to $6.16.

The energy sector was flat as warmer than usual weather in the U.S. helped send the January contract for light sweet crude on the New York Mercantile Exchange down 81¢ to US$61.22 a barrel. EnCana Corp. added 6¢ to $60.71.

The telecom sector was the session’s biggest decliner, down 0.65% ahead of an announcement after the market close that the federal government has new plans for deregulating local phone services. Telus Corp. closed down 99¢ to $55.10.

The financial sector was off 0.15% as Bank of Canada governor David Dodge voiced support for bank mergers, saying that studies show Canadian banks may be less productive than their international rivals.

Shares in Power Financial Corp. were off 4¢ at $38.16 after the Globe and Mail said the firm is closing in on a US$3.5-billion-plus purchase of Boston-based Putnam Investments. Power controls IGM Financial Inc., parent of Investors Group and Mackenzie Financial.

The TSX Venture Exchange lost 14.65 points to 2,805.52.

The Canadian dollar climbed 0.05 of a cent to US87.1¢ as Statistics Canada reported third-quarter productivity fell 0.1%.

In New York markets finished slightly higher as oil prices retreated while investors look to Tuesday’s announcement from the U.S. Federal Reserve on interest rates.

The Dow Jones industrial average rose 20.99 points to 12,328.48. The Nasdaq composite index moved up 5.5 points 2,442.86 while the S&P 500 index added 3.2 points to 1,413.04.

It is widely expected that the Fed will keep its key interest rate unchanged at 5.25% but investors will be anxious to read its accompanying statement for the central bank’s take on the economy.