In Toronto, the S&P/TSX composite index soared 163.69 elements to close at 14,466.39, merely offsetting a 103-point decline on Friday as a result of the intently weighted mining and energy sectors led the price.
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“It’s in a very nervous place right now, if it (the price of oil) breaks down a couple more dollars it could be very, very ugly”, said John Kinsey, a portfolio manager at Caldwell Securities. Bank of Nova Scotia lost 1 per cent to $60.85, and the overall financials group retreated 1.0 per cent.
On the commodity markets, the December gold contract rose $6.20 to US$1,118.90 an oz, the September crude contract was down 37 cents at US$42.13 a barrel and the September contract for pure fuel was down six cents at US$2.74.
Gold miners were among the biggest gainers, as investors took more defensive positions amid economic uncertainty, with Goldcorp Inc up 4.3 percent to C$19.48 and Barrick Gold Corp advancing 2.3 percent to C$10.30.
Five of the 10 major S&P 500 sectors were lower with the financial index’s 0.4-per-cent fall leading the decliners.
The Toronto Stock Exchange was in the red to start the trading week as commodity prices continued to decline in the wake of disappointing reports on the Japanese economy and U.S. manufacturing.
Orengo said he expects low oil prices to stick around until the end of 2016.
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“The U.S. seems to be the only area of positivity when it comes to global GDP”, he said.
