(RTTNews) - Bay Street stocks reversed early gains and finished the session notably lower on Monday. The market was dragged lower by weakness in the commodity-based sectors.

The S&P/TSX Composite Index dropped 147.25 points or 1.29% to settle at 11,234.88. Earlier, the main index jumped above the 11,500 mark and challenged a monthly high.

Gold stocks declined 2.9% and materials fell 2.7% after the precious metal fell $13.60 on the Comex. Seabridge (SEA.TO) dropped 8.2%, New Gold (NGD.TO) fell 5.6% and Yamana (YRI.TO) declined 5%.

Iamgold Corp. (IMG.TO) gave back early gains and closed 2.3% lower. The stock had surged earlier after announcing it now projects 2009 production of about 940,000 - 950,000 ounces of gold, an increase of 30,000 ounces over its prior guidance issued in June 2009.

Mining stocks fell 2.7%. Inmet (IMN.TO) declined 6.2%, HudBay (HBM.TO) dropped 3.5% and Teck Resources (TCK.B.TO) lost 2.2%.

Energy stocks fell 1.7% as crude oil fell on the NYMEX. Canadian Oil Sands (COS.UN.TO) lost 3.7%, Suncor (SU.TO) dropped 2% and Canadian Natural Resources (CNQ.TO) fell 1.4%.

Birchcliff Energy (BIR.TO) plunged 5.75% after being downgraded to Hold from Buy at Genuity Capital Markets.

Toromont Industries Ltd. (TIH.TO) slipped 0.9% after the stock posted third-quarter net earnings of C$31.9 million or C$0.50 per share compared with C$37.1 million or C$0.56 per share in the same quarter last year.

Coretec (CYY.TO) soared 47.8% after receiving an buyout offer from DDi Corp. for C$0.20 per share, or approximately C$3.6 million.

Transcontinental (TCL.A.TO) fell 1.4% after its shares were downgraded to Underperform from Neutral with a price target of C$10.50 at Credit Suisse.

Canadian Pacific (CP.TO) headlines tomorrow’s earnings calendar. The company is expected to report earnings of $0.76 per share, down from $1.15 per share a year ago. The stock finished Monday’s session down 1%.

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Posted in Categories: Canada, Releases, Stocks.

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