Roger Biduk - Oil Sinks Bay Street

Roger Biduk writes;

The Toronto stock market ended Monday at its lowest level in three weeks after oil prices tumbled and banking giant Citigroup announced another round of devastating job cuts.
Toronto's S&P/TSX composite index fell 260.51 points to 8,795.45 - its lowest close since Oct. 27.
The TSX Venture Exchange closed down 15.82 to 785.79.
The Canadian dollar was at 81.75 cents US, up 0.15 of a cent.

The TSX financial group led losses down 3.8 per cent. Bank of Montreal (TSX: BMO.TO) fell 3.7 per cent, or $1.55, to $39.90.

The Toronto energy sector was down three per cent after the December crude contract ended the session at a 22-month low on circulating questions about energy demand.
Light sweet crude slid $2.11 to settle at US$55.49 a barrel on the New York Mercantile Exchange.

In downbeat Canadian financial and oilpatch news, the Fort Hills oilsands partners have put off an investment decision on the mine near Fort McMurray, Alta., likely until next year.
The partners - Petro-Canada (TSX: PCA.TO), Teck Cominco Ltd. (TSX: TCK-B.TO) and UTS Energy Corp. (TSX: UTS.TO) - indefinitely shelved a decision on the project's proposed upgrader near Edmonton. Teck Cominco stock was ahead 4.6 per cent, or 29 cents, to $6.64.

Roger Biduk writes:
The gold sector lost 3.6 per cent as the December bullion contract ended the day 50 cents lower to US$742 an ounce. Earlier in the session it had fallen as much as $12.90.

Stocks in Forsys Metals Corp. (TSX: FSY.TO) rose 29 per cent after the company said it has reached a takeover agreement worth nearly $600 million that will put it in the hands of a unit of privately held Africa-based Forrest Group.
Forsys is active in uranium development in Namibia, and the deal is worth $7 per share. Company shares climbed $1.36 to $6.

More Canadians backed out of their mutual fund investments last month than any other time on record, said the Investment Funds Institute of Canada.
In October there were $8.4 billion in net redemptions, and total industry assets ended the month 19.5 per cent below their year-ago level.

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