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Market loses steam ahead of quieter week

The Toronto stock market turned negative late in the session yesterday as a weak performance by the financial sector overshadowed strength in energy and gold stocks.

The Toronto stock market turned negative late in the session yesterday as a weak performance by the financial sector overshadowed strength in energy and gold stocks.

Shares in Bank of Montreal fell 2.4 per cent, or $1.40, to $56.60 following Friday’s announcement that it is buying Wisconsin-based bank Marshall & Ilsley Corp. in a deal worth $4.1 billion US. That has prompted Moody’s Investor Services to launch a review of BMO for a possible downgrade.

Shares in TD Bank shed value after reports surfaced that it was looking to buy lender Chrysler Financial. Its stock fell 2.3 per cent or $1.68 to $70.52.

Gold and energy stocks were among the biggest gainers on the TSX as global gold and oil prices increased.

Energy equities are likely catching up to oil prices that have been moving higher lately and could be one of the largest areas of growth on the market over the next several months, said John Johnston, chief strategist at The Harbour Group.

“People are making bets that energy is going to play catch-up after a lengthy period of disappointing performance in light of what’s been happening with oil prices,” he said.

 
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