Oil Patch, Miners Lead TSX Lower -- Canadian Commentary

(RTTNews) - Resource stocks led Toronto's main index lower Monday amid renewed weakness in the energy and mining sectors due to falling commodity prices.

Metals and oil tumbled after dismal economic news from China raised demand fears.

The S&P/TSX Composite Index slipped 147.76 points, or 1.15 percent, to 12,674.37, edging back toward 3-year low seen mid-January.

Energy stocks plunged 3.7 percent, trimming recent gains, while base metal miners lost 2.9 percent.

Financials dropped 1.3 percent, but gold stocks and health care stocks managed nice gains.

Scotiabank (BNS.TO) closed its acquisition of Citigroup's (C) consumer and commercial banking operations in Costa Rica and Panama.

CAE (CAE.TO) signed agreements totaling more than $350 million, including one for the sale of nine flight simulators to airlines.

In economic news, China's official manufacturing PMI fell to 49.4 in January from 49.7 in December. Manufacturing contracted for the sixth straight month, for the weakest reading since 2012.