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Toronto Market Closes Lower Due To Energy Stock Decline

The facade of the original Toronto Stock Exchange building is seen in Toronto

The Toronto Stock Exchange ended lower on Monday as energy shares fell, dragging down the overall market. The S&P/TSX composite index closed down X points, or X%, at X,XXX.XX.

Energy shares were the biggest drag on the market, with the sector falling X%. This decline was attributed to a drop in oil prices, which were impacted by concerns over global demand and oversupply.

Meanwhile, the financial sector also saw losses, with bank stocks slipping X%. This was partly due to concerns about the economic impact of rising inflation and interest rates.

On the positive side, the materials sector posted gains, rising X%. This was supported by higher gold prices, which benefited from their safe-haven appeal amid market uncertainties.

Overall, trading volume was moderate, with X.XX million shares changing hands on Monday.

Looking ahead, market analysts are keeping a close eye on geopolitical developments, economic data releases, and corporate earnings reports for further insights into the market's direction.

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