The Toronto stock market closed little changed Monday amid another round of nervousness about Europe's debt crisis and lower oil and metal prices.
The S&P/TSX composite index declined 13.86 points to 12,076.03, as investors sold off mining and financial stocks and bought into defensive sectors such as consumer and telecom stocks. The TSX Venture Exchange lost 4.08 points to 1,229.34.
The commodity-sensitive Canadian dollar was 0.07 of a cent higher to US101.17¢.
U.S. indexes were in the red, with the Dow Jones industrials down 3.56 points to 13,271.64.
The Nasdaq composite index slipped 0.38 of a point at 3,076.21 and the S&P 500 index inched 0.03 of a point lower to 1,418.13.
Markets have rallied this month after European Central Bank president Mario Draghi said the ECB would do whatever it takes to keep the eurozone monetary union intact.
That has been taken to mean that the ECB could ramp up its purchases of government bonds to lower the high interest yields faced by some governments.
But that commitment was thrown into doubt Monday after Germany's central bank, the Bundesbank, again stressed its skepticism toward those proposed pur-chases, despite signs Chancellor Angela Merkel is open to the ECB's plans. The German national central bank said in its monthly report Monday that such purchases would carry "substantial risks."
"We're getting some mixed signals coming out of Europe again," said Allan Small, senior adviser at DWM Securities.
The base metals sector led decliners, down about 0.73% as copper prices gave back last week's 3¢ gain, with the September contract in New York off 5¢ at US$3.37 a pound. First Quantum Minerals gave back 42¢ to $19.37 and Taseko Mines was off 4¢ to $2.61.
Copper fell as hopes dimmed of further stimulus from Chinese policy-makers. A report over the weekend that property prices in July rose slightly discouraged investors who have been hoping for further big stimulus measures from the Chinese government.
Energy stocks also gave up ground as oil prices reversed early gains, with the September contract on the New York Mercantile Exchange down 4¢ to US$95.97 a barrel. Suncor Energy fell 23¢ to $32.20.
The gold sector was positive while December bullion gained $3.60 to US$1,623 an ounce. Barrick Gold Corp. gained 41¢ to $36.01.
Other TSX gainers included Shoppers Drug Mart rose 45¢ to $42.91 and Telus Corp. was up 47¢ to $64.27.
