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Roundup: Canadian stock market ends lower as euphoria for Cypriot deal fades

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The Canadian stock market fell Monday as early excitement for Cypriot bailout deal evaporated.

The S&P/TSX Composite Index dropped 76.64 points, or 0.60 percent, to 12,680.71, while the S&P/TSX Venture Composite Index decreased 3.00 points, or 0.27 percent, to 1,103.35.

The main index on the Toronto Stock Exchange initially rose in the earlier trading as Cyprus announced to reach a new bailout program including a big restructuring of the country's banking sector.

But stocks quickly turned lower after an important euro zone official said that in order to get the money from outside, bank shareholders and holders of large bank deposits of debt-ridden European countries have to contribute to their recapitalization.

He also said that Cyprus was a template for handling the region 's other over-indebted countries. Investors were concerned that there would be a risk of Cyprus contagion spreading to other euro zone nations, such as Spain, Italy and Greece, which are also at the forefront of the European debt crisis.

All of the eight sectors on the Canadian market's main index went lower. The financial sector, including banking stocks, was among the day's top decliners. Manulife Financial Corporation dropped 1.58 percent to 14.97 Canadian dollars per share and Royal Bank of Canada fell 0.28 percent to 61.20 Canadian dollars.

Metals and mining sector dropped 1.76 percent, with May copper on the New York Mercantile Exchange off 0.2 percent at 3.46 U.S. dollars a pound. First Quantum Minerals lost 3.5 percent to 19.41 Canadian dollars per share.

The May crude oil contract on the New York Mercantile Exchange was up 1.1 U.S. dollars to 94.81 U.S. dollars a barrel, while the energy sector was down 0.76 percent, with Cenovus Energy falling 1. 7 percent to 31.40 Canadian dollars.

Shares in Canadian smartphone maker BlackBerry fell for a second consecutive session ahead of the release of its quarterly earnings later this week, with its stocks going down 4.5 percent to 14.51 Canadian dollars following an eight-percent slide Friday.

At closing, the Canadian dollar moved up to 0.9792 U.S. dollar at 5 p.m. local time (2100 GMT), compared with 0.9769 U.S. dollar last Friday. Endi