Bay Street Ending Otherwise Strong Year With A Whimper -- Canadian Commentary

(RTTNews) - Canadian stocks are limping into the new year, trimming 2014 gains amid selling pressure in the oil and gold sectors.

Weak Chinese economic data and profit taking on the final trading day of the year, the S&P/TSX Composite Index was down 41 points, 0.29 percent, at 14,598.24.

Despite today's decline and a brutal December for energy stocks, the index is on track to gain more than 7 percent in 2014.

The Energy Index is down 0.75 percent as crude oil hovered nar $53 a barrel, its lowest since 2009.

Gold stocks are taking a beating today amid a drop in bullion prices. U.S. gold for February was down $14 at $1186 on renewed expectations the Federal Reserve will hike interest rates by next summer.

Traders are getting a bit defensive, as reflected in a 0.65 percent advance in the consumer staples index.

In corporate news, Agrium (AGU.TO) has restarted potash production at its Vanscoy mine in Saskatchewan following a mechanical failure. Shares were flat.

Bombardier (BBD_B.TO, BBD_A.TO) announced GE Capital Aviation has bought five Q400 NextGen aircraft and has also taken options on an additional 10 Q400 NextGen aircraft.

The company also signed a firm order for 24 CRJ900 NextGen planes to an undisclosed customer, worth about $1.14-billion. The stock was up 1 percent.

A gauge of China's factory activity was disappointing in December. The final reading came in at 49.6, up slightly from the 49.5 preliminary reading of 49.5 from HSBC/Markit.