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CANADA STOCKS slumped: Turquoise Hill Resources (TRQ), Goldcorp (GG), Franco-Nevada (FNV), Canadian Solar (CSIQ), NovaGold Resources (NG)

Canada’s main stock index, coming off a rebound last week, slumped more than 1 percent on Monday as resource stocks resumed their slump on falling commodity prices.

The index, which had been steadily declining since April, sank to its lowest level since 2013 last week on investor worries over China’s economic growth. Those concerns remain, while excess crude supply also is weighing on crude prices.

“I think we’re into our period of seasonal weakness, which usually runs from mid-August to mid-October,” said Douglas Davis, chief executive officer at Davis-Rea, adding that the market has broadly risen for the last seven years without a solid correction.

“It’s way overdue. And it should go further. We need a good decline to destabilize the market and get it ready again.”

At 11:27 a.m. EDT (1527 GMT), the Toronto Stock Exchange’s S&P/TSX composite index fell 128.46 points, or 0.93 percent, to 13,736.61. At one point, it was down 1.53 percent to 13,653.87.

“It’s interesting that the banks have been under pressure, because they are really still pretty darn solid … the banks are becoming pretty good value,” said Davis, adding that foreign investors may be shorting bank stocks in advance of the Oct. 19 Canadian federal election. The left-leaning New Democratic Party, which vows to raise taxes on large corporations and has never won a federal election, is leading the polls.

Of the S&P/TSX composite index’s 10 main groups, eight were in negative territory. Declining issues outnumbered advancing ones on the TSX by 140 to 104, for a 1.35-to-1 ratio on the downside.

The materials group, home to mining firms, sank 1.9 percent, while energy stocks retreated 0.4 percent.

Turquoise Hill Resources Ltd (NYSE:TRQ) together with its subsidiaries, operates as a mining company. The Company shares are trading +12.45% above their 52 week low price after the last close and -37.13% below the 52 week high. Its latest closing price was down -13.88% from the average-price of 200 days while it kept its distance from the SMA50 at -13.42% and -5.62% compared with the SMA 20.

Shares of Goldcorp Inc. (USA) (NYSE:GG) were +12.38% up 52 week lows as of the latest close and -49.32% below the 52 week high. Its latest closing price was down -24.42% from the average-price of 200 days while it maintained a distance from the SMA 50 at -5.99% and -2.24% compared with the SMA 20. Goldcorp Inc. engages in the acquisition, exploration, development, and operation of precious metal properties in Canada, the United States, Mexico, and Central and South America.

Nevada Corporation (NYSE:FNV) operates as a gold-focused royalty and stream company in the United States, Canada, Latin America, and internationally. The stock’s latest price traded at +13.51% up 52 week lows after the closing bell and was -26.31% behind its 52 week high. Its latest closing price was -12.57% below the SMA200 while the distance from the SMA 50 and SMA 20 was -1.74% and +0.27% respectively.

Canadian Solar Inc. (NASDAQ:CSIQ) is trading +32.20% higher than the 52 week low price and -54.47% behind the 52 week high. The stock’s latest closing price was -34.24% down from the average-price of 200 days while it kept its distance from the SMA50 at -26.21% and -15.68% compared with the SMA 20. Canadian Solar Inc., together with its subsidiaries, designs, develops, manufactures, and sells solar wafers, cells, and solar power products worldwide.

NovaGold Resources Inc. (USA) (NYSEMKT:NG) explores and develops mineral properties in Canada and the United States. The Company so far this year has moved down -0.53% and its monthly performance stands at +22.30%. The stock was up +60.09% from its 52 week low and was -12.24% below the 52 week high. Its latest closing price was up -26.44% from the average-price of 200 days while it kept its distance from the SMA50 at +12.52% and +8.89% compared with the SMA 20.