(fxcue news) - Despite posting a new all-time high around mid-morning, the Canadian market ended on a negative note on Monday, due to sharp losses in energy and materials sectors. Gains real estate, technology, communications, consumer discretionary and industrials sectors helped limit the market's downside. A positive reaction to news U.S. President-elect Donald Trump intends to nominate billionaire hedge fund manager Scott Bessent as Treasury Secretary buoyed up U.S. stocks, and this aided sentiment a bit on Bay Street. Bessent is seen as supportive of the equity markets and an advocate for deficit reduction. He has also called for Trump's planned tariff increases to be implemented gradually, which could reduce the impact on inflation. The benchmark S&P/TSX Composite Index, which climbed to 25,542.57, ended down 21.30 points or 0.08% at 25,422.98. Weak commodity prices weighed on metal and energy stocks. The Materials Capped Index and the Energy Capped Index shed 2.15% and 1.78%, respectively. The Real Estate Capped Index climbed nearly 2.5%, while the Information Technology Capped Index and Communication Services Capped Index moved up 1.27% and 1.21%, respectively. Torex Gold Resources (TXG.TO) lost more than 8%. Eldorado Gold Corporation (ELD.TO), Softchoice Corporation (SFTC.TO), Wheaton Precious Metals (WPM.TO), Lundin Gold Inc (LUG.TO), Celestica Inc (CLS.TO), Osisko Gold Royalties (OR.TO), Pan American Silver Corp (PAAS.TO), AltaGas (ALA.TO), Cameco Corporation (CCO.TO) and Agnico Eagle Mines (AEM.TO) closed down 3 to 5.4%. AtkinsRealis (ATRL.TO), Canadian Natural Resources (CNQ.TO), Suncor Energy (SU.TO), Franco-Nevada Corporation (FNV.TO) and TC Energy Corporation (TRP.TO) also declined sharply. CI Financial Corp (CIX.TO) soared 30%. Interfor Corp (IFP.TO) rallied nearly 10%. Canfor Corporation (CFP.TO) climbed 7.3%. Colliers International (CIGI.TO), West Fraser Timber (WFG.TO) and BRP Inc (DOO.TO) ended higher by 5 to 6%. Richelieu Hardware (RCH.TO), Aritzia Inc (ATZ.TO), Shopify Inc (SHOP.TO), Magna International (MG.TO), Bombardier Inc (BBD.B.TO), MTY Food Group (MTY.TO), Onex Corporation (ONEX.TO), Linamar Corporation (LNR.TO), FirstService Corporation (FSV.TO) and Canadian Tire Corporation (CTC.A.TO) gained 2.3 to 5%. On the economic front, data from Statistics Canada said manufacturing sales in Canada likely rose by 1.3% month-over-month in October, rebounding from a 0.5% decline in September against expectations of a 0.8% drop, according to preliminary estimates.