The Canadian stock market closed slightly lower on Monday after elections in France and Greece left questions about how new political leadership in the two countries will affect the eurozone's plans to deal with the high debt loads.

The S&P/TSX composite index ended 10.57 points lower, or 0.09 percent, at 11,860.66 as losses were led by commodity stocks, which were particularly hard hit because of worries about worsening economic conditions in Europe and the U.S. while the S&P/ TSX Venture Composite Index slipped 7.63 points, or 0.54 percent, at 1,397.42.

World markets were mixed on Monday after French Socialist Francois Hollande defeated incumbent President Nicolas Sarkozy, leaving investors worried about the future of austerity throughout Europe.

Hollande has advocated a shift away from austerity policies to deal with the continent's sovereign debt crisis and advocated for more economic stimulus. But the concern is whether or not such policies will derail previously announced bailout deals, in which stronger economies such as Germany provide assistance for the weaker economies facing default on their debt.

In the Greek elections the two most established parties both lost seats in parliament, leaving no party with anything close to the majority of seats needed to form a government. The vote could set the stage for a new round of elections, and prolonged uncertainty for how Greece will comply with terms of the European bailout package.

Mining and energy companies led declines after crude oil contract lost more than seven percent and copper almost three percent last week amid worries about slowing economic conditions.

Demand concerns continued to pressure oil on Monday with the June contract on the New York Mercantile Exchange down 0.55 percent to 97.94 U.S. dollars a barrel. The energy sector lost 0. 42 percent and Canadian Oil Sands declined 31 Canadian cents to 21. 61 Canadian dollars.

The tech sector was also a drag with declines led by Research In Motion Ltd., down another 21 Canadian cents to 11.75 Canadian dollars. The loss follows a plunge of almost 14 percent last week despite having revealed an early version of its new BlackBerry 10 operating system.

On the currency front, the Canadian dollar was down 0.25 U.S. cents to 100.71 U.S. cents. One U.S. dollar was buying 0.9930 Canadian dollars at 5 p.m. local time (2200 GMT) on Monday, compared with one U.S. dollar purchasing 0.9955 Canadian dollars last Friday.