TSX plunges three per cent, joins markets in deep decline

TORONTO -- The Toronto Stock Exchange fell sharply Wednesday morning, losing more than three per cent of its value, joining other markets around the world in a deep decline.

See Full Article

The S&P/TSX index was down 402.78 points, or about 3.36 per cent, to 11,599.46 after about 90 minutes of trading Wednesday -- extending losses that have piled up for weeks.

On Tuesday, Canada's largest stock market had only its third positive session since the Christmas break, rising 60.07 points.

In New York, the major indexes were all down about three per cent: the Dow Jones Industrial average fell 441.84 points to 15,574.18, the broader S&P 500 index dropped 56.27 points to 1,825.06 and the Nasdaq 100 lost 132.94 points to 4,014.13.

Major European indexes were also down more than three per cent near the end of their trading days and Asian markets closed lower, with Hong Kong and Tokyo down nearly four per cent.

The loonie was at 68.27 cents U.S. -- 0.42 of a cent below Tuesday's close.

The currency showed a brief gain after the Bank of Canada announced at 10 a.m. ET that its key interest rate would be held at 0.5 per cent. But Canada's dollar was predominantly below Tuesday's close and traded as low as 68.07 cents U.S. overnight.

March crude futures were at US$28.08, down US$1.49, and February crude futures dipped below US$27 but on light volume -- weighing heavily on the loonie and other currencies as well as oil producers. February contracts settled Tuesday at US$28.46 a barrel. Gold February contracts were at US$1.101.80 before noon on Wednesday, up US$12.70.

The Toronto stock market's decline was felt across most of its subindexes, with gold the only winner.

The biggest decline was in metals and mining, with the six-stock index down 7.4 per cent. Copper producers First Quantum Minerals (TSX:FM) and HudBay Minerals (TSX:HBM) fell the most.

The TSX energy subindex was down 5.5 per cent. Among the biggest decliners was Husky Energy (TSX:HSE), which announced late Tuesday that it was ending a dividend and cutting production because of low commodity prices.



Advertisements

Latest Economic News

  • Asian stocks mixed after weekend of global election results

    Economic CTV News
    HONG KONG - Asian shares were mixed on Monday as investors turned their attention to global politics and evaluated weekend election results from Germany and New Zealand. KEEPING SCORE: Japan's Nikkei 225 index rose 0.6 per cent to 20,414.93 but South Korea's Kospi lost 0.4 per cent to 2,380.38. Source
  • Too soon to tell if NAFTA deal can be reached by deadline: Chief negotiator

    Economic CTV News
    OTTAWA -- Canada's chief negotiator says solid progress is being made in talks to rewrite the North American Free Trade Agreement, but it's too soon to tell if a deal can be reached by the year-end deadline set by the United States. Source
  • Alibaba's online payment platform AliPay coming to Canada: company

    Economic CTV News
    TORONTO - Chinese online shopping giant Alibaba Group's online payment platform AliPay will officially launch in Canada through a partnership with Canadian tech firm Snap Pay Inc. Canadian retailers will be able to accept Chinese currency from Chinese shoppers starting this week. Source
  • U.S. dairy takes aim at Canadian supply management in round 3 of NAFTA

    Economic CTV News
    OTTAWA -- The first punches in what promises to be a bitter fight over Canada's protected dairy industry are expected to be thrown during this week's third round of North American Free Trade talks in Ottawa. Source
  • C'est la vie: Canadian energy producer accepts French drilling ban with a shrug

    Economic CTV News
    CALGARY -- The traditional 20th anniversary present is china but Canada's Vermilion Energy Inc. is getting quite a different gift for its second decade as a light oil producer in France: a divorce petition with an implementation date of 2040. Source
  • How car dealerships upsell you: CBC's Marketplace consumer cheat sheet

    Economic CBC News
    Miss something this week? Here's the consumer news you need to know from CBC's Marketplace. Get this in your inbox every Friday. Sign up here. What got out in the Equifax hack? A massive cybersecurity breach may have exposed the personal information of about 100,000 Canadians. Source
  • Boeing-Bombardier ruling slated for Monday

    Economic CTV News
    OTTAWA -- Politicians, defence officials and Canada's aerospace industry have Monday circled on their calendars as the date to watch in Boeing's ongoing trade dogfight with Montreal-based Bombardier. Here's what you need to know, and what is expected to follow: Source
  • Report calling for end of gas price regulation flawed, says economist

    Economic CBC News
    A Nova Scotia-based think-tank says gas price regulation has taken millions of dollars out of the wallets of drivers in Atlantic Canada, but an economist says the report is filled with factual errors and the methodology is flawed. Source
  • Site C dam project draws criticism at Vancouver public input session

    Economic CTV News
    VANCOUVER - Critics of an $8.8-billion dam project in British Columbia voiced concerns over the long-term costs of the project during the first in a series of public input session. The province's new NDP government directed the BC Utilities Commission to review the economic viability of the Site C hydroelectric dam project that was initiated by the former Liberal premier Christy Clark. Source
  • Pricey even with a contract: Wireless carriers release iPhone 8, iPhone X pricing

    Economic CBC News
    The first of the new iPhones are now available in Canada and wireless companies have released their pricing. With a two-year contract at Bell and Rogers, the iPhone 8 will cost $229 Cdn or $429 depending on the memory size. Source