Bay Street Stocks Remain Down Sharply - Canadian Commentary

(RTTNews) - Toronto’s main index remained sharply lower Monday afternoon, led by resource stocks, as traders cashed in on last week’s rally. The S&P/TSX Composite Index fell 747.34 points or 8.06% to 8,523.28. The market had closed higher in each of the previous six sessions.

Energy stocks were down 11.1%. Among the big names, Ensign Energy (ESI.TO) plunged 18%, Petro-Canada (PCA.TO) plummeted 15%, Talisman Energy (TLM.TO) fell 14.9% and Suncor (SU.TO) dropped 13.8%.

Crude oil dropped below the $50 a barrel mark after the Organization of Petroleum Exporting Countries delayed its decision to cut output until later this month. Light sweet crude for January fell $$4.45 to $49.98 a barrel after earlier touching as low as $49.52.

The Mining Index dropped 12.5%, led by an 19% plunge by Inmet (INM.TO). Teck Cominco (TCK.B.TO) dropped 19.2% and First Quantum Minerals (FM.TO) dropped 13%. Eldorado Gold (ELD.TO) lost 19.8% to lead the Gold Index down 11% and the materials index down 11.7%.

On the NYMEX, gold for February delivery ended the session down $42.20 an ounce at $776.80.

Financials were down 7.5% in afternoon trading. Royal Bank of Canada (RY.TO) plunged 8.1%, Toronto-Dominion (TD.TO) lost 7.6% and Canadian Imperial Bank (CM.TO) plummeted 6.4%.

CI Financial Income Fund (CIX-UN.TO) dropped 6.2%. The company reported November net sales of C$140 million.

On the upside, Northbridge Financial Corp. (NB.TO) soared 18.9%, after announcing that Fairfax Financial Holdings (FFH.TO) plans to buy all of the outstanding common shares of Northbridge for C$39.00 in cash per common share. The deal represents total cash consideration of approximately C$686 million.

In economic news, Statistics Canada reported the Canadian economy expanded at a faster than expected annualized rate of 1.3% in the third quarter, compared with a 0.5% decline for the US economy.

For comments and feedback: contact editorial@rttnews.com

Posted in Categories: Canada, Releases, Stocks, USA.

If you like this article please...

Subscribe by RSS Subscribe by Email

Email This Post To A Friend

Commodities Commodity Night Cap: Precious Metals, Grains, Crude Oil Fall On Poor Employment Numbers Oil Prices Plummet Nearly 4% On Bigger-Than-Expected U.S. Job Cuts 4 Reasons To Take A Look At Silver ETFs Natural Gas To Europe - The Great Game 2009 Indian Sensex Up 13.02 Points As Economic Survey Fails To Enthuse Commodity Night Cap: Gold, Silver, Industrial Metals And Oil Rally Strongly Reasons Gold And Silver Could Be Scorching This Summer Commodity Night Cap: Grains, Oil, Natural Gas, Gold All Fall Crude Sinks Following Disappointing Consumer Confidence Number Gold At Important Long Term Level Read More »	Financials Tesco Begged To Shaft Taxpayers By Brown Big Paychecks Back On Wall Street Uncle Sam Just Winked At Citi’s Credit Card Rate Increase The Looming Mc(Mansion) Attack What Companies Will Be Affected By Continuing Job Losses? Option Trader Takes Put Insurance On Consumer Staples ETF Washington Federal Continues To Pay Dividends Company News: Microsoft’s Bing Gains Market Share, Yum! Brands Upgraded To Buy News Briefs: Ten More Charged In Madoff Case, AIG Gets New Board US Markets Rebound Slightly In After Hours Trading Read More »	Exchange Traded Funds ETFs That May Be Affected By Clean Energy Bill Understanding Leveraged ETFs Signs That The ETF Industry Continues To Shift Why Coal ETFs Have Something To Smile About High Yields With Low Risk – Is It Possible With ETFs? The Case For Investing In Water ETFs Bullish Vibes Radiate From Energy Fund 3 Single-Country ETFs You’re Not Hearing About Midday Market Update: Wall Street Ignites On Economic Data Home Price ETF Has Begun Trading Read More »
Stocks Expected Next 30-Day Volatility Is Still Well Above The Non-Crisis Level Hotel Metrics Down, Others Finally Catching On Hitachi Expanding Hybrid Cap Interesting Week Leading Up To Independence Day How To Trade The UK Employment Myth Head And Shoulders: A Parody Indian Markets Up 254.56 Points As Sparing Freight And Passenger Fares Cheer The Markets A Look At How Markets Might Move This Next Quarter Petrobras Banks On Gov’t Support Head And Shoulders And Divergences On Daily S&P 500 Read More »	Forex GBP/USD Breaks Trendline Support Giving A Potential Bearish Clue GBP/USD Breaks Below Daily Moving Average U.S. Dollar Sharply Higher On Unfavorable Payroll Report Will The Budget Deficit Strengthen The US Dollar? Forex Pin Bars: Hammers And Shooting Stars EUR/USD Remains Pressured As Europe/London Head Home Australian Dollar: Bullish Bias Above 1215 Canadian Dollar: The Bias Remains Bullish U.S. Employment Report Creates More Waves EUR/USD Reverses From Our 3rd Tier Downtrend Line Read More »	Economy America: Decline Or Revival? A Clear Picture On The US Debt Situation Your Summer Housing Market Update Is Unemployment Understated? Questions And Answers On California’s IOUs In A Market Collapse, You Want Your Portfolio To Be Focused On Brazil Or Germany, And Not Hong Kong! It’s Doctors And Politics, Not The Market, That Control The Supply Of Doctors Another Ugly Jobs Report Management Strategies For A Jobless Recovery US Job Picture Weaker Than Expected Read More »