Stock futures pointed to a sharply lower opening for equity markets in Toronto on Friday, as a decision by Britain to leave the European Union triggered one of the biggest slumps in world stocks on concerns over a broader economic slowdown.
The S&P/TSX Composite hiked 127.57 points to close Thursday at 14,131.38. September futures trudged 3.3% lower Friday.
The Canadian dollar took on 1.25 cents to 77.04 cents early Friday
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Investors are reacting with shock to the announcement that the United Kingdom has voted to leave the European Union, which is a political, economic and free trade union between 28 member nations. Nearly 52% of U.K. voters cast their ballots in support of a British exit, or Brexit.
Ahead of the opening bell, futures for the Dow Jones Industrials tumbled 511 points, or 2.9%, to 17,404, while futures for the S&P 500 reversed 72.5 points, or 3.4%, to 2,033.25. NASDAQ futures fell 157.5 points, or 3.5%, to 4,305.
The result led British Prime Minister David Cameron to issue his resignation this morning. He had been campaigning for the U.K. to remain in the EU.
U.S. stocks made strong gains while Britons went to the polls, led by optimism that Brits would vote to remain in the EU.
But the gains -- and more – are likely to have been wiped out Friday once the opening bell rings.
Other major European markets are also plunging, with Germany's DAX off by about 6.3%.
The benchmark Nikkei index in Japan dropped nearly 8%, making it the biggest stock market loser in Asia.
Oil prices demurred $2.23 to $47.88 U.S. a barrel
Gold prices spiked $62.20 to $1,325.30 U.S. an ounce.
