The Toronto stock market plunged more than 300 points Monday with energy stocks taking a pounding amid weak Chinese trade data and a report suggesting oil may have a ways to go before finding a bottom.
The S&P/TSX composite index descended 329.53 points, or 2.3%, to close Monday at 14,144.17, in the worst one-day selloff since mid-2011.
The Canadian dollar removed 0.33 cents to 87.10 cents U.S.
The benchmark TSX index has shed nearly 10% since hitting a record high in September.
The Toronto stock market's energy sector, which has been a casualty of the bloodbath, gave back 6.4%. It is down nearly 40% since the middle of June.
Precision Drilling Corp. said Monday that it's planning a $493-million capital budget for 2015, which will be down 44% from what it's currently planning for capital expenditures this year. Its shares fell 49 cents or 7.2% to $6.36.
Vermilion Energy said its capital spending for 2015 will come in at $525 million, down 22% from its planned 2014 spending. Its shares shed $2.51 or 5.1% to $46.48.
Elsewhere, Citigroup cut its rating for Canadian Natural Resources to neutral and its shares fell $1.58 or 4.3% to $35.56.
Financials also weighed on the TSX, as bank shares continued to fall back following a mixed bag of earnings reports last week. Toronto Dominion shares were down $1.63, or 3% to $52.62
The gold sector gained as Goldcorp moved higher 0.9% to $22.50
On the economic slate, Statistics Canada reported that The total value of building permits was $7.5 billion in October, edging up 0.7% from September. The increase came mainly from higher construction intentions in British Columbia, Alberta and Saskatchewan.
Moreover, Canada Mortgage and Housing Corporation reported this morning that the national rate of housing starts increased to 195,620 units last month on a seasonally adjusted basis from 183,659 in October.
CMHC said British Columbia led the country in growth in housing starts, followed by Quebec, Ontario and Atlantic Canada. However, there was a decline in urban starts in the Prairie region.
ON BAYSTREET
The TSX Venture Exchange slid 22.16 points to 685.97
All but one of the 14 TSX subgroups closed Monday negative, as energy tumbled 6.4%, while metals and mining lost 3.6% and industrials slid 3.1%.
The lone holdout was gold, up 2.1%.
ON WALLSTREET
U.S. stocks fell sharply on Monday, with benchmarks retreating from records and the energy sector slammed as the price of crude fell below $63 U.S. a barrel for the first time since July 2009.
The Dow Jones Industrials sank 106.31 points to 17.852.48, with McDonald's, Chevron and Exxon Mobil leading blue-chip losses that extended to 17 of 30 components.
The S&P 500 dipped 15.06 points to 2,060.31, with energy and materials falling hardest and utilities and financials faring best among its 10 major industry groups.
The NASDAQ Composite Index faded 40.07 to 4,740.69.
McDonald's fell after the fast-food chain reported global comparable sales declined 2.2% last month. Merck & Co. said it would acquire Cubist Pharmaceuticals in a deal valued at $9.5 billion U.S.
Apple fell sharply, with the consumer-technology maker leading the technology sector lower.
Chinese overseas shipments climbed 4.7% from a year earlier in November, the customs administration said.
Separately, Japan's economy contracted more than anticipated in the third quarter.
Oil prices dipped $2.70 to $63.14 U.S.
Gold prices gained $15.30 at $1,205.70 U.S.
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