A further selloff in energy stocks helped send the Toronto stock market tumbling more than 300 points Wednesday afternoon and into correction territory.
The S&P/TSX composite index tumbled 342.78 points, or 2.4%, to close at 13,852.95.
The TSX is down 12% from its 2014 highs racked up in mid-summer and now is a bare 220 points or 1.5% above where it started the year.
A drop of 10% or more from recent highs is considered a correction.
The Canadian dollar dumped 0.25 cents to 87.12 cents U.S.
The base metals sector lost ground while March copper gave back most of Tuesday's four-cent gain, down three cents to $2.90 U.S. a pound. Teck Resources faded 93 cents, or 5.9%, to $14.92.
Other major losers included financials and industrials.
TD shares dropped 31 cents to $52.44, while Bombardier descended seven cents to $3.97.
The gold sector faded as Barrick Gold gave back eight cents to $13.71, while Goldcorp forfeited 60 cents, or 2.6%, to $22.63.
On the corporate front, Laurentian Bank of Canada says its net income in the fourth quarter was $33.8 million or $1.09 per diluted share, up from $25.9 million or 82 cents per share in the same 2013 period. Adjusted net income increased to $42.6 million or $1.39 per share, up from $38.5 million or $1.26 per a share last year.
The bank says it will be increasing its dividend by nearly 4% to 54 cents per share with the next payment in February. Its shares fell $2.69, or 5.4%, to $47.58.
ON BAYSTREET
The TSX Venture Exchange let go of 16.97 points to 672.61
All 14 Toronto subgroups concluded the day down, energy faltering 5.6%, metals and mining, down 3.6%, industrials, off 2.8%.
ON WALLSTREET
U.S. stocks closed sharply lower on Wednesday, furthering the week's losses, as the price of crude fell to a new five-year low and the Organization of Petroleum Exporting Countries cut its demand outlook for next year.
The Dow Jones Industrials swooned 268.05 points, or 1.5%, to conclude a rough day at 17,533.15.
The S&P 500 stumbled 33.68 points to 2,026.14. Energy companies led by Oneok, Denbury Resources, Noble Corporation were the session's worst performers among the S&P 500.
The NASDAQ index plummeted 82.44 points to 4,684.03.
Toll Brothers traded lower after the home builder reported mixed quarterly results.
Yum Brands fell after the operator of Taco Bell and other fast-food brands cut is profit outlook for the year for a second time.
Costco Wholesale initially climbed after the warehouse-club operator posted a better-than-expected quarterly profit and GlaxoSmithKline declined after Bank of America Merrill Lynch downgraded its stock to underperform from neutral.
OPEC reduced its estimate for 2015 by roughly 300,000 barrels a day, with the cartel saying the effect of the 40% drop in prices on supply and demand is uncertain.
Prices for 10-year U.S. Treasuries improved, weighing yields to 2.17% from Tuesday’s 2.22%. Treasury prices and yields move in opposite directions.
Oil prices skidded $2.47 to $61.35 U.S.
Gold prices fell $4.30 at $1,227.70 U.S.
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