Canada's main stock index opened lower on Wednesday as oil prices tumbled on a weak outlook for demand in 2015, sending shares of energy producers sharply lower.
The S&P/TSX composite index fell 192.66 points, or 1.4%, soon after the opening to sit at 14,003.07
The Canadian dollar dumped 0.15 cents to 87.22 cents U.S.
Energy stocks continued to get punished, as Crescent Point Energy moved south $1.82, or 7.3%, to $23.12, and Crew Energy tumbled 45 cents, or 7.2%, to $5.81.
Metals stocks took their lumps, too, as Teck Resources bowed 29 cents, or 1.8%, to $15.56.
Gold stocks provided a ray of light in an otherwise gloomy Wednesday morning session, as Barrick Gold ballooned 46 cents, or 3.3%, to $14.25, and Yamana Gold jumped 13 cents, or 2.7%, to $5.04.
ON BAYSTREET
The TSX Venture Exchange dipped 5.40 points to 679.48
All but two of the 14 Toronto subgroups were lower, primarily energy’s 4.1% fall, while the metals and mining group and industrials each skidded 1.1%.
Only gold and materials held out against the negative tide, the former growing 1.6% in strength, the latter, 0.7%.
ON WALLSTREET
U.S. stocks declined on Wednesday, furthering the week's losses, as the price of crude fell to multi-year lows as the Organization of Petroleum Exporting Countries cut its demand outlook for next year.
The Dow Jones Industrials withered 131.91 points to begin Wednesday at 17,669.29, with Chevron and Exxon Mobil leading blue-chip losses that extended to 23 of 30 components.
The S&P 500 faltered 11.74 points to 2,048.08, with the energy sector hardest hit and utilities the best performing among its 10 major industry groups.
The NASDAQ index slid 17.91 points to 4,748.56.
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.
Toll Brothers edged 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 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.
Prices for 10-year U.S. Treasuries eked up a bit, lowering yields to 2.21% from Tuesday’s 2.22%. Treasury prices and yields move in opposite directions.
Oil prices skidded $1.67 to $62.15 U.S.
Gold prices fell $1.90 at $1,230.20 U.S.
