Stocks in Canada’s biggest centre slumped 3% on Wednesday, hitting a low of almost three and a half years, with energy and financial shares leading the drop as a rout in oil prices and global equity markets rumbled on.
The S&P/TSX composite index slumped 391.74, or 3.3%, to greet noon at 11,610.5
The Canadian dollar descended 0.05 cents to 68.54 cents U.S.
Suncor Energy fell 5.4% to $27.52 and Canadian Natural Resources declined 6.6% to $21.41.
Banks and other financial stocks also weighed, with Royal Bank of Canada down 3% to $65.41 and Bank of Nova Scotia off 3% at $51.66. Manulife Financial Corp fell 3.8% to $17.35.
On the economic beat, Statistics Canada reported that manufacturing sales in November increased 1.0% to $50.8 billion, led by higher motor vehicle sales in Ontario.
The agency also said wholesale trade rose for the first time in five months, up 1.8% to $55.9 billion in November.
StatsCan added that sales were higher in four of seven subsectors, led by motor vehicle and parts. Excluding this subsector, wholesale sales were up 1.2% in November.
ON BAYSTREET
The TSX Venture Exchange staggered 12.31 points, or 2.6%, to 468.06.
All but one of the 13 TSX subgroups were negative midday, with metals and mining stumbling 7.8%, energy off 6.4%, and health-care ailing 3.6%.
Gold soared 1.5%, the only gainer.
ON WALLSTREET
U.S. stocks traded sharply lower Wednesday as further decline in oil prices pressured global equities.
The Dow Jones industrial average collapsed 474.66 points, or 3%, to 15,541.36, with Chevron leading all constituents lower.
The S&P 500 slid 56.94 points, or 3%, to 1,824.39, near its lowest since October 2014.
The NASDAQ index plummeted 135.15 points, or 3%, to 4,341.80. Apple traded more than 3% lower.
Media reports more than 1,000 NYSE-listed stocks hit 52-week lows in the first 20 minutes of trading, the most since Aug. 24.
In corporate news, Goldman Sachs reported earnings that beat expectations on both lines. However, profit fell for a third-straight quarter, hit by a $5-billion U.S. settlement of crisis-era legal claims. The stock fell more than 2% in mid-morning trade.
F5 Networks and SLM are both set to report after the bell.
In economic news, the December U.S. CPI showed a 0.1% decline. Ex-food and energy, the index rose 0.1% after rising 0.2 percent for three straight months, according to Reuters. In the 12 months through December, this so-called core CPI rose 2.1%, the largest gain since July 2012, after climbing 2% in November.
Building Permits fell 3.9% in December. Housing Starts fell 2.5% but the seasonally adjusted annual pace remained above one million.
Prices for the 10-year Treasury spiked, lowering yields to 1.96% from Tuesday’s 2.05%. Treasury prices and yields move in opposite directions.
Oil prices lost $1.52 a barrel to $26.94 U.S.
Gold prices jumped $16.49 to $1,103.90 U.S. an ounce.
