TSX at 2pm: TSX Falls More Than 2% as Commodities Tumble on Disappointing Economic Growth in China
The Toronto stock market plunged more than 250 points in afternoon trading as commodity prices fell following data showing weaker than expected economic growth in China.
The S&P/TSX Composite Index declined 253 points, about 2%, to 12,084, near day lows of 12,067.
The materials sector dropped close to 9% as a bear market took hold in precious metals, particularly gold, which hit its lowest level in more than two years.
The energy sector was also sharply lower as crude oil prices declined to less than $90 a barrel.
Heavily traded Barrick Gold (ABX.TO) shed 10% while Osisko Mining (OSK.TO) fell 20%.
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