Update: TSX Market in Triple Digit Decline as Crude Oil Stumbles
Canada's main stock market could not escape Tuesday's global decline of equities, posting a triple digit fall as energy stocks lost ground on sharply weaker crude oil prices . The S&P/TSX Composite Index shed 127 points or 0.8% to close at 15,285. The index plunged more than 2% intraday, hitting a low of 15,094. South of the border, the Dow Jones and the S&P 500 lost about 0.5%, well above session lows. In Europe, the FTSE shed more than 1% while the German DAX was 2% weaker.
The TSX's energy sector lost more than 2% as oil prices plunged nearly $3 a barrel, hitting a two-month low. The healthcare sector dropped nearly 4% as cannabis stocks continued to lose ground. Materials shed 1.1% while financials were flat.
In stock news, heavily traded Aurora Cannabis (ACB.TO) fell 11% while Canopy Growth (WEED.TO) was down 2%. Aphria (APH.TO) managed a modest 1% increase.
There were no economic reports in Canada today. Wednesday brings the Bank of Canada's latest rate announcement, where a 25 bps hike is widely expected. The Bank will also release its Fall Monetary Policy Report and hold a press conference.
The Canadian dollar gained 9 basis points despite weaker oil prices, rising to 76.42 US.
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