Canada’s stock exchange sunk today, led lower by falling energy stocks.
The index’s energy sector was dragged by a dip in oil, as crude prices slipped $1.06 to $68.69 US a barrel on easing supply concerns.
The oil slump can be attributed to a sharp rise in U.S. crude inventories and gulf producers boosting their exports.
The drop in oil prices impacted the heavyweight energy sector which fell 1.5 percent, and was a major drag on the TSX which lost 125 points.
But energy wasn’t the only lag on the index. Eight of 11 sectors traded lower, including financials and technology.
Financials were led lower by a 1.8 percent drop in insurance giant Manulife Financial Corp.
In New York, the Dow continued its October slump which has seen the index lose three percent this month. The exchange lost another 327 points today as tech stocks tumbled, along with declines in industrial bellwethers Boeing and Caterpillar.
Selling heated up as tensions simmer between the U.S. and Saudi Arabia, investors continue to fret over bond yields, and concerns heighten over the world’s second largest economy following an abrupt drop in Chinese stocks.
The Nasdaq also went south, plunging 157 points with drops in Apple and Amazon, and a 4.9 percent decline in Netflix shares.
Gold moved up $1.10 cents to to $1,225 an ounce while falling oil prices weakened the loonie which lost another 36/100ths of a cent to $0.7644 US.
Meanwhile, on the second day since pot prohibition was lifted nationwide, some of Canada’s largest cannabis producers rallied from yesterday’s losses.
Aurora Cannabis moved up 1.4 percent and was once again the most heavily traded company on the TSX.
