Collapse in oil prices triggers a plunge in energy sector
Canada’s main stock index closed down 10.3 per cent to its lowest level in 14 months as a collapse in oil prices triggers a plunge in the energy sector.
The S&P/TSX composite index lost 1,660.78 points to close at 14,514.24 and the capped energy index was down more than 27 per cent as Cenovus Energy Inc. was down 51.6 per cent.
In New York, the Dow Jones industrial average was down 2,2013.76 points or 7.7 per cent at 23,851.02. The S&P 500 index was down 225.81 points at 2,746.56, while the Nasdaq composite was down 624.94 points at 7,950.68.
The Canadian dollar traded for 73.54 cents US compared with an average of 74.51 cents US on Friday.
The April crude contract was down US$10.15 at US$31.13 per barrel and the April natural gas contract was up seven cents at US$1.78 per mmBTU.
The April gold contract was up US$3.30 at US$1,675.70 an ounce and the May copper contract was down five cents at US$2.51 a pound.