Another Ugly Day On Bay Street, TSX At New 3-year Lows -- Canadian Commentary

(RTTNews) - Canadian stocks fell sharply yet again Wednesday, but a late session rally left Toronto's main index well off its early lows.

The S&P/TSX Composite Index dropped 159.13 points, or 1.33 percent, to 11,843.11 -- the lowest in more than three years.

Gold stocks prevented a steeper drop, with traders buying bullion producers in a move toward safe haven assets.

Energy stocks tumbled another 1.3 percent on falling crude oil prices.

On the final day of the February contract, Feb. WTI oil settled at $26.55/bbl on Nymex, down $1.91, or 6.7%.

Financials were hit hard, losing 1.8 percent after the Bank of Canada maintained its benchmark interest rate at 0.5 percent.

The BoC issued a relatively rosy outlook for 2016, hinting that further rate cuts are not in the cards.

Husky Energy (HSE.TO) has suspended its quarterly dividend citing downward pressure on oil prices and the extended lower for longer outlook. Shares fell 3.3 percent.