Banks Drive TSX Composite Near 3-Year Lows -- Canadian Commentary

(RTTNews) - Canadian stocks extended a week-long losing skid, edging near their lowest in three years amid collapsing oil and base metal prices.

Energy stocks lost only modest ground even as crude oil futures settled below $26.50 for the first time since 2003.

Financials also added to recent losses, but gold stocks soared as skittish investors fled to the precious metal.

The S&P/TSX Composite Index lost another 98.35 points, or 0.81 percent, to 12,087.37. Renewed chatter about a potential OPEC meeting to curb production helped stocks trim severe early losses.

Among the big losers in the financial sector, Manulife (MFC.TO) reported disappointing earnigns and issued a gloomy outlook. Shares plunged 8.5 percent.

TransCanada (TRP.TO) reported a smaller-than-expected loss in the fourth quarter of 2015, hit by low oil prices. Shares were flat.

Cenovus Energy Inc. (CVE.TO) reported a wider loss for the fourth quarter and cut its dividend for the first quarter by 69 percent. Cenovus plans to reduce capital spending for fiscal 2016 and will further reduce its workforce. Shares rose 3 percent.