TSX Drops Another 100 Points In Global Sell-off -- Canadian Commentary

(RTTNews) - Canadian stocks remained in free fall Tuesday as traders worldwide expressed concerns about a number of significant headwinds.

A terrorist attack on the LBGT community in the U.S. has inflamed political rhetoric there, while the U.K. is on the verge of an historic vote to exit the European Union.

Meanwhile, crude oil prices have tumbled, putting pressure on the Canadian energy sector.

An upbeat reading on U.S. retail sales failed to generate much optimism.

The S&P/TSX Composite Index dropped 109.65 points, or 0.78 percent, to 13,884.23, falling further from recent 10-month highs.

Mining stocks were the worst performers, losing 3.6 percent, while financials shed 1 percent. Energy stocks eased modestly, as the International Energy Agency (IEA) said the oil market will be balanced in the second half of 2016.

As prices rise, Canada will lead non-OPEC production growth in 2017, the IEA said.

In corporate news, Valeant Pharmaceuticals International Inc. (VRX, VRX.TO) is working with advisers at Morgan Stanley as it weighs the sale of dermatology units Obagi Medical Products and Solta Medical to raise cash to reduce debt, Bloomberg reported citing people familiar with the matter.

Valeant was up 1.3 percent.