TSX Suffers Another Big Setback, Plunges 2.2%

(RTTNews) - The Canadian stock market suffered its worst single-session setback since August 2015 on Tuesday as mounting worries about the impact of the coronavirus outbreak prompted investors to go on a selling spree.

A sharp decline in crude oil prices added to the woes. Selling was so widespread that all the sectoral indices ended sharply lower.

The benchmark S&P/TSX Composite Index ended down 385.37 points, or 2.19%, at 17,177.37, after plunging to a low of 17,124.86.

Crescent Point Energy (CPG.TO) tumbled nearly 6.5%, Yamana Gold (YRI.TO), Baytex Energy (BTE.TO), Iamgold Corporation (IMG.TO), B2Gold Corp (BTO.TO), Kinross Gold (K.TO), Barrick Gold Corporation (ABX.TO), Canadian Natural Resources (CNQ.TO) and Aurora Cannabis (ACB.TO) lost 3 to 6%.

Cenovus Energy (CVE.TO), Royal Bank of Canada (RY.TO), Manulife Financial Corporation (MFC.TO) and Toronto-Dominion Bank (TD.TO) also declined sharply on strong volumes.

Kinaxis Inc. (KXS.TO), Air Canada (AC.TO), Magna International (MG.TO), BRP Inc. (DOO.TO) and Shopify Inc. (SHOP.TO) lost 5 to 7%.

U.S. stocks plunged, extending losses from previous session. The Dow tumbled 3.2%, the Nasdaq plummeted 2.8% and the S&P 500 slumped 3%, as stocks fell amid fears about the coronavirus outbreak escalating into a pandemic.

European markets moved sharply lower, while Asian markets turned in a mixed performance.

In commodities, West Texas Intermediate Crude oil futures for April ended down $1.53, or about 3%, at $49.90 a barrel, the lowest settlement in about two weeks.

Gold futures for April ended down $26.60, or about 1.6%, at $1,650.00 an ounce.

On Monday, gold futures for April ended up $27.80, or 1.7%, at $1,676.60 an ounce.

Silver futures for March are down $0.685 at $18.191 an ounce, while Copper futures for March are up marginally at $2.5780 per pound.