(Reuters) - Canada's main stock index was set for its worst day since 2008 on Monday as the heavyweight energy sector was pummeled by a crash in oil prices while fears of a recession from the coronavirus impact triggered a larger selloff.
- At 9:50 a.m. ET (1350 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 1,595.15 points, or 9.86%, at 14,579.87.
- Deep losses at the open had triggered circuit breakers that halted trading on the bourse until 9:50 a.m.
- The energy sector was the worst performer by far, plunging 29% as oil prices lost a third of their value after Saudi Arabia and Russia signalled they would hike output after their three-year supply pact collapsed. [O/R]
- The financials sector slipped 8.4%. The industrials sector fell 6.8%.
- Broader global equities were also sold off, with many major bourses sinking into bear territory amid heightened fears of a recession caused by the coronavirus outbreak. [MKTS/GLOB]
- On the TSX, no issues were higher, while 226 issues declined with 30.96 million shares traded.
- There were no gainers on the TSX. Cenovus Energy led declines with a 47.6% drop, while the second biggest decliner was Vermilion Energy, down 42.4%.
- The most heavily traded shares by volume were Suncor Energy, Athabasca Oil Co, and Chinook Energy.
- The TSX posted no new 52-week highs and 93 new lows.
- Across all Canadian issues there were 56 new 52-week highs and 426 new lows, with total volume of 62.53 million shares.
