Canadian Stocks Plunge Amid Global Market Volatility

Strategic Insights -

Canadian stocks experienced a significant decline on Tuesday, with the S&P/TSX Composite Index plummeting 1.74% to close at 13,692.37. The materials sector was particularly hard hit, with Barrick Gold Corp. and Eldorado Gold Corp. leading the losses. The energy sector also suffered, with Suncor Energy Inc. dropping 5.59%. On the corporate front, Onex Corp. announced the sale of Husky International to Berkshire Partners and OMERS Private Equity for $2.1 billion.

Key Takeaways:

  • The S&P/TSX Composite Index closed down 242.14 points, or 1.74%, at 13,692.37.
  • The materials sector declined 2.71%, with Barrick Gold Corp. and Eldorado Gold Corp. among the biggest losers.
  • The energy sector lost 2.77%, with Suncor Energy Inc. dropping 5.59%.
  • Onex Corp. announced the sale of Husky International to Berkshire Partners and OMERS Private Equity for $2.1 billion.
  • Suncor Energy Inc. reported a 10% increase in its quarterly dividend.
  • The Canadian dollar weakened against its U.S. counterpart, with one U.S. dollar buying 0.9523 Canadian dollars on Tuesday, compared to 0.9512 Canadian dollars on Monday.

Statistics:

  • The S&P/TSX Composite Index declined 242.14 points, or 1.74%, on Tuesday.
  • The materials sector lost 2.71% on the Toronto Stock Exchange (TSX).
  • Suncor Energy Inc. dropped 5.59% in the energy sector.
  • Onex Corp. sold Husky International for $2.1 billion.
  • Suncor Energy Inc. increased its quarterly dividend by 10%.
  • The Canadian dollar weakened 0.0001 cents against its U.S. counterpart on Tuesday.

Sources:

  • Xinhua via COMTEX, May 03, 2011
  • Comtex News Network, Inc., April 29, 2011