Bay Street Blues: TSX Hits 2-Year Lows -- Canadian Commentary

(RTTNews) - Canadian stocks fell to a 2-year closng low Tuesday, as big banks were pressured and miners continued to fall.

Energy stocks trimmed heavy recent losses, but traders remained in a foul mood amid concerns about low commodity prices and the imminent US interest rate hike.

Disappointing Chinese economic data also weighed.

The Standard & Poor's/TSX Composite Index fell 120.36 points, or 0.9 percent, to 12,922.47. It was the worst settlement since October 2013.

The Financial Index dropped 1.5 percent and health care stocks gained 1.3 percent, but the Enery Index added 0.8 percent.

Canadian Pacific Railway Ltd (CP, CP.TO) raised its takeover offer for Norfolk Southern Corp. (NSC).

Norfolk Southern immediately rebuffed the offer, and CP shares slipped 2.5 percent.

DHX Media (DHXM, DHX_A.TO, DHX_B.TO) and DreamWorks Animation (DWA) have entered into a five-year agreement to co-produce 130 episodes of original animated children's content at DHX Studios. DHX shares slipped 2.4 percent.

Despite low oil prices, Husky Energy (HSE.TO) said it remains on track to achieve its production guidance for 2015. Shares were down 0.5 percent.

Production is expected to average about 346,000 boe/day, while capital expenditures are forecast to be about C$3.0 billion.

In economic news, Canadian building permits rose 9.1% in October.