Bay Street Sell-Off Intensifies -- Canadian Commentary

(RTTNews) - Banking and energy stocks led the Canadian market sharply lower yet again Tuesday, as concerns about the global economy sparked a worldwide sell-off.

Crude oil for March tumbled for a fourth straight session, dropping $1.75, or 5.9 percent, to settle at $27.94/bbl.

Energy stocks plunged 4.9 percent, extending steep recent losses. Base metal miners also resumed their downward spiral, plumetting 7.3 percent.

Big bank were hit hard, as reflected in a 2.5 percent drop in financials.

And even gold shares lost 3.6 percent, trimming recent gains.

All told, the S&P/TSX Composite Index fell 252.75 points, or 2 percent, to 12,282.65.

In corporate news, Tahoe Resources Inc. (TAHO, THO.TO) has acquired Lake Shore Gold (LSG.TO) for C$945 million.

Agrium (AGU.TO) shares fell sharply after the fertilizer maker forecast a weaker-than-expected 2016 profit

Fortis (FTS.TO) director Paul Bonavia has resigned.