Canadian Stocks Bludgeoned As Commodity Prices Plunge -- Canadian Commentary

(RTTNews) - Canadian stocks were battered Monday, extending last week's losses as crude oil prices tumbled to 5-year lows.

The benchmark S&P/TSX Composite Index was down 315.94 points, or 2.37 percent, to 13,042.83. Losses were widespread among most sectors.

The loonie hit an 11-year low against the US dollar.

Toronto's index for energy stocks was down 5.9 percent, one of the worst daily retreats in years.

Crude oil prices slumped below $38 a barrel amid signs that OPEC will keep pumping oil in order to hurt non-OPEC competition and delay the adoption of renewables.

Mining stocks plunged 7.6 percent as metal prices fell.

Health care stocks managed to buck the downtrend, picking up 1.2 percent.

Bank of Nova Scotia (BNS.TO) announced the launch of its new Scotia Wealth Management brand. The stock was down 2.4 percent.

Canadian Tire (CTC-A.TO) lost 2 percent, after it recalled the 'Holiday Collection' brand of indoor and outdoor Christmas light strings, supplied by Danson Decor.