Canadian Stocks Hammered, TSX Drops Another 1.6% -- Canadian Commentary

(RTTNews) - The bloodbath continued on Bay Street Wednesday after a one-day reprieve in the previous session.

Canadian stocks followed global markets sharply lower, unable to sustain any momentum due to concerns about the economic malaise in China and Europe.

At last check, the S&P/TSX Composite Index dropped 203.49 points, or 1.64 percent, to 12,170.41 a fresh 3-year low.

Energy and mining stocks were again hammered.

The Energy Index was down 1.9 percent, even as crude oil prices steadied above $30 a barrel.

Financials struggled with a 2 percent decline.

Bombardier (BBD.B.TO) cancelled $1.75 billion of business-aircraft orders through distributors and will resell them directly to customers.

Corus (CJR_B.TO) will acquire Shaw Media Inc From Shaw Communications for $2.65 billion.

Magna International Inc. (MG.TO, MGA) announced the company expects its 2016 total sales to be in the range of $34.6 billion - $36.3 billion. Magna expects 2016 adjusted EBIT margin to be at the high 7% range.

Sherritt International Corp. (S.TO) reported an expected impairment of Ambatovy Joint Venture assets due to lower forecast nickel prices.