TSX Loses 1.6%, Miners And Energy Stocks Crumble -- Canadian Commentary

(RTTNews) - Canadian stocks crumbled Thursday, extending heavy recent losses amid continued weakness in the metals and energy sectors.

Markets on both sides of the border have been spooked by signs the Federal Reserve will soon raise U.S. interest rates.

The S&P/TSX Composite Index plunged 214 points, or 1.61 percent, 13,127.18, a five-week low.

Energy stocks were hit hard as crude oil prices tumbled to summertime lows. The Energy Index lost 2.2 percent.

Metal stocks fell 2.5 percent, while the heavyweight Financial Index lost 1.6 percent.

Gauges of all sectors were in the red.

In corporate news, natural gas producer Encana Corp (ECA.TO) reported a smaller-than-expected quarterly loss as production rose. Shares were up 1.8 percent.

Insurance company Manulife Financial Corp. (MFC.TO) reported a disappointing quarterly profit. The stock lost 2.5 percent.

Kinross Gold Corp. (K.TO, KGC) announced it has acquired 100% of the Bald Mountain gold mine and 50% of the Round Mountain gold mine in Nevada from Barrick Gold (ABX.TO) for $610 million in cash. Kinross lost 2 percent.

Canadian Tire Corp. (CTC.A.TO) released earnings for its third quarter that gained 23 percent from last year. Shares were up 2.1 percent.