​TSX extends losses as oil prices plunge further

​TSX extends losses as oil prices plunge further

​TSX extends losses as oil prices plunge further On a day when Canada’s GDP figures showed better than expected growth for the economy the Toronto Stock Exchange should have been surging but energy stocks are once again under pressure. With oil prices continuing to fall (US $66 a barrel at 3.30pm Toronto time) and gold also trending lower oil, gas and mining shares are struggling. Since yesterday’s decision by OPEC not to cut production energy shares have declined by more than 9 per cent and the energy sector has lost a third of its value since the start of the summer.

The S&P TSX Composite Index closed down 177.69 (1.19 per cent)

The NYSE closed almost flat

Oil and gold are both trending lower

The loonie is higher against the US dollar