Another Bloodbath On Bay Street -- Canadian Commentary

(RTTNews) - Canadian stocks fell further into bear market territory during another drubbing Monday, as crude oil prices plunged to their lowest since 2003.

The S&P/TSX Composite Index dropped 126.20 points, or 1 percent, to 12,319.25, a new 3-year low.

Energy stocks were hammered yet again. The Energy Index plumetted nearly 4 percent.

Canadian Oil Sands Limited (COS.TO) has again rejected Suncor Energy Inc.'s (SU.TO, SU) "substantially undervalued and opportunistic hostile bid."

Suncor gave COS shareholders until January 27 to approve the deal. Suncor shares dropped 4 percent.

Onex Corp. (OCX.TO) and its affiliates have agreed to sell KraussMaffei Group to China National Chemical Corporation or "ChemChina" for a cash enterprise value of 925 million euros. Shares rose fractionally.

Gold stocks dropped 3.4 percent, health care shares lost 5 percent, and mining stocks plunged 7.5 percent.