Canadian Stocks Plunge As Global Rout Intensifies -- Canadian Commentary

(RTTNews) - Canadian stocks plunged to their lowest in three years Thursday, following other global markets into the abyss amid collapsing oil prices.

The S&P/TSX Composite Index dropped 278.59 points, or 2.19 percent, to 12,448.21.

The heavily-weighted energy sector has been bludgeoned this week.

Crude oil prices remained in free-fall on dismal news from China, a variety of geopolitical tensions and brimming oil supplies.

Light, sweet crude for February delivery settled down 70 cents, or 2.1 percent, at $33.27 a barrel Thursday on the New York Mercantile Exchange, the lowest settlement since February 2004.

The gauge of Canadian energy stocks dropped 4.2 percent. Mining stocks plummeted 7.5 percent, health care stocks lost 4.3 percent, and financials lost 2.1 percent.

Hudson's Bay Company (HBC.TO) announced that it has entered into a definitive agreement to acquire Gilt Groupe Holdings Inc. for $250 million in cash. Shares lost 1.3 percent.

Drugstore chain Jean Coutu Group Inc. (PJC, PJC_A.TO) reported a 3 percent increase in profit for the third quarter from last year on higher revenues. Earnings per share for the quarter beat analysts' estimates. Shares were up fractionally.