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It was a bloodbath! – Oil drags down the TSX in a big way

Canada’s main stock index slumped on Wednesday to its lowest close in six months as energy stocks were hit by a sharp retreat in the price of oil and loyalty program company Aimia fell sharply after suspending its dividend payments.

The energy group fell 3.9 percent as oil prices moved lower by a similar degree, hit by an unexpected large buildup in gasoline inventories and an international outlook that suggests a big increase in supply in the coming year.  Read More…

Replies to this Post

  1. Octavius says:

    What really disturbs me is how connected the loonie is to the price of oil. As a country this is not good. It says we don’t have as much value to this world as a substance produced by geographic luck.

    So when its gone then what happens to us Canadians in the world stage?

  2. Chandra says:

    <i>It’s a bloodbath</i>

    Implying that the stock market isn’t a blood bath ever? There is always a winner and a loser every day.

  3. Harvey E. says:

    It doesn’t help that Tesla and other car manufacturers are taking electric propulsion seriously which could make oil prices stay low permanently.

  4. Armaan C says:

    Never been a better time to shift to green energy like solar and wind. Despite having 35 million citizens we should think about being at the forefront of innovation by being bold and shifting into smarter industries.

  5. Jefferey F says:

    Up and down. Nothing to see here folks.

  6. Konnor Periam says:

    Someone please enlighten me on how or why the dollar is connected to the oil sector. I don’t get it. Surely, Canada has other commodities to export.

  7. Santos says:

    Yea my energy stocks of my portfolio are taking a hit this year. I miss the Harper administration. At least they took the oil industry seriously.

  8. Patrice says:

    On the bright side, the price of gas hasn’t looked better 🙂

  9. Trevion says:

    I’m one of the Aimia stock holders and i was indeed informed that dividends were cancelled. Not going to lie, this really sucks. Was looking forward to the payout.

  10. Montrell B. says:

    It’s humorous that it seems the nosedive was caused by a discovery of untapped inventories. Ok, hold up. Those inventories are going to dry up pretty quickly so lets not panic by dropping prices.

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