TORONTO – The Toronto stock market started Wednesday with a triple-digit drop, with energy stocks leading the decline.
The S&P/TSX composite index was down 198.46 points at 14,975.48 about half an hour after the market opened.
The market’s energy sector was down the most, with a three per cent decline.
Several of Canada’s biggest oil and gas companies were down about four per cent in heavy trading.
Colin Cieszynski, chief market strategist at CME Markets Canada, says investors are reacting to the uncertainty stemming from the change in government in Alberta, where the NDP won a majority.
The NDP campaigned on a number of promises including corporate tax hikes and a review of the province’s royalty regime.
The Toronto stock market’s decline Wednesday morning follows a 193.53 point plunge on Tuesday.
The loonie was doing much better, up more than half a U.S. cent Wednesday morning.
The Canadian dollar was worth 83.40 cents US, up 0.56 of a U.S. cent from Tuesday’s close.
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