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Closing Report: TSX plunges into correction territory

Canada's main stock index posted its biggest single-day percentage drop in about 18 months on Wednesday as fears about slipping oil demand hit the oil price and shares of energy producers.

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) closed down 342.78 points, or 2.41 percent, at 13,852.95. All 10 main sectors on the index were in the red.

Oil has collapsed into a bear market amid the highest U.S. output in more than three decades and signs of slowing global demand growth. Prices now are below what 10 out of OPEC's 12 members need for their annual budgets to break even, according to data compiled by Bloomberg. Kuwait and Qatar are the exceptions.

Hap Sneddon, Portfolio manager at CastleMoore says $50 seems to be the floor for crude oil.

"The energy complex is changing a lot of the correlations in the market and in the next few weeks we will really find out how much damage energy is doing to the markets," he adds.

The Biggest Losers

The notable losers that dragged down the indices were:

Twin Butte Engy (TBE.TO)

Canacol Energy (CNE.TO)

Cathedral Energy (CET.TO)

Surge Energy Inc (SGY.TO)

Zargon Oil Gas (ZAR.TO)

Legacy Oil Gas (LEG.TO)

Long Run Explrtn (LRE.TO)

Penn West Petrlm (PWT.TO)

Bonavista Energy (BNP.TO)

Spyglass Resourc (SGL.TO) CTV Two CTV News CTV News Channel BNN - Business News Network CP24