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Canada’s resource-heavy main stock index fell on Wednesday as weakness in oil and metal & mining prices weighed on commodity stocks amidst growing fear of a global recession.

The energy sector dropped again, this time over 4 per cent, as oil prices gave up early gains in volatile trade to extend Tuesday’s heavy losses as fears over an economic downturn outweighed supply concerns.

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U.S. crude prices were down 3.1 per cent a barrel, while Brent crude lost 2.7 per cent.

The materials sector, which includes precious and base metals miners and fertilizer companies, dropped 1.6 per cent in value as copper prices tumbled to their lowest in almost 20 months.

Today in the Markets

TSX 18,729.66 -104.50 TSX
TSXV 602.35 -13.59 TSXV
CSE 268.31 +2.36 TSXV
DJIA 31,037.68 +69.86 DJIA
NASDAQ 11,361.85 +39.61 NASDAQ
S&P 500 3,845.08 +13.69 S&P 500

The Canadian dollar traded for 76.58 cents U.S. today, compared with U.S. 76.57 cents on Tuesday.

US crude futures traded 1.16 per cent lower at $98.35 a barrel, while the Brent contract lost 2.14 per cent to $100.60 a barrel.

The price of gold was down $30.80 to $1,733.20, or about 1.75 per cent.

In world markets, the Nikkei was down 166.87 points to 26,256.60, the Hang Seng was down 266.41 points to 21,586.66, the FTSE was up 126.23 points to 7,149.99, and the DAX was up 263.80 points to 12,667.60.

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