The Globe and Mail reports in its Wednesday edition that in Canada, it was only a little more than three weeks ago that the S&P/TSX Composite Index rang in a record high, at which time the total market capitalization of the companies in the index was $2.74-trillion.
The Globe's Tim Shufelt writes that the ensuing seismic shift in market sentiment reduced the market value of Canada's benchmark index to $1.89-trillion by the time the closing bell ended a chaotic session on Monday.
Since the start of last week, three trading days have had double-digit drops in Canadian stocks.
The sell-off in Canadian stocks has been all-consuming, with every sector of the market and every single company in the Composite bearing losses. From peak to trough, the best performing Canadian stock as of Monday's close was grocer Metro, which was down by 2.7 per cent. The hardest-hit stock in the index was oil field services company ShawCor, which is down by 90 per cent.
Several other oil and gas companies have suffered enormous losses, including Cenovus Energy, MEG Energy and Whitecap Resources.
The sole non-energy name in the 10 worst performers is Cineplex, which said it was temporarily closing its entire chain of theatres.
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