TORONTO -- The Toronto stock market extended its losses as energy stocks continued to sell off as oil prices collapsed to a five-year low.
The S&P/TSX composite index dropped 177.69 points to 14,744.75. That was on top of a 116-point slide Thursday after OPEC left its daily output unchanged despite a global glut in supplies rather than cut production to put a floor under prices that have fallen 35 per cent since mid-summer.
Oil in New York plunged $7.54 from Wednesday's closing price to US$66.15 a barrel. And analysts say they wouldn't be surprised to see prices further depressed as Saudi Arabia appears prepared to put up with low prices to maintain market share.
Plunging energy prices punished the Canadian dollar. The loonie lost 0.84 of a cent to 87.41 cents US.
U.S. indexes were little changed, benefiting from lighter exposure to resource companies versus the TSX. The Dow Jones industrials gained half a point to 17,828.
The Nasdaq added 4.31 points to 4,791.63 while the S&P 500 index faded 5.26 points to 2,067.57.
