At 2-Year Lows, Canadian Stocks May Stage Relief Rally -- Canadian Commentary

(RTTNews) - Bargain hunters are circling Bay Street Wednesday morning, following huge losses that drove Canadian stocks to their lowest settlement in more than two years.

On Tuesday, the Standard & Poor's/TSX Composite Index fell 120.36 points, or 0.9 percent, to 12,922.47. It was the worst settlement since October 2013.

Mining stocks have been in free fall this week, but may find buyers today as the U.S. dollar weakened, helping commodities steady.

Energy stocks will also be in focus. On the New York Mercantile Exchange, light, sweet crude futures for delivery in January traded at $38.39 a barrel, up $0.67.

However, the International Energy Agency is expecting no recovery in oil prices in 2016, the Globe and Mail reported, quoting a top IEA official.

In corporate news, Dollarama (DOL.TO) reported third quarter earnings rose 41.8% on a big sales increase.

Laurentian Bank Of Canada(LB.TO) raised its divident by two cents to C$0.58 per share.