Bay Street Bludgeoned, Oil Hits 11-Year Low -- Canadian Commentary

(RTTNews) - Canadian stocks were hammered yet again Wednesday, with Toronto's main index plunging to the lowest in two years on continued weakness among resource producers.

The S&P/TSX Composite Index dropped 193.34 points, or 1.5%, to 12,726.80.

Crude oil prices plunged to 11-year lows Wednesday, as tensions between Iran and Saudi Arabia all but assured OPEC nations won't reach a deal to curb supplies.

Feb. oil lost $2, or 5.6%, to settle at $33.97/bbl on Nymex.

Energy stocks plumetted 3.7 percent, while base metal stocks lost 6 percent.

Gold was among the few bright spots. Bolstered by safe haven demand, gold prices jumped to the highest in 2 months. The guage of Canada's gold stocks rose 3.2 percent.

Valeant Pharmaceuticals International Inc. (VRX, VRX.TO) plans to appoint a new chief executive while its CEO, Michael Pearson, remains under hospital care, the Wall Street Journal reported.