Surging Gold Stocks Help TSX Deal With Brexit -- Canadian Commentary

(RTTNews) - Canadian stocks tumbled Friday, although not as much as other global equities, as gold producers provided a measure of support in the wake of the UK's shocking decision to leave the European Union.

The S&P/TSX Composite Index was down 238.57 points, or 1.7 percent, to 13,891.88, with losses pronounced among energy and financial stocks.

Traders are concerned that the Brexit could spark a global recession, or at least spur the breakup of both the EU and the United Kingdom.

Those in favor of leaving the European Union garnered 51.9 percent of the vote, while 48.1 percent chose to remain.

Gold stocks skyrocketed 7.4 percent as bullion prices rallied to 2-year highs. A number of precious metal stocks hit 52-week highs, including Goldgroup (GGA.TO) and Silver Wheaton (SLW.TO).

On the other hand, base metal miners plunged 6.9 percent, while energy stocks fells 3.7 percent.

Health care shares fell 4.3 percent.