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The S&P/TSX Composite Index experienced its biggest one-day loss in 18 months Monday as investors piled out of Canadian stocks in a broad-based selloff.

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Gluskin Sheff’s top economist looks at who wins and who loses in a world where crude could soon go to $60.





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The TSX closed down 329.53 points, or 2.28%, to 14,144, with the biggest decline in energy and financial stocks. An unexpected drop in imports from China, the world’s largest commodity consumer, drove oil and metal prices lower Monday and accelerated the TSX’s decline.

Canadian stocks are now up only 3.8% on the year, giving back much of a rally that at the beginning of September brought the TSX to a record of nearly 15,700. Market watchers said that given the weak global economy and the recent collapse in oil prices, investors were losing faith in Canada.

“It looks like Canada is going to go back to being one of the global punching bags,” said Greg Taylor, vice-president and portfolio manager for Aurion Capital Management in Toronto.