More bad news about the U.S. economy led to the third worst one-day point loss on the TSX. Many of Vancouver's largest companies, especially in the mining sector, took the brunt of the sell-off.
Shares in Vancouver's Imperial Metals Corp. (TSX:III) fell 21.88%, or $4.75, Thursday to close at a new 52-week low. It was well off its 52-week high of $13.97 reached October 5, 2007.
Goldcorp Inc. (TSX:G), which is one of the lowest cost gold producers in the world, saw its shares drop 19.84%, or $6.18, to $27.51, which is 91% lower than its 52-week high of $52.48.
First Quantum Minerals Ltd. (TSX:FM) fell 10.14% to $33.25. Its shares have taken a beating in the past year with its shares more than 246% lower than its 52-week high of $103.93 reached October 15, 2007.
Shares of Vancouver's Teck Cominco Ltd. (TSX:TCK.B) also fell sharply. They dropped 12.9% in one day to $24.32 to hit a new 52-week low.
The market sell-off came in response to a combination of bad economic news from the U.S., growing concerns over potash demand and uncertainty over whether the U.S. House of Representatives will approve the U.S. financial bailout package passed in the U.S. Senate Wednesday night.
The unemployment rate in the U.S. hit to its highest level in seven years rising to 497,000 jobless claims. Analysts had expected 475,000.
U.S. manufacturing demand also fell significantly faster than expected in August, down 4% from the expected 3%.