Stock Markets Down

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It’s been a brutal couple of days on the markets; the big indexes have taken a beating as oil prices plummet.

Crude oil fell below $40 a barrel on Friday. The first time that’s happened since the end of the global economic crisis. and while oil bounced back a bit later on in the day, tumbling energy prices weighed heavily on the TSX.

Nick Bontis of the DeGroote School of Business says when you get your next statement, you’re going to see a decline.

Bontis says the correction in the Canadian stock market is largely attributed to the fact we’re heavily weighted in the energy sector.

Eric Lam is a Canadian stocks reporter for Bloomberg News says China, our country’s second largest trading partner is also a big driver. Fresh economic data has indicated a
slowdown in China’s economy.

Bontis says if you have RRSPs, and are worried about your portfolio, the first thing you should do Monday morning is call your financial advisor and find out from them what they’re going to do defensively to protect your money.