Stock market crash pummels mining

Like lemmings, investors swarmed over the precipice, pulling global stock markets into a crash the likes of which have never been witnessed in financial history. Indeed, Black Monday, as the investment community is labelling Oct. 19, saw the largest stock market crash ever.

The damage done to world equity markets was complete and thorough. On the New York Stock Exchange, the world’s largest and most powerful, the composite index plummeted at an unprecedented pace, giving up 508.32 points, or 22.6% of its value. More than $500 billion of value was erased. That fall, which eclipsed the 12.9% decline of Oct. 28, 1929, underlies the seriousness of the collapse.

In Toronto, the TSE 300 composite index suffered its largest loss ever, crashing to 3,191.38 points for a 1-day loss of 407.2 points. Everywhere, traders and analysts were stunned by the fury and swiftness of the collapse.