The benchmark index of the Toronto Stock Exchange nosedived more than 750 points on Monday as concerns about a global recession mounted.

The S&P/TSX composite index plunged 756.75 points, or 8.14%, to end the day at 8,537.34.

On a percentage basis, it was the market’s worst battering since Black Monday of Oct. 19, 1987.

The decline was broad-based as all 10 TSX main groups fell.

Leading the losses was the materials group, which plunged 11% despite gains in gold futures as slumping financial stocks drove nervous investors to the precious metal. Gold for December delivery rose US$12.60 to close at US$742.90 an ounce on the Comex division of the New York Mercantile Exchange.

Gold companies on the TSX failed to reflect the gains, with Barrick Gold Corp. down 12.58% to $22.51, and Agnico-Eagle Mines Ltd. lower by $6.36, or 18.78% to $27.50.

The sub-gold index fell 11%.

Fertilizer stocks also tumbled, including a 6.51% drop for Potash Corp. shares, which closed at $81.80. Shares of Agrium Inc. shed $3.03, or 7.97% to close at $35.00.

Not far behind the materials group were energy shares, which tumbled 9.2% on Monday. This was led by a drop of $5.45, or 10.5% for shares of Canadian Natural Resources Ltd., which closed at $46.55. Also lower was EnCana Corp., down 8.5% to $51.04, and Imperial Oil Ltd., down 9.32% to $35.51.

These losses coincided with a drop for oil futures on concerns that an economic slowdown would drive down demand. Crude for December delivery fell US93¢, or 1.4%, to end at US$63.22 a barrel on the New York Mercantile Exchange. That’s the lowest closing level since May 2007.

The Canadian dollar lost nearly a cent against the greenback, closing the day at US77.59¢.

The financials group took a hefty hit of its own on Monday, dropping 8.8%. Within the group, many of the big banks’ shares were slammed.

Shares of Royal Bank of Canada plunged 8.6% after news that market turmoil forced the company’s investment banking unit to shed 20 employees in Canada and the United States. Royal Bank shares closed at $42.50, down $4.

In addition, shares of Toronto-Dominion Bank tumbled 8.45% to close at $52.00 and Bank of Nova Scotia shares plunged 7.13% to close at $36.32. Manulife Financial shares took a large 15.32% hit, ending the day at $21.17.

The S&P/TSX Venture composite index shed 21.97 points, or 2.64%, to close at 808.99.

Equities in New York moved into positive territory for part of the day, but tumbled in later trading to close the day with more losses.

Late-day declines pushed the Dow Jones industrial average down 203.18 points, or 2.4%, to 8,175.77. The S&P 500 index declined 27.85 points, or 3.2%, to 848.92, and the Nasdaq composite index slipped 46.13 points, or 3%, to close at 1,505.9.