Toronto stocks plunged to their lowest level in two years on Friday as investors fled to the safe havens of golds and energy stocks amid the uncertainty following Tuesday’s terrorist attacks in the United States.

Markets observed a moment of silence at noon during a national day of mourning in both Canada and the United States.

The TSE 300 closed down 3%, or 211.41 points, at 6,890.85, it lowest level since October 1999. Nearly 165 million shares changed hands.

European markets also tumbled today, foretelling what to expect when U.S. equity markets reopen on Monday. The U.S. exchanges plan to test their trading systems over the weekend.

Twelve of the TSE’s 14 sub-indices suffered losses. Only golds and oils rose as investors steered towards safe havens..

The financial services sub-index, dropped nearly 5%. Insurance holding company Fairfax Financial fell $2.01 to $199.99 after announcing its exposure to claims arising from Tuesday’s attacks was in the range of $100 million to $125 million.

Airline stocks took another tumble today. Air Canada shed another 18%, or 92¢, to $4, its lowest level since mid-1993.

Bombardier was the day’s top trader, losing $1.59, or more than 9%, to close at $15.51. Volume was more than 15 million shares.

On the Canadian Venture Exchange, trading was moderate on a volume of 23.3 million shares, with 118 advances, 193 declines and 492 issues unchanged. The CDNX Index closed down 12.51 at 2,880.84.