TSX Back in the Red, Down 25 Points Mid-Afternoon, As Financials Cut Gains, Healthcare Widens Loss


The TSX was down 25 points by mid-afternoon amid a choppy trading after financial stocks cut their early gains and healthcare continued to drop.

Financials stayed afloat, up 0.33%, even as major sectors were generally lower, as National Bank (NA.TO) hit an all-time high, thanks to better-than-expected quarterly earnings that came from huge gains in the wealth management and financial markets segments. Telecom also remained positive, gaining 0.25%.

On the other hand, healthcare was the weakest sector, down 0.80%, with Valeant (VRX.TO) tumbling 1.79% after takeover target Allergan late Tuesday said it filed for a preliminary injunction that would prevent the drug maker, along with Pershing Square and its principal William A. Ackman, from voting their shares that were allegedly acquired in violation of insider trading laws in any special meeting.

Miners and energy were also significant decliners, dropping 0.64% and 0.21%, respectively, along with gold and oil prices .

More than 142 million shares have changed hands so far. Western Forest Products (WEF.TO) was the most actively traded stock.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

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