TSX Drops 1% at Midday on Correction Fears; Telecom, Healthcare Lead Broad Slump


The Canadian benchmark index continued to decline, losing 1% at midday to reach 15,026.37, as investors feared a correction might be due soon. Every major sector was in the negative territory, with telecom and healthcare issues leading the way.

Integris Pension Management Chief Strategy Officer Gavin Graham reportedly said: "If we get anything at all that causes people to become a bit more nervous, then that could be a nasty blow. We haven't had a big correction in a while."

Healthcare was down 2.08%, with Valeant Pharmaceuticals (VRX.TO) shedding 2%. Telecom fell 1.51%, following a sell-off on Monday due to reports the Canadian government will auction more spectrum, with more than half the airwaves set aside for smaller players, to push a fourth major competitor that would go head-to-head with giants Rogers Communications (RCI-B.TO), Telus (T.TO), and BCE (BCE.TO) in an attempt to encourage competition among telecom companies.

Meanwhile, mining and energy stocks tumbled 1.36% and 1.25%, respectively, along with the gold and oil prices . The heavyweight financial sector was down 0.66%.

More than 155 million shares have changed hands so far. BlackBerry (BB.TO) was the most actively traded.

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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