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
. 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.
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