TSX Closes Down 1%; All Sectors Lower, Led By Miners
The Toronto Stock Exchange today lost more than 120 points as the resources-heavy index sunk on plunging precious metal prices amid speculation that recent improving U.S. economic data could prompt the U.S. Federal Reserve to turn the tap off its stimulus programs as early as next week.
All sectors were lower, led, not surprisingly, by Metals & Mining, down near 3%.
Telecoms fell 1.5% as BNN TV reported that three foreign operators - AT&T Inc ( T ), Norway's Telenor ASA and the U.K's Vodafone Group Plc - could bid in an upcoming spectrum auction.
It might have been worse, Southern Pacific Resource Corp (STP.TO) was the most actively traded stock, gaining 2% to 54 cents, although off a day high 60 cents with more than 5.5 million shares traded. Yesterday, it announced its financial and operational results for the year ended June 30, 2013 and provided an operational update for the month of August 2013.