TSX Pares Morning Gains, Up 37 Points at Midday, As Miners Fall Further Into Negative Territory
Canada's benchmark index was up by 37 points at midday after giving back some of its morning gains, with shares in mining companies falling further into negative territory. Energy and financials remained the main driver of gains.
Mining stocks declined 0.48% at midday, following a sharp drop in the price of the bullion. The yellow metal was down 2.27% to US$1,307 an ounce due to the strength in equity markets and profit-taking after weeks of rally. Utilities came in second to miners, down 0.26%.
In the positive territory, energy shares climbed 0.84%, fueled by a 0.01% rise in crude oil prices . The heavily weighted financial sector was up 0.56% amid anticipation of U.S. Fed Chairwoman Janet Yellen's testimony that could provide clues on the bank's plans relating to its monetary policy.
Industrials advanced 0.27%, with Bombardier (BBD-B.TO) up 2.39%.
More than 122 million shares have changed hands so far. Bombardier was the most actively traded.