TSX Up 148 Points Mid-Afternoon; Miners Give Back Huge Chunk of Early Gains, Health Care Still In The Lead
The TSX was ahead by 148 points in the mid-afternoon session despite much smaller gains in mining stocks as health care shares continued to advance.
Investors were encouraged by data that showed Canada's economy expanded at a faster-than-expected rate of 0.3% in July after consecutive quarters of falling GDP pushed the country into recession territory. Recording rising GDP in July after a five-month losing streak made investors believe that the recession is short-lived.
Meanwhile, Brent crude and WTI crude oil prices were taking opposite directions by mid-afternoon, following mixed economic news. Reports said the crisis between Syria and major oil producer Russia has worsened and a hurricane is approaching the U.S., posing a threat on global oil supply. However, the API revealed that U.S. crude stockpiles unexpectedly rose 4.6 million barrels in the week to Sept. 25.
By mid-afternoon, health care was ahead 4.43%, while gains for the mining group were down to just 0.40%. Financials were still rising and were up 1.33%, but the energy sector turned to a 1.32% loss.
Total volume traded so far exceeded 202 million shares. Bombardier (BBD-B.TO) was the most actively traded stock.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.