TSX Up 2% Mid-Afternoon; Resources, Healthcare Still In The Lead
The TSX was ahead by 2.1% or 267 points in the mid-afternoon session, further adding to earlier gains, as resource and healthcare stocks continued to climb.
Boosting sentiments was the recently held meeting among oil ministers from Iran, Venezuela, Iraq, and Qatar, where reports said Iran surprisingly expressed its support for the initiative led by Saudi Arabia and Russia of freezing output. At last check, Brent was up 6.3% at US$34.21/barrel.
The optimism on the likelihood of a deal among oil producers increased investor appetite for riskier assets, lifting mining and energy stocks, which rose 10.4% and 5.3%, respectively. Healthcare, another top gainer, advanced 3.4%. Telecoms, which were in the red at midday, remained subdued and were down 0.3%.
Total volume traded already exceeded 328 million shares. Wednesday's news maker Bombardier (BBD-B.TO) was the most actively traded stock.
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