TSX Up 59 Points at Midday, Breaks Multi-Day Losing Streak, As China Data Boost Resource Stocks
Canada's main stock index rose 59 points at midday to 14663.13, breaking its multi-day losing streak, after China reported upbeat manufacturing data for May. All major sectors, except info tech, were in the positive territory.
Canada's trading partner reported manufacturing PMI for May of 50.8 (versus 50.4 in April), indicating it is regaining momentum. This drove mining and energy shares higher by 1.5% and 0.5%, respectively. Some resource stocks also benefited from rising copper, silver, and natural gas prices .
MacDougall, MacDougall & MacTier Director of Research Ian Nakamoto reportedly said: "Energy has been a winner since the beginning of the year. So it's really a continuation of the trend."
Also in the positive zone was healthcare, up 0.4%, with Valeant Pharmaceuticals (VRX.TO) gaining 1% after saying it is considering going hostile with its bid for Allergan ( AGN ). The heavyweight financials were up 0.2%, and telecom rose 0.9%.
Only info tech was in the red, down 0.4%, with Blackberry (BB.TO) off near 1%.
More than 120 million shares have changed hands so far. There were 749 advancers and 598 decliners.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.