TSX Up 63 Points Mid-Afternoon, Boosted by Financials
The TSX gained 63 points in the mid-afternoon session, boosted mostly by financial stocks.
Banks were in the lead after data from the Canada Mortgage and Housing Corporation showed that the trend measure of housing starts in Canada was 199,135 units in Nov. compared to 199,641 in Oct.
Meanwhile, Action Economics said a Reuters poll found a median expectation of 29 markets analysts for Brent to average $44.69 this year and $57.01 next year, little changed from last month's pre-OPEC meeting survey. This suggests that markets are anticipating a natural re-balancing in the market while seeing little influence from the OPEC's agreement to trim supply. While the cartel agreed to trim production by about an overall 1.5 million barrels per day, Nigeria, an OPEC member that is exempt from participating, said yesterday that it is planning on rising production to 1.9 million barrels per day.
Financials advanced 1.2% and were followed by utilities, which gained 0.3%. Mining and metals were up 0.2% and 0.4%, respectively. On the negative side, energy slipped 0.1%.
Total volume traded was 232.8 million shares. ProMetic Life Sciences (PLI.TO) was the most actively traded stock.
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