TSX Up 76 Points at Midday; Healthcare, Industrials Lead Gains
The TSX was up by 76 points at midday, further adding to earlier gains, after investors welcomed the reduction in key rates by the Bank of Canada. The market now awaits the U.S. Federal Reserve's move after Chairwoman Janet Yellen said the bank is on track to raise rates this year.
Following the contraction of the economy in the first half of the year, the Bank of Canada decided to cut the benchmark rate to 0.5%. The U.S., on the other hand, is sticking to its plan of increasing rates in 2015, with Yellen saying the U.S. economy is expected to grow steadily for the remainder of the year.
Healthcare led the climb with a 1.64% gain and was followed by industrials, which advanced 1.37%. Financials were up 0.32%, and energy stocks rose by a mere 0.08%, limited by falling oil prices . Meanwhile, mining shares took the opposite direction, shedding 0.61%, due to lower copper and gold prices .
Total volume traded so far stood at 119.5 million shares. Pacific Rubiales Energy (PRE.TO) was the most actively traded stock.
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