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TSX Climbs 113 Points at Midday As Energy, Info Tech Offset Declining Healthcare Stocks

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The TSX surged 113 points at midday after adding to its earlier gains, with the continuous climb in energy and info tech stocks cancelling out the impact of falling healthcare shares.

Oil prices were still lower, albeit slightly, at midday, but investors seemed to have focused more on better-than-expected earnings from Canada's biggest banks Bank of Nova Scotia (BNS.TO) and BMO (BMO.TO) and on the recovery of the economy from recession. Data showed that Canada's GDP in Q3 rose 2.3% as expected. GDP in September, however, fell 0.5% from the previous month, which is a miss compared to the 0% forecast. Year over year, GDP in September was flat, also a miss versus the 0.4% expected increase.

The energy and info tech shares led with gains of 1.18% and 1.04%, respectively, while financials rose 0.87%. Healthcare and industrials plunged 2.73% and 0.34%, respectively.

Total volume traded so far stood at 142.4 million shares. ProMetic Life Sciences (PLI.TO) was the most actively traded stock.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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