TSX Climbs 113 Points at Midday As Healthcare, Miners Take the Lead; Energy Bucks the Trend
The TSX was back above the 13,000 mark after rising 113 points at midday, drawing strength from healthcare and mining stocks.
Investors brace for the outcome of the much-awaited U.S. Federal Reserve policy meeting, with the statement due to come out at 2pm ET. The bank is expected to initially increase key rates by 25 basis points, the first increase since 2006 and signifies that the world's largest economy had recovered from the devastating blow of the global financial crisis.
Meanwhile, Valeant Pharmaceuticals (VRX.TO) extended its rally after reporting Tuesday an agreement to sell all of its dermatological and ophthalmological products at a discount in more than 8,000 Walgreens retail outlets as well as in additional participating independent pharmacies. The stock was up almost 10% recently.
The healthcare and mining groups led advancing 2.33% and 1.83%, respectively. Financials were up by only 0.47%. Energy stocks bucked the trend and shed 1.52% amid falling oil prices .
Total volume traded so far reached 169.2 million shares. First Quantum Minerals (FM.TO) was the most actively traded stock.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.