Markets

TSX Climbs 173 Points at Midday; Healthcare, Miners In The Lead

The TSX rallied 173 points, or more than 1%, at midday after GDP data that showed Canada's economy expanded in July supported bets that the country's recession is only short-lived.

Statistics Canada said the economy expanded at a faster-than-expected rate of 0.3% in July, breaking the five-month losing streak. The report comes after Canada officially entered the state of recession, having recorded consecutive quarters of falling GDP.

Also lifting sentiments, oil prices recovered as the worsening crisis between producer Russia and Syria and the approaching hurricane to the U.S. pose threat to oil supply. Just recently, reports said U.S. crude inventories unexpectedly rose 4.6 million barrels in the week to Sept. 25. At last check, Brent crude was up 0.44% to US$48.44/barrel, while the WTI crude edged up 0.07% to US$45.26/barrel.

At midday, the mining and healthcare groups led with robust gains of 3.66% and 2.69%, respectively. Financials climbed 1.58%, and energy edged up 0.22%. Only the telecom sector took the opposite direction, falling 0.33%.

Total volume traded so far reached 137.7 million shares. Bombardier (BBD-B.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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