TSX Clings to Triple-Digit Gains As Miners Climb Nearly 10%, Offsetting Energy Stocks; Up 120 Points at Midday
The TSX held on to its triple-digit gains and was ahead by 120 points at midday, helped by the continued rally in mining stocks, which cancelled out losses in the energy sector.
Despite a weak dollar, oil prices tumbled on Thursday as hopes for a meeting among major producers to discuss a possible output cut start to fade. Reports said OPEC members Iraq and Iran and non-members Russia and Oman are all supporting the meeting, although Gulf members such as Saudi Arabia kept mum on the subject. Global benchmark Brent was last down 1.2% at US$34.61/barrel. In contrast, Gold rose 1.2% to US$1,154.70/ounce, and copper jumped 1.2% to US$2.1205/lb.
Miners surged 9.5% at midday and were followed by industrials, which gained 2.4%. Financials were up by a modest 0.7%. Going on the opposite direction, energy slipped 0.4% and info tech eased 0.5%.
Total volume traded so far stood at 241.9 million shares. Kinross Gold (K.TO) was the most actively traded stock.
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