Markets

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.

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More