TSX Continues Rally, Up 80 Points Mid-Afternoon, As Energy Adds to Early Gains, Telecom Sustains Strength
The TSX continued its upward trend, advancing 80 points in mid-afternoon trading, spurred by the strength in telecom and info tech shares and by the recovery of energy stocks.
The benchmark index rebounds from multiple weeks of losses brought about by a series of disappointing economic data and by falling crude oil prices . By mid-afternoon on Monday, the index is back above the 14,000 mark, to settle at an intraday high of 14,307.19.
Telecom remained the best performing sector, up 1.42%, benefiting from a 1% rise in BCE (BCE.TO) stocks that was caused by the communications company's announcement of a proposal to exchange Bell Aliant notes for Bell Canada debentures as the privatization of Bell Aliant progresses. Info tech also rallied 1.20%, led by BlackBerry (BB.TO), which was ahead 7.66% on media reports of a possible takeover bid from Lenovo.
In resources, miners remained in the red, slipping 0.34%, still on lower copper prices . Energy, however, turned to a 0.18% gain.
Over 188 million shares have changed hands so far. Pacific Rubiales (PRE.TO) was the most heavily 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.