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TSX Continues Slide As Energy, Miners Drag; Down 74 Points at Midday

The TSX tumbled as expected, with energy and mining as the weakest sectors due to falling commodity prices. At midday, the benchmark index was down 74 points at 13,171.97.

Oil prices were back in the red, hovering above US$36/barrel levels, after Saudi oil minister said that the Kingdom will no longer limit oil production. Iraq, on the other hand, continues to pump at record levels, while Iran expects 500,000 barrels per day of its crude to hit the market immediately following the lifting of economic sanctions. At last check, Brent crude was down 3.1% at US$36.62/barrel, while the WTI crude fell 3.0% to US$36.72/barrel.

Meanwhile, Valeant Pharmaceuticals (VRX.TO) helped keep losses in check as it recovers after reports of CEO Michael Pearson taking a medical leave due to severe pneumonia. Shares in the drug maker were last up 1.7%.

On the stock front, energy led the decline, dropping 2.5%, and was closely followed by mining, which retreated 1.3%. Financials were off by 0.2%. Only healthcare and utilities were gaining, up 0.9% and 0.2%, respectively.

Total volume traded so far reached 86.3 million shares. Perpetual Energy (PMT.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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