TSX Continues Slide with Resources, Telecom; Sheds 152 Points Mid-Afternoon
The TSX was down by as much as 152 points in the mid-afternoon session, even reaching below 13,000 levels earlier, hurt by weak commodity prices and Shaw Communications (SJR-B.TO) shares.
In the news was Shaw Communications, which plans to buy Wind Mobile in a move that investors think could intensify wireless competition, as well as doubt how the company would finance the deal. At last check, the stock was down almost 8%.
Also, while investors very much welcomed the Fed's decision of finally raising key rates, the move supported the dollar, thereby taking a toll on commodity prices. Brent crude fell 0.8% to US$37.08/barrel, while gold dove 2.5% to US$1,049.90/ounce.
The telecom and mining groups plunged 3.32% and 2.82%, respectively, while energy dropped 1.64%. Info tech and industrials were still in the green and were ahead by 0.47% and 0.43%, respectively.
Total volume traded already exceeded 257 million shares. Telus (T.TO) was the most actively traded stock.
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