TSX Continues Surge, Up 121 Points Mid-Afternoon, As Energy, Healthcare Drive Gains
The TSX extended its rally and moved ahead 121 points in mid-afternoon trading, driven by gains in energy and healthcare stocks. But miners remained in the negative territory.
Boosting sentiments were positive U.S. housing and inflation data. Reports said that the U.S. inflation in July slightly rose, matching expectations, as falling energy prices offset the increase in food prices and rents. With this, the market is expecting the Fed to keep interest rates low for a while, which the bank may confirm when it releases the minutes of its policy meeting. The U.S. housing market also rebounded during the month.
Energy shares were up 1.43%, following natural gas prices , and healthcare climbed 1.46%, with Valeant Pharmaceuticals (VRX.TO) up 2.21%. Financials rose 0.81%.
Miners failed to recover, easing 0.15%, with gold prices tumbling 0.18%.
So far, more than 172 million shares have changed hands. Western Forest Products (WEF.TO) was the most heavily traded stock.
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