TSX Cuts Earlier Loss to 71 Points But Still Broadly Lower; Health Care, Industrials Weakest Groups
The TSX was still broadly lower in the mid-afternoon session but recorded a much smaller loss of 71 points. Health care and industrial stocks were still among the biggest drags.
The benchmark index continues its multi-day losing streak on increasing concerns over the health of the world economy. Just recently, superpowers U.S. and China released disappointing economic data. U.S. jobless claims rose last week, albeit slower than expected, while business investment plans dropped in August. On the other hand, China's manufacturing activity in September slowed down to a six-year low.
Investors are also cautious ahead of U.S. Fed Chair Janet Yellen's speech on inflation later. The market is hoping the central bank head would provide clues on when the bank would raise key rates.
By mid-afternoon, health care and miners were down 2.91% and 1.04%, respectively. Industrials plunged 2.10%, and financials eased 0.47%. With oil back in the green, the energy group was down by only 0.06%.
Total volume traded so far exceeded 222 million shares. Bombardier (BBD-B.TO) was the most actively moving stock.
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