Markets

TSX Dives 2% at Midday on Greece Crisis; Financials Hardest Hit

The TSX plunged 2% or around 280 points at midday in a broad selloff spurred by the Greece crisis. All major sectors collapsed, but the financial group was the hardest hit. At 14,520.03, the benchmark index was close to a session low of 14,511.33.

Investors feared the economic impact of Greece's debt crisis might spread to the neighboring nations after the country was refused an extended bailout by its international creditors. The bailout is expiring June 30, and markets are worried defaulting on its loan might end up in Greece leaving the euro zone. Banks were closed in the country for the implementation of capital controls.

Also hurting the main index, prices for oil and copper were down on Monday, with the U.S. dollar firming amid Greece's debt conundrum. Brent crude fell to US$61.80 a barrel, while copper prices slipped 0.21%.

Financial stocks plummeted 2.34% and were followed by info tech, which retreated 2.19%. Meanwhile, energy producers dropped 2.17%, while miners eased 0.58%.

Total volume traded so far reached 123.3 million shares. Bombardier (BBD-B.TO) was the most actively traded stock.

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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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