TSX Dives with Resources After China Data; Down 89 Points at Midday
The TSX shed 89 points at midday as it continued to decline amid disappointment over China's trade report for February, which took a toll on commodity prices and, ultimately, on resource stocks.
Reports said China's trade performance in February was worse than expected, with exports hitting their lowest in more than six years. As a result, global benchmark Brent was back below US$40/barrel levels and copper slid 3% to US$2.2105/lb.
Mining stocks led the slump, dropping 9.3%, and following them was energy, which retreated 2.9%. Industrials tumbled 1.2%. Telecoms remained resilient, advancing 1.2%.
Total volume traded so far stood at 290.4 million shares. Baytex Energy (BTE.TO) was the most actively traded stock.
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