Markets

TSX Down 1% Mid-Afternoon As Miners, Energy Continue Slide; Telecom Remains Positive

The TSX failed to recover and was down mid-afternoon by 1%, or 153 points, to reach 14520.32.

Commodities continued to weigh on the resource-heavy index. Miners tumbled 1.9%, with gold prices falling 0.8% to $1,294.90 an ounce. Energy shares slid 1.3%, after crude oil slipped 0.8% to $101.59 a barrel.

Sprung Investment President Michael Sprung reportedly said: "...the market would appear to be ahead of fundamentals in that it's becoming harder to find things that look cheap. That would tend to indicate, as well, that some form of correction might be a cleansing factor in the market."

Meanwhile, industrial and healthcare stocks were also sharply lower, down 1.4% and 1.7%, respectively. The financial sector shed 0.8%, with CI Financial (CIX.TO) losing 4% mid-afternoon.

The telecom sector remained in the green, up 0.4%.

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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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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