TSX Down 197 Points at Midday; Healthcare, Info Tech Lead Decline
The TSX shed 197 points at midday, weighed down mostly by sizable losses in info tech and healthcare stocks that cancelled small gains in mining shares.
Weak oil prices have been a negative influence, but investors seemed to have focused more on info tech stocks. Reuters cited Ryan Larson, head of U.S. equity trading at RBC Global Asset Management in Chicago, as saying: "What you've seen regarding technology and other sectors is that the (higher) valuations are being ratcheted back down closer to the underlying fundamentals that are going to support their growth, if it's there."
Healthcare led the decline, retreating 4.7%, with Valeant Pharmaceuticals (VRX.TO) down more than 5% despite the absence of news on the drug maker. Info tech followed, tumbling 3.3%. The energy group was down by a mere 0.9%. Miners bucked the trend, gaining a modest 0.5%.
Total volume traded so far stood at 221.5 million shares. Lake Shore Gold (LSG.TO) was the most actively traded stock.
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