TSX Down 29 Points at Midday on Disappointing U.S. Data; Energy Bucks The Trend, Healthcare Biggest Loser
The Canadian benchmark index fell 29 points at midday at 14863.22, weighed down by disappointing U.S. economic data that showed slower-than-expected growth in retail sales for May. SW8 Asset Management President Matt Skipp reportedly said: "Economic statistics in the United States aren't exactly fantastic. They are mildly disappointing."
All major sectors were in the negative territory, except for energy, which gained 1.11% after crude oil prices rose 1.45% on concerns over the increasing violence in Iraq.
Healthcare was weakest sector, down 1.81%, with Valeant Pharmaceuticals (VRX.TO) dropping 3% days after its takeover target Botox-maker Allergan ( AGN ) officially rejected its offer. Mining was a close second, down 1.40%, after copper prices slipped by 0.76%. The heavyweight financials were off by 0.69%.
More than 150 million shares have changed hands so far. Shares in B2Gold (BTO.TO) were the most actively traded. Merus Labs (MSL.TO) was the biggest percentage gainer, while Air Canada (AC-B.TO) was the biggest percentage loser.
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