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TSX Down 78 Points Mid-Afternoon; Energy, Healthcare Continue to Lead Slump

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The TSX fell 78 points in the mid-afternoon session, still weighed down by weak energy and healthcare stocks.

Reports said crude production from the OPEC rose to 32.64 million barrels per day, almost hitting record high. As a result, Brent was down 2.8% at US$46.05/barrel, while the WTI dropped 1.7% to US$45.13/barrel.

Meanwhile, Valeant tumbled 4.2% after Berkshire Hathaway Chairman Warren Buffett reportedly said the drug maker's business strategy of pursuing merger deals that only look good in the short term is "enormously flawed."

The energy and healthcare groups were down 2.5% and 2%, respectively, while miners dropped 1.6%. On the positive side, telecom rose 4.1%, while utilities added 0.8%.

Total volume traded stood at 305 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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