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TSX Down 82 Points at Midday; Slumping Energy Stocks Offset Surging Miners

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The TSX failed to recover and was down by 82 points at midday near an intraday low of 15,202.12 after huge declines in energy stocks driven by weak oil prices cancelled out sharp gains in mining shares.

The benchmark index started out in the red as expected, with crude oil prices taking a beating from rising inventories and from expectations of weak demand for the U.S. crude. Brent was down almost 2% at US$61.33 per barrel recently, sending energy stocks falling 1.59%.

The market is also disappointed that after Greece refused to request for an extension of the bailout program, reports said it will instead ask for an extension of a loan agreement with its creditors for up to six months. Germany, however, insisted that there is no such offer, with Finance Minister Wolfgang Schaeuble cited as saying "It's not about extending a credit program but about whether this bailout program will be fulfilled, yes or no."

The mining group helped keep losses for the TSX in check, having lifted by 2.29% by rising copper prices. The heavyweight financial sector was down 0.90%.

Total volume traded exceeded 154 million shares. Carpathian Gold (CPN.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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