TSX Drops 3% Mid-Afternoon on Broad Decline; Energy Slides More Than 7%; Healthcare Turns Negative
The TSX went on with its downward momentum, plummeting by as much as 462 points, or 3%, in the mid-afternoon session, as resource stocks took a steeper dive and healthcare shares lost footing. The benchmark index even fell below the 14,000 mark earlier.
Negative influences on the market were weakening crude oil prices and fears over the health of the global economy. Crude oil prices, which have been dropping since June, fell even harder after the OPEC refused to reduce supply despite sluggish demand. Just recently, oil was down 3.39% at US$63.61 a barrel. On the other hand, concerns over global economic recovery resurfaced after China and Japan reported disappointing data and Italy received a credit rating downgrade from S&P to near junk status.
In stocks, energy lost a massive 7.38%, while miners plunged 5.20%. Industrials and financials fell 3.24% and 3.07%, respectively.
Healthcare swung to a 0.52% loss after being in the green since morning.
Over 295 million shares have changed hands so far. Ainsworth Lumber (ANS.TO) was the most actively traded stock.
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