TSX Edges Up 7 Points Mid-Afternoon; Miners Turn Negative, Healthcare Widens Loss
The TSX edged higher by 7 points mid-afternoon to 14878.39, a slight improvement compared to midday, but healthcare stocks continued to limit the benchmark index's rally.
Healthcare was down by 0.87%, leading the broad decline, after Valeant Pharmaceuticals (VRX.TO) slipped 1% on news its takeover target Allergan ( AGN ), once again, rejected its offer to buy the Botox maker. Info tech, down 0.42%, was the second biggest loser.
Meanwhile, mining stocks, which were the biggest gainer at midday, swung to a 0.02% loss mid-afternoon despite rising gold prices . Energy was still in the red, down by 0.19%, with crude oil and natural gas prices falling 0.34% and 2.37%, respectively.
Only telecom and financials were in the green, up 0.22% and 0.07%, respectively.
Northland Wealth Management Portfolio Manager David Cockfield reportedly said the TSX would continue to edge higher, even hitting the 15,000 mark at some point, but would go through a possible correction.
More than 167 million shares have changed hands so far. There were 740 advancers and 805 decliners.
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