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TSX Extends Rally As Miners Continue to Advance, Energy Stocks Recover; Up 111 Points Mid-Afternoon

The TSX further added to its earlier gains and was ahead by 111 points in the mid-afternoon session as mining stocks continued to lead the advance and energy shares recovered even as oil prices remain subdued.

In the news were major oil producers Saudi Arabia and Russia both agreeing to keeping output at January levels with the condition of Iran, Iraq, and other producers joining in. This would have been a step in the right direction, but Iran and Iraq are not expected to cooperate in the initiative. Persistent doubts over the issue sent global benchmark Brent falling 3.5% to US$32.21/barrel.

The mining group surged 6.5%, with copper prices still in the green, and was followed by info tech, which gained 2.3%. Financials were up 1.6%, while energy edged higher by 0.4%.

Total volume traded so far exceeded 288 million shares. Pengrowth Energy (PGF.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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