TSX Firmer Mid-Afternoon As Resources Hike, Financials Cut Losses; Up 38 Points
The TSX was ahead by a modest 38 points in mid-afternoon, building on its earlier gains, as energy and mining stocks continued to firm while financials reduced their losses.
The energy and mining sectors advanced 1.34% and 0.87%, respectively, mirroring the strength in gold and oil prices that drew support from a weakening U.S. dollar. Brent crude was above the US$57-per-barrel mark, having climbed nearly 4%, while gold was trading 1.83% higher at US$1,204.80 an ounce. Oil prices were also lifted by reports that said the ongoing nuclear talks between Iran and major powers, which could increase Iran's oil output, have hit a deadlock.
On the opposite side, utilities became the weakest group, shedding 0.46%. Industrials followed, easing 0.40%. Financials, the biggest drag at midday, was down only 0.20% after Royal Bank of Canada (RY.TO), which signed an agreement to sell its Suriname banking operations, turned positive.
Total volume traded already reached more than 226 million shares. Oil and gas producer Legacy Oil + Gas (LEG.TO), surging 5.19%, was the most heavily traded stock.
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