TSX Flat at Midday, Down Only 5 Points, As Greek Concerns Offset Oil Price Upswing
The TSX was down only by 5 points at midday, narrowing its morning losses, as the upswing in oil prices helped alleviate the impact of the recently released Greek election results. The benchmark index was close to a session high of 14,803.73.
Reports said concerns over the health of the euro zone economy were renewed after the Syriza party won in the Greek elections. The victory of the leftist group made investors worried, as leader Alexis Tsipras, who is known for being against bailout initiatives, demanded for a renegotiation of the country's debt.
Meanwhile, oil remain generally cheap, but prices turned higher after OPEC Secretary-General Abdullah al-Badri said the commodity could recover "very soon," having already reached the bottom at around $45-$55. Oil was up 0.07% at US$45.62 a barrel as a result, which drove a 0.32% gain in energy stocks.
Still in commodities, gold was down 1.01% at US$1,279.60 an ounce after climbing above the US$1,300 per ounce mark in the previous weeks. Mining stocks, were therefore down, albeit modestly, as copper prices rise 1.06%. Miners were off 0.31%.
On the negative side, telecom led with a 1.52% loss. But on the positive territory, industrials took the biggest leap, 0.99%.
More than 150 million shares have changed hands so far. Element Financial (EFN.TO) was the most heavily traded stock.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.