TSX Flat at Midday; Miners Biggest Gainer on Gold Support, Valeant Drives Losses in Healthcare
The Canadian main stock index was slightly changed at 14871.25 at midday after giving back some of its morning gains. The strength in mining stocks didn't seem enough to cushion the impact of weak healthcare shares.
Mining was the strongest sector at midday, up 0.21%, after gold prices increased 0.6% to US$1,261.10 an ounce. Telecom came in as a close second, up 0.15%. The heavyweight financials were also in the green, up by a measly 0.04%.
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.
Meanwhile, healthcare was the weakest sector with a 0.64% loss after Valeant Pharmaceuticals (VRX.TO) went down by 1% on news takeover target Alllergan ( AGN ), once again, rejected its offer to buy the Botox maker. Energy shares were down 0.33% due to weak natural gas prices . Industrials and info tech were off 0.22% and 0.37%, respectively.
More than 118 million shares have changed hands so far. There were 637 advancers and 767 decliners.
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