TSX Gain Down to 19 Points Post-Fed, Was Up 27 Points Prior to Release; Energy Drop Worsens, But Miners, Healthcare Push Higher
The TSX gained a modest 19 points shortly after the release of the minutes of the Federal Open Market Committee (FOMC) policy meeting that showed members are split as to when the bank should tighten its monetary policy. Canada's benchmark index was up 27 points prior to the statement.
The Fed is divided as to when key rates should be raised, with some members favoring 2016 while others were suggesting June of the current year. The statement also revealed that some members are for holding off tightening, given cheap oil and a strong U.S. dollar.
In Canada, all major sectors remain higher, except for the energy group that went deeper into the negative territory. Energy stocks fell 2.02%, as oil prices continued to take a beating from record-high U.S. stockpiles and Saudi Arabia's output.
Mining and healthcare were ahead 2% and 2.07%, respectively. Miners were gaining despite weaker gold and copper prices , while healthcare benefited from a 3.18% climb in constituent Valeant Pharmaceuticals (VRX.TO). Financials rose by a modest 0.31%.
Total volume traded already exceeded 221 million shares. TriMetals Mining (TMI-B.TO) was the most actively traded stock.
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