TSX Narrows Early Losses to 71 Points at Midday As Miners Extend Climb; Financials Plunge More Than 2%
The TSX was still in the negative territory at midday, although losses were down to 71 points, as mining stocks continued to rally, offsetting some losses in financial shares.
Sentiments were hit by the most recent employment data out of the U.S. that showed an increase of only 142,000 in non-farm jobs in September versus the 203,000 additional jobs expected by economists. The report had investors doubting the strength of the world's largest economy and whether the data-dependent Fed would still push through with the rate hike this year.
Also weighing on views, oil prices were lower on Friday after the disappointing jobs data raised concerns over oil demand from the U.S. and after hurricane Joaquin stayed away from oil installations in the East Coast.
Miners surged 3.45% at midday, while energy producers added a mere 0.03%. Financials and health care led on the other side, shedding 2.21% and 1.09%, respectively.
Total volume traded so far stood at 161.9 million shares. Capstone Mining (CS.TO) was the most actively traded stock.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.