TSX Narrows Loss, Down 55 Points Mid-Afternoon As Energy Recovers; Mining Still the Weakest Sector
The TSX fell 55 points mid-afternoon to 14603.37, slightly narrowing its earlier loss, after energy shares swung to a small gain. Natural gas prices rose about 2% recently, sending energy shares higher by 0.1%.
Miners remained weak with a 1.7% loss, as the bullion went down 0.5% to US$1,259.80 a barrel. Healthcare was down 0.4%, with Valeant Pharmaceuticals (VRX.TO) off near 2% on news that the drug maker increased the cash component of its offer for Allergan. The heavyweight financials were also losing 0.4%.
Industrials were up 0.3%.
Investors seemed to have brushed off the data that showed the U.S. had an unexpected increase in orders for long-lasting manufactured goods in April, while consumer confidence picked up in May.
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