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TSX Narrows Morning Loss, Sheds 3 Points at Midday; Financials Down After ECB Rate Cut, Healthcare Weakest Sector

The Canadian main stock index narrowed its morning loss and was down by only 3 points at midday at 14793.73.

Most major sectors were lower, with healthcare taking the lead. It was down by 0.5% after Allergan-suitor Valeant Pharmaceuticals (VRX.TO) shed more than 1%. Financials followed, slipping 0.3%, weighed down by news that the European Central Bank decided to cut rates. Miners and energy were both 0.1% lower.

CIBC Market Technician Sid Mokhtari reportedly said: "Maybe there is a pause here. It is more of a consolidation

of the strong move that we've had."

In the positive territory, industrials led with a 0.7% gain, as Bombardier (BBD-B.TO) edged up by 0.5% on news the plane maker may resume flight tests in the next few weeks for its troubled CSeries jet. Info tech came in second, up 0.5%.

More than 130 million shares have changed hands so far. There were 765 advancers and 519 decliners.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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