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.
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